Oftentimes, dentists are so caught up in their day-to-day grind of everything involved in running a dental practice that they do not have the time to figure out your exit strategy. You do everything from managing the staff to negotiating a new lease and, oh yeah, you also do dentistry in between. You are just too busy to even think about your transition.
Until, one day, your back blows...Read More
Most business owners are so busy running the day-to-day operations of their business that they do not give ample consideration to a future sale of their business. Before selling a business, there are many factors to address and adequate preparation can maximize the return to the owner.
In a perfect world, the best time to sell a business is when the business is performing well with future...Read More
Whether you are approaching retirement age or just thinking about a transition, there are several things you can do to prepare your practice for sale. Doing these things may help eliminate headaches, increase your sales price, or reduce your costs. Here are a few tips:
Assess your equipment. Upgraded practices sell faster. If you are more than five years away from retirement, I...Read More
So you want to sell or transition out of your office. What can you expect? There’s a big difference out there between expectations and reality. When I do dentist office transitions or sales in Washington or Oregon, the selling dentist sometimes likes to work back. That’s a great thought and I’ve seen it work. But, more often than not, I’ve seen a disgruntled buyer, disgruntled seller, or...Read More
I keep running into well-tenured dentists who have enough money to retire, they’re old enough to do a transition (past 65) and they love what they do, but they don’t want to sell their practice. Commonly, tenured dentists have not updated their technology and they’re losing patients as a result; their practice is floundering and they ask me what they should do.
Howard Farran from Dental...Read More
“Begin with the End in Mind” is habit number two in Stephen Covey’s book “7 Habits of Highly Effective People.” A fairly large number of dentists I have worked with follow habit number 8 that did not make the book. That habit is “End When You Have To.”
In every business and in every goal that you set, you have an end in mind. When you set your New Year’s Revolution on January 1 of getting...Read More
