You haven’t missed the boat… yet!
If you were contemplating a practice sale in 2018, but didn’t get started, you haven’t missed the boat… yet! In 2018, consider the following:
- Interest rates on practice loans were between 4.75% and 5.25%
- 50% of dentists are now over the age of 55
- The economy has been strong
- Consumer spending on dentistry has increased
- Practice values were up 5% to 10%
All of these factors have contributed to a growth in the number of dentists deciding to sell their practices. Dentists have seen their retirement accounts increase thanks to the strong economy. Dentists love the clinical aspects of dentistry but have grown unhappy with the business of dentistry. Insurance company reimbursements have been cut. Managing staff has become more and more of a burden with other industries competing for workers. Finding qualified staff is a major undertaking. Rent in metropolitan areas has skyrocketed. The combination of the good and bad has given dentists the motivation to sell their practices opting for retirement, or harvesting their equity and going to work as an employee for another dentist. The timing couldn’t have been any better for sellers with many of these factors creating a perfect storm to sell a practice and receive an optimum value.
But, it’s not too late and you haven’t missed the boat – – yet. There is still a strong demand for practices, interest rates are still comparatively low and practice values are currently still going strong. If you are considering a practice transition within the next year, now is the time to act. At no cost to you, we can help you formulate a plan to determine the time, the price and even potentially the person to whom you will be selling your practice. We will spend as much time with you and your significant other to ensure you are comfortable with an exit plan that fits your timing and your desires.
We are not like other transition consultants. We know that you care about who you will be selling your practice to. We are experts in matching sellers and buyers. We have a combined 30 years of experience selling hundreds of practices. Our personalized service enables you to relax while we do the work needed to get your practice sold. Our marketing team provides expertise in getting the word out with a goal of every dentist knowing your practice is for sale while keeping your name confidential throughout the entire process.
Contact us today to schedule your no-cost transition planning meeting. You have a lot to gain and nothing to lose. We guarantee you will walk away from the planning meeting much more educated and confident about your practice transition.