Have you ever thought about selling your practice? I don’t mean right now, but sometime in the future. No? Then you should. I know, I know—you are run off your feet looking after patients, managing staff, and the hundred and one other things you must do every day to keep the revenue flowing. You have responsibilities. Thinking about retirement, transitioning to a new career, moving to a Caribbean Island and buying a fishing charter boat, writing that novel—all those things can wait, right? Well, yes and no.
It is never too early to plan for the future. Experts advise that the best time to start planning to sell your practice is the day you open your practice. That may be somewhat of an exaggeration, but the sound advice behind the hyperbole is that the more planning you do in advance and the more systems you put in place, the better prepared you’ll be when the time does come to step down. More importantly, you will make more money when you eventually sell.
Other than perhaps your house, and assuming you are successful, your practice is your most significant asset. Unlocking that potential at the right time and in the right way can mean the difference between an okay retirement and one that is everything you ever dreamed it might be. Unfortunately, it’s not that difficult to screw up and find yourself left with nothing—literally nothing.
However, if you take a few precautions and plan ahead, you can do very well. Purtzki Transitions can guide you through every step of the transition process to ensure you maximize your sale proceeds when the time comes.
For more information, get your copy of The Simple Guide to Selling Your Dental Practice for More Money by Manfred Purtzki.