Seller: When is the best time to sell my practice? If you are approaching retirement age I reccomend that start selling your practice a couple years before the target date. A practice can take up to a year to sell at peak pricing. If you want or need to keep practicing; I suggest that you work-back for the buyer as the associate. Tghe replace the outdated attage that you take a young dentist under your “wing” and then sell.
Seller: How do I get the most for my practice? Be sure a few years in advance to eliminate any co-mingling of the business expenses with your personal expenses. Evaluate areas that you may habve slacked off on and bring them back to spec. Or, let me reccomend a pre-sale consultant.
Seller: I have been using film and old Dental Software; should I upgrade?
No usually last minute upgrades will not effect the price and you will not gat your money back for the expense. You may have to give the buyefr a small allowance for the upgrade.
Seller: I am young; but, my labor expenses have been creeping up affecting my take home and my practice is not growing. What should I do?
Start thinking about selling. As you get to know the staff over the years and become friends; its more difficult to turn down raise requests. Additionally you practice may have peaked for better or worse. Keeping the practice is like having a savings account that does not earn interest. I reccoment selling and finding an under-performing practice that you can use the skills that you already mastered to grow a new one. Or, if you are lacking the skills and yopur income is not where you would like, lets fing=d a practice that someone else built that will provide you with the desired take-home income. All-the-while letting the bank finance it and reinvesting the income from your prior practice.