As inflation soars to the highest level in 40 years and interest rates rise, it's natural that owners worry about the effect that a recession might have on their practice.
Fortunately, there is still time to take action whether you plan to ride out the recession and keep the practice or sell it now so you won't have to worry about it at all.
It was my second meeting with Dr. Leighton. A potential buyer had asked if there was a systematized approach to growing the practice. Sadly, there WAS an email-based system but it had been discontinued because of declining results. Fortunately, our
Imagine you’re thinking about selling your practice. What do you ask for? A cash offer? An equity purchase? Will you want to stay after the deal is done?
All of these are important questions, and the answers are not as simple as you might think.
For depth, let’s take a look at how different kinds of offers affect your patients.
The dentist partners at Sunshine Dental (not the practice’s real name) knew the senior partner wanted to retire in the next few years. The practice was thriving, but the junior partner didn’t want to assume the senior partner’s role in running and managing the practice. Her preference was to spend the majority of her time face-to-face with patients and not at a desk, looking at financials, dealing with staffing, and figuring out marketing.
In the last blog, we discussed the need to identify your most profitable niche as a means of maximizing the sale value of your practice.
Once identifying the niche is done, the next step is to focus on the best means of attracting the person who is that ideal, specific patient.
Consider the orthodontic practice of Dr. Q. For years, Dr. Q. has used traditional marketing to attract patients to his practice. The primary source has been referrals from general dental offices but as more and more general
A few years back I was speaking with a practice owner about her options for selling the practice and retiring. Her timing was excellent as she still planned to practice for at least 5 more years. This is an ideal situation for most buyers as it gives sufficient time for the purchaser to smoothly transition the practice’s staff and patients so there’s no disruption in the business.
Discover how current Dental Market Disruptions can mean Massive Profits for you. Everything DSO is here to help level the playing field for you. As an Industry Insider, the advice you get from our involvement will assure you make the best decisions and achieve the most favorable outcome.
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