Several months ago, I received a call from a dentist I had been talking to about his retirement plan. Immediately after I said "Hello?" I heard "One of my associate dentists heard I had been talking to you and asked if I'd be willing to sell her my practice.
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.
So, you've decided that you might want to sell your practice... But how long will it take? A week? A month? 6 months? Maybe a year? The truth is - the right answer is: It depends.
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
The offer was accepted but as soon as the buyer started to perform their “due diligence”, cracks began to appear…
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.
They Call, Ask Some Questions, and Then Disappear…
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.