Dentaltown May 2024 - 43
Prevent
Premature
Evacuation!
When is the right time to sell your dental practice,
and which buyer should you sell to?
BY JASON WOOD, ESQ.
D
o you feel burned out? Are you tired of dealing with staff? Do you feel like
the weight of the world rests on your shoulders when you pull up to your
office? As Cher would say: " Snap out of it! "
These negative thought patterns are what fuel doctors who make irrational
career choices in the prime of their moneymaking years. I handle far too
many calls on a weekly basis from practice owners ages 38-50 who are seeking
my counsel in selling their practices; almost universally, I tell them, " You should
not be doing this. "
Why would an attorney, who only stands to make money if someone becomes
a client, spend hours per week telling doctors not to use him yet? Very simple:
It would be the wrong thing for them to do from an economic standpoint, and
there are unfortunately too few voices in this profession that will say this.
So, when is the right time to sell? It's a complicated question that is unique to
each and every dentist-a combination of economic and lifestyle concerns, all of
which need to be taken into account before you make this monumental decision.
Some of the reasons people are looking to sell:
* They don't want to manage people.
* Running a business is difficult.
* They feel chained to the practice.
* They don't know what the future holds and want to sell when they know
practice values are high.
All of the above reasons (and many more) come at a price that very few doctors
actually contemplate, and can significantly harm your future if they're not properly
thought out and evaluated.
MAY 2024 | 43 | DENTALTOWN.COM
http://www.DENTALTOWN.COM
Dentaltown May 2024
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