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should i sell my dental practice

12.01.2021, 5:37

www.dentistryiq.com is using a security service for protection against online attacks. A Letter of Intent Should Include This When Buying a Dental Practice Why You Should Buy a Dental Practice BEFORE Your Student Loans are Paid Off. They paid me TEN times for my business.” If the numbers seem unreal, then that means there are strings attached. Considering these facts, many dentists will make the wise choice to entrust the responsibility of selling their practice to a professional who has the knowledge and experience to facilitate a successful transition … a dental practice broker. For best results, plan early so that you can control the outcome. www.dentistryiq.com is using a security service for protection against online attacks. Waiting too long to sell has cost many dentists hundreds of thousands of dollars (and a few years off their retirement). If you can devise an exit strategy, then you can start looking for someone to help you execute the plan. There are many considerations when preparing to sell your dental practice, not the least of which is emotional attachment. dentists that plan to sell their dental practice and retire. Selling a dental practice is a big task, so it's important to prepare both financially and mentally. If no one wants to practice in your area, you might be forced to sell your practice for much less than $375,000. There is no “right” time to sell a practice. Our dental practice brokers have helped dentists in all 50 states find the right buyer for their dental practice and complete successful, stress-free transactions. Some of the factors used include: The practice’s location, visibility and population of city or town, Type of medicine or dentistry, revenue sources, active patient base, Projected patient and revenue retention after the sale, Condition and age of medical and dental equipment based on wear and tear as well as technical advancement, Long term trends of the practice’s revenue and profit margin, Regardless of where you are at in the process of selling your practice, we are here to help. PART 2. At Professional Transition Strategies, we are here to provide you with that information and guide you through your transition. Considering selling your practice can be stressful, especially if you don’t have all of the information you need. Myth: I run an extremely profitable dental practice (for example, making $250,000/year after expenses). FACT: A dentist will typically sell a dental practice only once during his or her professional career. Others will miss opportunities because of fear or misinformation, and net only a fraction of the worth of the practice. The longer you wait, the opportunity to plan and direct the course of the sale diminishes. If, when selling a dental practice, you and the buyer choose to not make accounts receivable part of the overall deal, you still have to have someone collect on those accounts. For example, specialty practices may take longer or shorter depending on the practice and location. Building a successful dental practice took years of hard work to establish a good local reputation, a loyal patient base, and a dependable staff. When it comes to buying, or selling a dental practice in the UK, there is only really one name to be aware of – Frank Taylor and Associates.You are in the right place to get the help and advice you need when you want to buy a dental practice, or indeed, sell a dental practice. However, you should try to set the sale of your practice as a carefully planned event. Patients know that a dentist in their sixties is going to retire someday. Services of Interest Selling your practice? If you’d like to watch a video to illustrate the concepts we’ll be discussing, you can view it here. There are dedicated agencies, which play a positive role in such situations. 15 Feb 2019. There are many reasons to consider moving your dental practice to a different location. Get ready to sell has cost many dentists hundreds of thousands of dollars ( and a few years off retirement... Factors used include: take the time it takes to sell your dental practice – Services. Video to illustrate the concepts we ’ ll be discussing, you should try to set sale. Requirements … most brokers ’ long-term business comes from referrals ( this is a difficult decision for many people moving! Practice can be either you or the buyer practice as a carefully planned event should know when get. 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