Tuesday, April 15, 2014

Forward Thinking Dentist

The one question I am most asked by dentists is “when should I start the transition process?” My quick response is to be proactive instead of being reactive.  By that I mean, instead of taking a “wait and see” approach to the dental transition process, take a proactive approach. You know that you will transition eventually, so why not be ready when the time comes instead of starting the process when you’re ready to actually be done.

Planning for the dental practice transition should be started a good 3-5 years before you actually want to sell your dental practice.  Planning allows you the luxury of time in deciding how you will transition, i.e. do you want to continue working for a year or two after the sale and when you will transition.  You will avoid the frustration of feeling pressed for time to sell your dental practice quickly if you plan ahead.  Selling your practice will take several months at best, and you want to be sure you are allowing yourself the time to find the right buyer.  You have invested many years and dollars building your dental practice and you by allowing yourself time you will realize the investment you have made.

For more information about your situation, email Ellen Dorner or call her at (800) 772-1065. Visit our website at www.NLTransitions.com .

Wednesday, April 2, 2014

Thinking About Retiring from Dentistry? Stay Focused!

The decision is made – you are ready to transition out of your dental practice!  You have spent years working on growing your practice and making it the best it can be. There have been ups and downs over the years, but this has been a major focus of yours day in and day out and you are now ready to move on.  You are probably thinking that now you can relax a little bit – NOT YET!

Now more than ever, it is important to concentrate on keeping production numbers up.  This is not the time to sit back and coast until the practice is sold. Once the practice is listed, anyone interested in purchasing your dental practice will want to see steady on steadily growing production.  They want to feel confident that they are purchasing a successful dental practice, not a declining one.  In addition, without knowing how long it will take to sell your dental practice, you will also want to continue to have strong numbers so your profit margin remains where it should be and you are continuing to reap the benefits of a strong practice.

When the asking price of your practice is determined by your broker, both the past and current numbers will play a big part in that determination. With strong production/collection numbers and a solid patient base, you will be able to realize the maximum value of the long-term investment you have made.

For more information, email Ellen Dorner or call her at (800) 772-1065.