When discussing the topic of dental transition, people often assume that a prerequisite for selling your practice is retirement. This could not be further from the truth, dentists who’ve made the decision to sell their practice don’t have to be approaching retirement. In fact, there is no cookie cutter mold on of how old a seller should be or how long they’ve been practicing dentistry. We’ve seen several clients well under the age of retirement who’ve successfully sold their practice.
There are many reasons a dentist would consider selling his or her practice pre-retirement. Some may not want to become deeply rooted to one location, or others seek opportunities to invest in high-potential practices with the intent to build up the practice to ultimately sell it for a huge profit. Some dentists may have personal goals or aspirations that are unachievable with their existing practice. So when the opportunity to move closer to family or a warmer climate arises, they make the decision to sell their current practice and pursue their dreams of financial independence or emotional happiness.
These are just a few examples of cases where dentists who are far away from retirement become sellers. Regardless of age or amount of time in the business, the important factor to remember if you intend to sell in the next few years or not for years to come, it never hurts to be prepared. You never know when you may be presented with an opportunity that you’ve always dreamed about. By having a transition plan in place and maintaining the production and operation of your dental practice, you will be prepared to make a smooth transition when the opportunity arises.
For more information, contact Ellen Dorner, the Managing Director of N/L Transitions. With over 25 years in the dental industry, Ellen’s experience will help guide you through the transition process from start to finish. She can be reached at 410-616-2042 or by emailing firstname.lastname@example.org.