Buying or selling your dental practice is a tough decision, however, things happen. You may find yourself in a situation, which no longer works for your family. In today’s marketplace, practice location is not a forever thing. Dentists and families find solid reasons to move and you can do it too. You can sell where you are and move to where you want to be.
You could purchase a practice near your extended family or in a place more desirable to you. Many baby boomers are now finally selling their long time practice. If it is not the size you want, you can add or merge another practice to it in a year or two. There are so many possibilities for success in the world of dentistry when it comes to buying or selling your dental practice.
It could be the city of your original choice has drastically changed economically or you feel a need to be closer to extended family. Whatever the reason, there are dentists who want to purchase your practice and there are dentists who are selling their dental practices.
Moving is a very emotional decision as is buying or selling your dental practice. One you make with your family and no one else. You do not need to justify your move to anyone. You do not want a rumor to start which could devalue your practice several hundred thousand dollars because you were just speculating. Keep your decisions to yourself and your family.
To prepare your practice for sale, tell NO ONE except your spouse and even then, it is a closed case conversation. What the two of you discuss shouldn’t be shared with anyone. This is your business decision as a dentist. The news is too huge for anyone, including your children to keep secret. When it is appropriate, you tell your team, but not now. I can tell you that nothing devalues a practice more than uncontrolled rumors in your town.
Be aware, the current practice price in desirable areas is one and a half or two times net. If you are netting $500K a year, your practice should sell for $500K to $1M. If you want to increase your net prior to sale for a better price, Blatchford Solutions can definitely help you maximize your practice sale. You’ve worked hard to get where you are today and you want to get the best possible price for your dental practice. Every Blatchford Doctor will tell you they have increased their net and not just temporarily.
Employment today is not with the forever company. Even physicians are not as permanent as they used to be. They moving around going to where they wanted to be, and you can too. There are buyers for your practice and sellers for where you want to move. There is much more freedom to move then there ever has been before.
Blatchford Transitions can help you sell your practice and help you find the right practice in your new location. We can guide you to the right practice by evaluating the past numbers and possibilities, letting you ultimately select the winner when it comes to buying or selling your dental practice.
We have helped hundreds of Doctors make the emotional decision to move and carry their skills forward. When it comes to buying or selling your dental practice Blatchford Solutions are the solution. Check out our Blatchford Transitions website or call us at (844) 735-7600.