Dentists have plenty of reasons why they decide it’s time to sell their practice. Your practice is as unique as you are—no two situations are alike. However, some general rules can guide you if you’re considering selling. That’s why
Bryant Consultants came up with this list of three common reasons that dentists decide to sell their practice.
Reason 1: Retirement
If you’re ending your dental career, selling your practice makes sense. You’re ready to start your golden years, but you don’t want to rush into this transition. When selling your practice due to retirement, timing is crucial. You want to identify a buyer willing to pay your asking price. You also want to ensure a smooth transition that won’t disrupt employment for your team members or care for your patients. Many retiring dentists choose to work part-time after the sale until the new owner is acclimated. This situation won’t always look the same in every case.
Reason 2: Burnout
As a dentist, you’re devoted to patient care. When you’re not seeing patients, you’re pursuing continuing education so you can remain up to speed on the latest advances, tools, and techniques. You also have to handle all the standard aspects of owning a business: things like accounting, billing, and employee relations. Sometimes, these mundane tasks can cause dentists to experience burnout or even consider selling their practice. It doesn’t have to be this way! This is where hiring a dental practice consultant may be helpful. Your coach can help you rediscover your passion and find ways to maximize your time at the office. Whether you wish that you could take more vacations without taking a financial hit or aim to retire early, a dental practice consultant can help turn your goals into reality.
Reason 3: Less Responsibility
As the sole proprietor of a dental practice, all the weight of ownership falls on your shoulders. Have you thought about hiring a partner to help share the burden? What if you can find another dentist with similar views? Forming a merger with a partner can lessen some of your responsibilities as the owner, while still allowing you to maintain control over the practice. Not quite sure how this process works? Ask Bryant Consultants. Our experienced dental practice consultants can help you through the entire process of hiring an associate dentist for your practice.
Dental Practice Transition Consultation
You’ve worked hard to build your practice. Don’t you want to make sure it remains in good hands even when you aren’t involved anymore? Are you considering retirement? Do you ponder selling your practice or taking on a partner? Whatever route you choose, this is a big decision. Making a misstep could mean your practice closes, affecting the livelihood of your employees. Secure your legacy by seeking the aid of the experts at Bryant Consultants when planning your dental practice transition. Our team includes Tony Myers. A specialist in dental practice transitions, Myers has more than three decades of experience working in the dental industry.
At Bryant Consultants, our services can help you refine your vision, establish goals, and set processes in place to evolve your business. Contact us by calling (877) 768-4799. You can also fill out our online practice transitions questionnaire. We provide consultation, training, and coaching to help improve the operations of your practice. No office is out of reach for us; we will even come to you!
