In our consulting business, we have helped thousands of dentists buy and sell practices during the past 42 years. Until the past five years, the traditional practices or transitions took place when the seller was in his or her 60s and ready to retire.
During the last five years, we have found many sellers choosing to make a change by selling their practice in their 30s and 40s and moving to a new geographic area or a different practice discipline.
Here are some of the reasons for making this change.Moving to an area preferred by a spouse amdash; i.e., to be closer to family or begin a new lifestyleSelling an unsuccessful start-up and purchasing a practice in a new area. Selling a practice in a metropolitan area and buying ain a smaller town with a slower pace and lower cost of living.After owning multiple practices, selling one or more to concentrate on one practice.Senior dentists setting up an equity buy-in and buy-out in their 40s and 50s for the peace of mind of incresing income, practice value, and taking more time off.Instead of remaining in an unfulfilling situation, dentists are taking advantage of the opportunity to change their environment to one that is more positive. Because of the need for dentists in certain areas, the continuing education available to perform advanced cosmetic dentistry, and patients’ desire for excellent dental care, opportunities are unlimited.John F. McDonnell is the founder of The McNor Group, a dental brokerage, accounting, and practice-transition firm. He is currently president of American Dental Sales and can be reached by phone at (888) 273-1014, by e-mail at [email protected], or by writing to 1301 York Road, Suite 800, Lutherville, MD 21093. See the ADS classified ads in Dental Economics® for names and phone numbers of ADS members in your area.Action Plan1. Exhause all strategies to improve your current practice and living conditions before implementing a change.
2. Choose a qualified transition-planning organization to prepare a healthy plan.
3. Have your current practice valued to prepare for the sale or transition.
4. Choose a quality broker to see your practice and assist you in locating a new opportunity.
The time to change is now!
2. Choose a qualified transition-planning organization to prepare a healthy plan.
3. Have your current practice valued to prepare for the sale or transition.
4. Choose a quality broker to see your practice and assist you in locating a new opportunity.
The time to change is now!