Four Reasons To Sell Your Dental Practice
Owning a dental practice can be such a rewarding experience, and it’s likely been a huge part of your life. You spent so much time in school to be a dentist, so much time studying for certification, and then just as much time setting up or looking to purchase your practice.
Per all of that, it can make the decision to sell your dental practice that much harder. You’ve put a lot of blood, sweat, and tears into your dental practice and have spent a lot of time operating and growing your practice. So why would you be interested in selling your dental practice?
Well, there are actually several reasons why a dentist might consider selling their dental practice. Every dentist is unique, which is why the team at Triumphant Transition Partners put together this blog on selling a dental practice.
Read On To Learn More!
Work/Life Balance
Let’s face it. Running a dental practice is hard work. The long hours, wide range of responsibilities, stressful business decisions, and challenges of particularly difficult patients weigh on many dentists. It’s no wonder that many decide that managing a dental practice isn’t for them.
Selling your dental practice might be a good option if you’re looking to reclaim your nights and weekends. For many, selling their dental practice might be the last step of their career in dentistry as they exit the profession and move on to another field. Others actually intend to stay within dentistry but want some help on the administrative side to give them their time back. Both are valid end strategies for dentists who have decided to sell their dental practice.
What’s important is knowing what you want out of your career and thinking through how selling your practice fits into your wider career goals. For some, bringing a partner on board to help manage the administrative side of the practice helps reduce stress and increase free time, and that’s not a bad trade.
End Of A Great Career
Maybe you’re at the point in your life where you’re not looking to start a new career. Maybe dentistry was your true vocation, and it’s time to sunset that part of your life and move into a relaxing retirement. First off, congrats on a great career! However, there are still some items to wrap up before you hit the golf course.
The sale of your dental practice can make a nice nest egg to augment your current retirement savings, so there are many financial factors to be aware of. However, you also likely have fond memories of your time serving your community and want to make sure that you are leaving your practice and patient base in the right hands. The right dental practice brokers can help you plan through both the monetary and community contingencies to ensure that you’re stepping off to the beach with cash in hand and a full head of memories!
Maximize Business Efficiency
Non-doctors are always shocked to learn how much administrative work goes into managing a dental practice. Those of you who actually have managed a practice know this fact better than anyone, but it can be shocking for outsiders to learn this nugget.
Here’s the thing; if your ultimate goal is to have a stable, successful career with the right amount of work-life balance, the administration of the practice is critical. Finding the right balance of time spent with each patient to maximize patient outcomes while still allowing you to see as many patients in a day as possible is a great example of this. Too little time spent per patient, and your patients might feel like you’re rushing them. Too much, and you’re working late to see 15 patients when you may have been able to see those 15 during normal business hours.
This principle applies to everything from marketing to hiring help to ordering resupplies of critical health accouterments. It needs to get done, but it likely isn’t your forte, and it can eat up your nights and weekends. The right DSO or DPO can help you maximize your business efficiency and increase the profitability of your practice while decreasing the number of hours worked. That’s a pretty good exchange, in our opinion!
What’s more, the right DSO or DPO can increase your practice’s business efficiency with the goal of helping you get back to what’s important!
Return To Patient Care
You likely did not become a dentist to research patient outreach, sponsor neighborhood Little League teams, or review dental hygienist applications. There is, obviously, nothing wrong with these rote elements of running a dental practice, but these administrative duties likely did not compel you to go into dentistry. What did then?
Well, there’s a pretty good chance that patient care motivated you to enter the profession. For many dentists, caring for patients is a fulfilling and exciting aspect of running their practice, but one they don’t get to fully enjoy due to the constant intrusion of administrative duties. Selling your dental practice might actually free up more time for you to concentrate on taking care of your patients.
Eliminate Debt and Increase Your Equity by Selling to a DSO or DPO
Selling to a DSO or DPO can help you eliminate debt within your dental practice while also increasing your potential revenue and equity at the same time. There are many different ways in which a DSO or DPO can help you restructure your current debt, whether through refinancing, renegotiating the terms of the debt, negotiating lower interest rates, or extending the repayment period.
Additionally, working with a DSO/DPO allows you to explore new opportunities for revenue growth that you might otherwise not have had the time to pursue. For example, a DSO/DPO could help you revamp your marketing efforts, improve patient acquisition and retention, and increase operational efficiencies (optimizing appointment scheduling, streamlining admin tasks such as billing and collecting, and improving inventory management).
Working to reduce or eliminate debt while also improving your dental practice’s overall revenue can help increase the practice’s total value – all benefits of working with a DSO/DPO. In addition, A DSO or DPO can increase your equity within your dental practice by seeking external investment opportunities and pursuing potential mergers and acquisitions.
Partner With Triumphant Transition Partners
Are you considering selling your dental practice? Triumphant Transition Partners is here to help. We provide a courtesy consultation to help you assess your unique situation and make the most informed decision possible. Reach out to your trusted Triumphant Advisor if you need help….
- Selling Your Dental Practice
- Underwriting
- Finding A Buyer
- Navigating The Close Process.
Contact Triumphant Transition Partners Today!