Should I Sell My Dental Practice?

Knowing if it’s time to sell your dental practice is tricky. Your practice has likely been a massive part of your life, and you’ve poured a lot of sweat equity into it. Deciding to sell your practice is no small task, and you can be forgiven for wondering if this is the right move for this particular stage in your career.  However, while it may be a difficult decision, that doesn’t mean there are no considerable benefits to selling. Selling your dental practice can:

  • Fund Your Retirement
  • Build Generational Wealth
  • Get Your Nights & Weekends Back
  • Improve Management of the Practice
  • Improve Patient Outcomes 

There are many reasons to sell, whether you intend to stay on as a dentist or leave the practice of dentistry, and it can be lucrative if done right. However, selling your dental practice can decrease your job satisfaction and leave money on the table if done poorly. 

 Consider these questions as you weigh the decision to sell! Knowing is half of the battle when it comes to selling your practice. Consider the questions below to maximize your dental practice sale.

Do You Want to Stay in Dentistry?

When considering selling your dental practice, you must consider your long-term goals. Many dentists look to sell their practice without fully understanding their long-term goals. The decision to stay in dentistry is one of the most vital – the reason why is relatively simple. 

If you are looking to sell, knowing what the buyer needs from you is critical. Some dental support organizations specialize in long-term transitions and will want to keep a seasoned dentist around for some time while they assume responsibility for the practice. Others are fine with cutting the selling dentist loose and assuming control of the practice almost immediately. 

Knowing if you would be amenable to continuing to practice dentistry is a vital part of this process. If you aren’t ready to stay in dentistry, selling your practice to a dental support organization that wants you to stay on isn’t a good call. 

Are You Ready to Retire?

Knowing if you’re ready to retire is key to understanding if you’re prepared to sell. Many dentists use the sale of their practice as a springboard into retirement. If you are nearing that stage of life and are seriously considering retirement, then the sale of your practice is a great tactic to enter your golden years on your terms. 

Selling a dental practice as a transition into retirement comes with its own considerations. If you hope to retire soon, you likely cannot agree to any deals that will keep you on board as a practicing dentist for a substantial time. 

Are You a Solo Decision Maker?

The sale of a dental practice can look very different from one practice to another. A solo practitioner will be able to decide on their own. A more extensive practice with several dental associates may see a different sales process. 

If you are a dentist looking to retire, selling to your younger associates is often a more straightforward and quicker process. If your associates cannot commit to buying your equity or are interested in bringing on external support, then an external buyer might be a good call. Consider your unique situation when deciding if you want to sell or not. You can sell as either a solo practitioner or a larger, multi-associate practice; the specifics will look slightly different from one instance to another. 

If You Want to Stay in Dentistry – On What Terms? 

If you want to stay in dentistry, it is essential to consider all of the factors. Do you like to pass most of the administrative maintenance of the practice to a DSO but stay on as a provider of clinical care? Do you want to stay on as a dentist with the DSO for a set amount of time and then transition to something else? Do you want to work with a DSO but need to retain control of key decisions like hiring, firing, and marketing? Knowing your desired terms is vital to determining if you are ready to sell. 

Sell Your Dental Practice with Triumphant Transition Partners

Selling a dental practice is challenging work. Streamline and expedite the process with Triumphant Transition Partners! Partnering with a dental broker with experience on all sides of the deal process can help you sell your practice on your terms and at your price to a buyer that meets your needs. 

Call your Triumphant Transition advisor for a courtesy consultation to discuss your options! We can help you:

  • Come Up with a Go-To-Market Strategy
  • List Your Practice
  • Screen and Qualify Buyers From Our Private Buyers Network
  • Draft Letters of Intent
  • Negotiate Through the Close Process

Call Now!