Assess your personal financial situation, and what it will look like after a sale. Discuss purifying your P.C. with your accountant. Get an independent valuation and consult with your trusted advisors on all of your options. Develop your working plan for a sale. Will you retire or associate in the practice? Would you like a partner? What’s your time frame?
10 Things to Consider Before Selling Read More »
Find an experienced dental accountant, who has a number of dentists in his portfolio as clients, to assist in assessing the value of the practice.
Buying a Practice ABC’s Read More »
I know we have all had enough of Covid-19. I promise not to speculate on the future (nobody knows anyway) or get stuck talking about the number of cases, Canada vs. the U.S., or anything else “generic” about this horrible pandemic. I will, however, take the chance that you are interested in real-life stories about what is happening in the market for what is likely one of your most valuable assets.
Covid-19 Practice Sales Update Read More »
Dentistry is a very challenging profession. Not only do you have to be an excellent clinician, you have to be a part-time psychologist, a savvy marketer, be knowledgeable in human resources, and understand how to run a business.
Partnership Pitfalls Read More »
As the Baby Boomers wish to sell their practices, some say that there will be only a limited demand and as such your practice will lose a lot of its value. I do not believe this is true. By taking certain precautions, you can ensure that your practice will sell for what it is currently worth or more.
Smaller Practice Realities Read More »
Many of us have unrealistic expectations about how much our possessions are worth. Houses, cars and toys are examples of things we all know fall into this category. But, what about your practice?
Creating Your Own Most Valuable Practice (MVP) Read More »
Making the decision to sell a dental practice is a big deal. Most dentists enter into this decision after seeking out information and being guided by reputable professionals. It should be a long and well-planned out process that can take from 1 to 5 years to execute.
The Market is Very Efficient Read More »
Many practices claim to be focused on hygiene, but few execute very well on this mission. This article will focus on the ongoing reasons to consider a renewed focus on hygiene and on the value creation this focus will have when you sell.
Hygiene as a Value Driver Read More »
There are many value drivers that contribute to the sale price of a dental practice. There is an uber focus on gross revenue as the main value driver. Regular readers of The Professional Advisory will remember that gross revenue, while important, is certainly not a good yardstick of a practice’s value, particularly when taken in isolation. One of the lesser discussed, but very important value drivers is the value of a Good Team.
The Value of a Good Team Read More »
Recently we have been consulting with a couple of clients that have been faced with the decision of moving their practice late in their careers. This article is primarily directed to dentists faced with this decision who are contemplating a sale within five years. If you have more time, then other factors will guide your decision.
Is it Time to Move? Read More »
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