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?

Selling your dental practice may be one of the most important decisions of your life. Not only is the sale a significant financial transaction, but it is also a highly emotional decision. Depending on your preparation, the process can be an emotional rollercoaster and can affect the total value of your practice and possibly, the outcome of your sale.

At times, dentists looking to sell their practices may opt to sell only the practice charts. The rationale for this decision may stem from the following circumstances.

Over the past several years, there has been a significant trend where buyers proactively make unsolicited offers to purchase dental practices. In most cases, these buyers are targeting larger practices and/or may include an owner who is willing to continue working. In almost every practice we sell, the dentist tells us about numerous purchasers who have expressed interest in purchasing his/her practice.

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.

Your dental practice may be your most important financial asset to provide for your lifestyle and retirement needs. Not only is it an asset that can be sold, it also provides a significant income stream that generates savings and supports living expenses.