Is it time to sell your practice?
Whether you are approaching an age when you’d like to retire, considering a career change or thinking of relocating, choosing the right time to sell your practice is a big decision. Here are a few signs that it might be time.
You don’t really enjoy running your own business
For some dentists, practice ownership winds up being different than they’d imagined, and they eventually tire of the business aspects of running the show. Whatever the reason, there’s nothing wrong with getting back to the part of dentistry you love–taking care of patients.
An opportunity presents itself
Sometimes the best time to sell is when you find another practice that you’d like to buy. The purchase and sale of a dental practice is not a rapid transaction. If you find a practice in a different area that you’d like to purchase, it’s very possible that the owner will be willing to give you time to sell your current practice as a contingency to the deal.
Your personal/family life is suffering
Being a successful practice owner can require many hours of work both in and outside the office. At times, this can mean putting your business’s needs first and your personal life second. This can be manageable in short spurts, but if this goes on too long it can create a strain on your spouse or children. If you feel like selling your practice is the only solution for attaining the work/life balance you need, it might be time for a break from being a business owner. You can always buy another practice later in your career.
You’ve been pushing off retirement for too long
Handing over your life’s work to someone else may seem daunting but if you’ve been putting off retirement for several years and your finances are in order, you may be ready for the next chapter.