Are you feeling like it might be time to sell your practice? It’s not uncommon to feel a tug towards selling your practice, but many dentists aren’t sure when the timing is right. It’s important to remember that every dentist has unique circumstances in both their personal and professional lives. There are a multitude of factors that might affect exactly when someone should sell their dental practice. That’s why it’s so important to work with an expert in the dental industry, especially if you’re transitioning your dental practice in Maryland, Virginia and Washington D.C. So, how exactly do you know when it’s time to sell your practice? We’re sharing three common reasons we see every year.
You’re Thinking About Retirement
It can take 6-18 months to sell a dental practice, so it’s important to start planning with plenty of time to spare. Many dentists feel ready to step into retirement, but it doesn’t mean that selling your practice isn’t an emotional experience. You’ve poured your heart into your practice, and you want to make sure it’s in the best hands possible. Some dentists put off the process because they aren’t sure how they’ll find someone who matches their practice’s values. A Transition Professional can help you identify your ideal candidate, so you can step into your next chapter with confidence. It’s best to start the search early so that everyone has time to adjust.
You’re Feeling Burnt Out
If you’re starting to feel burnt out at your practice, you’re not alone. Many dentists report feeling overwhelmed and burnt out at some point in their career. Sometimes these feelings only last for a few months, but some dentists experience these feelings for years. If you feel like you can’t work as efficiently and confidently in your current situation, it might be time to make a change. You can absolutely get ready to list your practice for sale, but it’s important to know that you do have options. You can also restructure your business, bring in an associate to allow you to reduce your hours.
You Want To Pursue Something Else
Do you find yourself thinking about your next season of life throughout your workday? If you do, it might mean you’re ready to move on to something else. Some dentists feel ready to step into a different role and some even pursue other options outside of the dental industry. It’s not easy to build a successful dental practice with a loyal staff and wonderful patients, and you should be proud of everything you have accomplished. If you have other dreams you’d like to pursue, it might be the right time to sell your practice.
The dental market in Maryland, Virginia and Washington D.C. can be very competitive, and it’s important to have a local expert in your corner. If you’d like to learn more about your options, DDSmatch has the knowledge and experience to answer all of your questions. Schedule a confidential call with us to learn more about your options.