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World First Score Your Practice
There are over 8,000 dental practices registered in Australia; corporate`s own less than 10%, leaving over 7,000 practice owners who will consider selling their practice at some point.
Taking a closer look, those figures equate to 7000 practices an average value of $750,000 equals $5.25B.
Principals over 55 (Baby Boomers) own 60% of them, and most will be retiring within the next 17 years that’s 4,200 or 240 practices for sale each year around $180M in value.
62% of those principal’s plan to use their practice as their primary source of retirement income
If this rings with you, keep reading.
As of January 2020, there are over 70 practices are on the market for sale, of those, many have been for sale six months or more, and likely won’t sell, they weren’t entirely prepared for sale before going to market.
It takes more than a couple of profit and loss statements and some reports from practice software to achieve a satisfactory result.
I have found fully prepared to “Best in Class” practices don’t reach the market, are normally sold to waiting buyers within one week and for top dollar!
It doesn’t take that much more effort to produce a winning plan!
For those of you planning on selling your practice, it`s of paramount importance that the sale price reflects the best possible outcome.
When considering the sale of your practice, you might like to consider six questions:
What is your time frame to exit?
Including the possibility of remaining for at least 6-12-24 months for a buyout, do you have a solid exit plan in place?
Business Value Attractiveness?
How attractive is your business to a potential purchaser?
Personal Readiness?
Are you personally ready to exit your practice?
What do you want to do after you sell? Work part-time, total retirement etc.
70% of people who sell their business with no plans, regret selling their business for many years to come.
How much would you like for your practice now?
Can this value be achieved or enhanced?
How much will you need after you sell?
Include other assets to incorporate your total retirement package.
Is there enough in the kitty to make it happen?
If not, how do you fix that?
How is your health now?
Consider this is a major question, as you may have family members you look after or do you have a contingency plan in the case of your untimely failing health or worse.
Who do you want to sell to?
You might think this a dumb question, but it is one of the most asked questions from principals, who are we going to sell to if not a current associate.
You wouldn’t believe how messy it becomes selling a practice not completely prepared, regardless of a corporate or private sale. There are so many myths about practice valuations, depending on who you talk to, creating even more confusion.
Dental Practice Exit Planning is a complex subject, and most dentists don’t want to go there, but it needn’t be a big deal if you engage the right tools for the job.
You wouldn’t use a high-speed handpiece to set an implant or a Stanley knife to cut a gum. You don’t need to engage a host of experts. You just need a game plan and a quarterback!
We don’t prepare crowns, implants, or do any general dentistry, but we do know what we are doing preparing Dental Practice Exit Strategies and selling Dental Practices!
We have achieved record prices, and with the help of some of the world’s most knowledgeable exit planning experts, we have designed a world-first dedicated exit planning game plan specifically for dental practice principals.
To find out how attractive and ready your Dental Practice is to a buyer
Click the button below to take your free quiz.
https://www.scoreyourbusiness.com/frmCalculatorIntro.aspx?aid=502
Testimonial
This Dental Practice Exit Planning software these guys developed is the best way to prepare not only your practice but yourself as well.
We saved over $40K with coaches and other specialists by using this program, any dentist thinking of retiring now or within five years, contact these guys, they won’t disappoint!”
– Dr Mark Kelly. VIC
BDS(Syd)
