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For dentists nearing the end of their careers, the sale of their practice likely factors heavily into their retirement plans. But a few simple things may end up costing them thousands of dollars in their practiceâ€™s resale value. Follow these seven steps to make sure that when itâ€™s time to sell, youâ€™re getting a fair price for the dental practice youâ€™ve worked so hard to build.
For many of our clients, the value of their dental practice is a significant part of their net worth, as well as an asset that if sold can generate retirement income. I have always believed a dentist must plan for the sale of his or her practice starting three to five years before they are ready to sell. Here are some ideas on things you should be doing to prepare your practice for sale:
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Taking these steps will make for a more efficient and profitable practice transition.
Art Wiederman is a CPA and managing partner of Wiederman and Chamberlain, a CPA firm that works with about 250 dentists in Tustin, California. He is a frequent lecturer at local, state and national dental meetings and is a founding member of the Academy of Dental CPAs (ADCPA), which comprises 26 dental CPA firms across the country, servicing more than 9,000 dentists.