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 practice’s resale value. Follow these seven steps to make sure that when it’s time to sell, you’re getting a fair price for the dental practice you’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:
RELATED: More Personal Finance Coverage
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.
Discover more Dentist’s Money Digest personal finance coverage here.
Floss & Flip Flops Episode 23: Healthy Skin Month with Dr Smita R. Ramanadham
November 1st 2023The skin is the largest organ of the body, and it can demonstrate our overall health and wellbeing while also indicating underlying illness. This month, the Sanders Sisters interview plastic surgeon Dr. Smita R. Ramanadham, discussing warning signs your skin may be sending you as well as critical skin care basics.
Dental Products Report 2023 Greater New York Dental Meeting Product Solutions Center Roundup
November 29th 2023If you can't be at the 2023 Greater New York Dental Meeting, catch up on the biggest news and most exciting products shared from the stage of the Dental Products Report Product Solution Center.