I guess one could say that as soon as you start a practice you should consider on how you are going to transition out by selling aÂ practice. That being said, I would wager many practice owners have put the subject of selling a practice on the back burner.
The Ins & Outs of Selling a Practice
I have had the opportunity to be involved in several practices that were sold.Â A couple of the transactions turned out okay, however, several of them did not. Iâve enlisted the help of practice brokers and have done deals without them. I have held some paper on some of the deals and have been totally cashed out on others. Speaking to brokers and financing, while I believe it is currently best to be totally cashed out, I do not believe one always needs a broker when selling a practice. However, I do believe you need a sharp advisor to help in the process of the selling of the practice.
That being said, the hardest thing I had to deal with in the selling of a practice was telling goodbye to patients and team members. I was fortunate to have great relationships with both and saying goodbye was very difficult. Even though I knew it was inevitable, it did not make the parting any easier. So, even though you may think you have thought of it all in selling the practice, some things will be a sweet sorrow.
Mark J. Fleming, DDS, Spear Visiting Faculty and Contributing Author.
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