Should you stay or should you go? If you are considering selling your dental practice, this question could be a difficult one to answer. This is especially true if you have devoted your life and career to your profession or practice. Moreover, if you have close ties to the local community, the decision to sell may be particularly awkward. Nonetheless, there are circumstances when such a conclusion makes sense. That being said, here are some scenarios that may prompt you to consider selling your dental practice.
1. Personal or Professional Circumstances Might Influence You to Sell
Are you looking to relocate? Has your spouse or significant other been offered their dream job in a distant locale? Do you have a desire to perform your services abroad or work with a non-profit organization in underdeveloped nations? Perhaps Operation Smile has asked you to lend your expertise in dentistry to their cause? Maybe you are just yearning for a new challenge and different surroundings? If so, you might want to entertain offers for your practice.
2. Age or Health Concerns Could Prompt You to Sell
Imagine you have spent the lion’s share of your adult life building your dental practice and professional reputation. However, you have now reached a point in your life when you are ready to slow down and focus on other things. Perhaps you want to retire, or allow other partners to assume some of your workload and responsibilities? Maybe your dexterity has suffered due to age or compromised health?
The practice of dentistry requires strong, skilled, and steady hands. If you are not as steady as you once were or are suffering the effects of age or ill health (e.g. slower reaction times, tremors, neuropathy, dementia, memory loss, neurological impairment, loss of motor coordination, etc.), you could cause injury to yourself or others if you continue to practice. This situation could easily result in medical malpractice, and it is a dream-come-true for personal injury attorneys.
Other scenarios might involve a traumatic event, debilitating injury, diagnosis of a life-altering medical condition, or a terminal illness that limits your ability to do your job. It may even render you unable to continue to work in your chosen profession. If your ability to perform your job has been affected, the decision to sell your dental practice may be the best option.
3. Property Values Can Play a Crucial Role in Your Decision-Making
While property values fluctuate and many factors can affect the market, real estate is generally considered a pretty sound investment. This is especially true when enthusiastic buyers are interested in purchasing your edifice, or overzealous developers are looking to acquire commercial property for renovation purposes.
If you are the owner of the building that houses your dental practice, circumstances such as these could result in a significant windfall and present a unique business opportunity. However, if you lease space in the desired property, the owner’s decision about selling the structure will likely impact your decision-making as well as the fate of your practice. If the building is sold, you will need to reach out to the new owner(s) and determine what their plans are for the structure. This will, in turn, inform your decision whether to sell or relocate your practice.
Truth be told, any of these scenarios could prompt you to consider selling your dental practice. At Encompass, our trained brokers are experienced in dealing with all aspects involved in buying and selling your dental practice. Our knowledgeable staff is available to answer your questions and address your concerns. For more information regarding our services, click here.