Every dentist and, in fact, every business owner has asked themselves at some point in their lives, “When is the right time to sell my business?”
Many factors go into this type of decision, including age, life situation, financial status, burn out, favorable selling market, etc. In many businesses, one is afforded the choice of selling or partnering with another company and continuing on with less responsibility of running the business.
Dentistry is famous for this as many practices sell other dentists, to a group or a corporation and continue on as employees. This affords them the ability to still earn a paycheck and do what they love, but many of the managing and accounting responsibilities are removed.
This is often a difficult decision because we have spent 20, 30, 40 years being a business owner and now have to answer to someone else. One has to be ready, mentally, to give up their “baby.”
Please tune in the upcoming months as I take you through the process and experience of selling and partnering with a new owner of a practice.
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