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 still continue their daily work with less responsibility of running the business. Dentistry is famous for this as many practices sell to another dentist, 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; however, many of the managing and accounting responsibilities are removed.
This is often a difficult decision because we have spent 20, 30, or 40 years being a business owner and now we have to answer to someone else or sell and leave. One has to be ready mentally to give up their “baby.”
On June 1, 2018, I did this very thing. For many reasons it was time to do this. Follow me in upcoming issues as I take you through this process from start to finish.
Action Step for You: Think about where you are at with your business and whether it’s time to sell.
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