When the decision finally came that my partner and I would be attempting to either hire more associates or plain sell our practice, we first had to value our practice.
We did so about 5 years ago on a smaller scale, but this time we utilized McGill & Hill Group out of North Carolina to do the job. They provided us with a 50 page intense, in depth valuation. They are a well-known company that helps dentists in many ways. We have been to their seminars and followed their newsletters for 25 years.
We were shocked at the actual high value of our practice that came mostly from our incredible profitability. The one caveat problem that this brought was the same as if you built a multi-million dollar home. The buyer’s market narrowed significantly and the fact that young dentists could not afford this large of a practice brought other considerations into play.
We decided that it was time to plan our exit in the next couple years, so the idea of keeping the practice, hiring 1-2 more associates, and running the practice as owners only was put aside.
So with this in hand, we stared to test the waters of selling.
Action Step for You: Get your business valued. It is good to have this done every 5 years, whether you are thinking about selling or not.
You MUST stand out to your patients and set your Dental Practice apart from your competitors. This is possible by implementing….The Guest Concierge Revolution in Dentistry.
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