If you have decided to sell your dental practice or are even considering selling your dental practice, there are a lot of other decisions and considerations that you are going to need to make and account for along the road ahead. The sale of your dental practice is likely to be a major life change and can have significant impacts, both personal and financial, for you far into the future. To help keep you focused in the face of such a monumental decision, we have come up with a starting list of things to do if you are thinking of selling your dental practice.
What to do if You are Thinking of Selling Your Dental Practice
For starters, if you are thinking of selling your dental practice, you should really focus on why you are considering this. Think about why you want to sell your practice and if it will hold up over the long term or if it is a passing feeling. Think about whether or not this is a retirement or a complete career shift. Would you be okay being an employee down the road as opposed to a business owner? This is a big change. Take a look at why you would sell and what you would want to do after the sale.
Put an exit strategy in place. Organizing yourself and your course of actions around a concrete plan can help set reasonable expectations for yourself and others involved in the practice. Establishing realistic expectations of what is to come can help minimize chaos and put yourself and others at ease during what can be a major transition process. You should also consider setting aside time to mentor the future buyer of your practice. This will also ease the transition process.
Consult with an attorney. Selling a business can have a wide breadth of legal implications. Protect yourself by retaining dedicated legal counsel. An attorney can help put exit structures in place. They can help establish any restrictive covenants or letters of intent. They can also help ensure that your practice is properly valued so that you get fully and fairly compensated for the value of your dental practice in its sale. Your attorney can also help you get a clearer picture of what you would be expected to net in the sale of the practice after taxes on the sale are paid along with other expenses incident to the sale.
In anticipation of putting your dental practice up for sale, look for ways to improve the practice that would make it more attractive to potential buyers. Make an inventory of practice assets, such as dental equipment and general office equipment. Get a team of trusted professionals who can help see you through this major transaction.
Dental Law Attorneys
The trusted team at Mahan Dental Law can counsel you when you are considering the sale of your practice all the way through the selling process and managing the implications of the sale. Contact us today.
