When it comes time to sell your practice, knowledge is power. As a partner at Integrity Practice Sales and the founder of Kimball Consulting, Inc., Bill Kimball, DDS has guided over 750 dentists to success in their practices and into retirement. He’s seen the good, the bad, and the ugly. Today, Dr. Kimball will be sharing how to avoid the top mistakes that dentists make when they sell their practice!
I received several questions last week about work-backs, where doctors who sell their practices are contractually obligated to stay and work in the practice for several weeks or months after the sale to provide treatment and “introduce the patients to the new doctor”.
You may have seen it in the news: interest rates are about to go up. And if you’re thinking about buying or selling a dental practice in the next few years, it’s time to pay attention.
You’ve finally reached the point in your practice where you can’t handle all the dentistry your patients need. If you’re planning to transition into group practice or partnership, you must be sure to take your time and get it right.
What makes me nervous as a broker? There are many different aspects of a practice sale that could go awry, but there is one thing in particular that immediately gives me that sinking feeling: whenever a doctor tells me he has a ‘savvy’ or ‘aggressive’ accountant.
By Matthew Christie, VP
As a lender who specializes in the dental industry, I have worked with hundreds of buyers on transition into practice ownership. The vast majority of these have gone extremely well, but there have been a few where things did not go exactly as planned. Based on those experiences, I’ve identified five common pitfalls that caused problems and unnecessary stress. Avoiding them can ease the way for prospective practice owners.
Remember that you have spent a large portion of your life building a brand, so make sure your exit is as great as you deserve!
Written by John Pol, Western VP Professional Practice Solutions, East West Bank
Purchasing a dental practice is a big decision for any dentist. Are you sure you're ready?
Written by Tim Rosenthal, SVP, Heritage Bank of Commerce
This is one of the most common questions we receive at Integrity Practice Sales. And it makes sense – you’ve devoted a huge part of your life to your practice! Of course you want to know what the practice you’ve built with your own sweat and tears is worth.
Two lumberjacks started work one day with a bet. Each wagered they could cut the most timber. At the end of the day, the losing lumberjack couldn’t understand how he had lost. The victor took an hour long lunch and several breaks! When he accused the winner of cheating, the victorious lumberjack turned and said, “You didn’t notice that during my breaks I was sharpening my axe.”