Years ago, when you decided to go to dental school, all you thought about was how to make your dental practice a success. During that time, there were many people in your life giving you advice on how to make that happen, whether they were professionals or just your family and friends. Fast forward to today… what do you think about now? Are you thinking about how to go about transitioning out of your dental practice?
The decision to transition out of your practice is not one to take lightly. Nor is it one that is made easily. When you do make the decision, the process does not happen overnight. It should be something that is planned out and executed with great thought and detail.
The same as when you started your practice, it is important for the process to be organized and the use of “experts” will help you along the way. Just as you are an “expert” in your field of dentistry, you should feel comfortable using experts in other fields to make this a successful mission.
Some of the experts you should be consulting are your accountants, your financial advisors, and any legal advisors that you have. These are the people that can make this transition process a smooth and successful on.
Don’t wait until the year you want to retire; plan ahead for next phase in your life and it will be as enjoyable and exciting as the previous one.
Ellen Dorner is the Director of Practice Transitions for NL Transitions, a firm that focuses solely on helping dentists sell their practices. She can be reached via email at EDorner@NLTranistions.com or (800) 772-1065