You don’t have to be retiring to sell your dental practice. In fact, N/L Transitions has helped many younger dentists who have years left in their career sell their practices. There is no singular model for a dental practice sale, and the seller can easily be a younger owner or a seasoned dentist.
Here are just three reasons why some of our past clients have sold their dental practices well before retirement. Do any of these scenarios describe you?
The familiar, if not overused phrase “location, location, location” can be used the other way, too. Some dentists do not want tied down to just one place. Dentistry is a field that can be practice anywhere, so if a dentist lives and practices in the Northeast but wants to live in a warmer climate, the practice itself certainly shouldn’t stop that from happening.
Other times, a dentist may want to move closer to family or open a new practice elsewhere. Depending on the non-compete agreement (expect to sign one if you’re not retiring), you could even open a new dental practice on the other side of town or in a different neighborhood. Sometimes this is a great solution if you change the nature or specialty of your practice, and the patient demographic is unavailable for your current location.
Other Investment Opportunities
Dentistry is a calling for many, but that doesn’t mean it’s a field devoid of financial opportunities for those who look carefully enough. Some dentists have turned to us to sell their current practice because they want to buy other practices, build them up, and sell them later for a large profit. Usually, these dentists enjoy practice management and numbers as much as or more than patient interaction alone.
These dentists also usually have a well-thought-out plan and process for the types of practices they want to target as investment opportunities. Consider it the house flipping of dentistry. There’s no wrong way to make the field and patient care better, and some dentists want to do that by investing in high-potential practices. This can be an excellent reason to sell for some.
Yet other dentists have personal goals and aspirations that simply cannot be achieved beside an operatory chair. Some dentists choose to leave the field entirely and pursue a different career. Some want more free time to pursue hobbies or passions. If your financial situation is squared away, you’ve done the planning (or maybe not, if you’re switching careers), and it’s the right time, why not sell? Some dentists need more than their practice to find happiness, and that’s ok. You shouldn’t have to wait until retirement to pursue meaningful goals.
If you’d like to talk about your goals after dentistry, regardless of where you are in your career, contact N/L Transitions to talk through your options and exit plan.