The one question I am most asked by dentists is “when should I start the transition process?” My quick response is to be proactive instead of being reactive. By that I mean, instead of taking a “wait and see” approach to the dental transition process, take a proactive approach. You know that you will transition eventually, so why not be ready when the time comes instead of starting the process when you’re ready to actually be done.
Planning for the dental practice transition should be started a good 3-5 years before you actually want to sell your dental practice. Planning allows you the luxury of time in deciding how you will transition, i.e. do you want to continue working for a year or two after the sale and when you will transition. You will avoid the frustration of feeling pressed for time to sell your dental practice quickly if you plan ahead. Selling your practice will take several months at best, and you want to be sure you are allowing yourself the time to find the right buyer. You have invested many years and dollars building your dental practice and you by allowing yourself time you will realize the investment you have made.