Are you a retiring dentist or doctor? Do you have an exit strategy for when you want to retire?
I meet more dentists and physicians these days that have let their practices go sideway because instead of having an exit strategy they simply reduce their workload by reducing their number of work days and patients. They virtually could not do more harm and injustice to themselves and the value of their practices that they worked so hard to build up except for outright closing their practices or tearing them up with a chainsaw.
By reducing their workload and number of patients not only are they significantly lowering the selling prices of their practices but they are also making it nearly impossible to sell their practices at all. A buyer who is willing to pay a premium in form of the selling price is looking to take over a viable practice, not one that they have to work hard to rebuild and revive. Couple that with the fact that the selling price is based on the practice’s gross revenue and/or net profits and you will realize that without an exit strategy you will stand to lose hundreds of thousands of dollars, if not millions. If you are a dentist or doctor that is planning to retire the time to plan your exit is about 2-4 years before you actually want to retire, not on the eve of retirement. There are a number of options that allow you to plan ahead and retire without losing the value of your practice so you can better enjoy your retirement.
But even if you have already reduced your workload, number of patients, and/or your revenues, due to my experiences as medical and dental practice attorney and by devising out-of-the-box strategies, I can offer you options that will help you regain most or some of the value of your practice. Feel free to contact me (301-309-9002; firstname.lastname@example.org) if you are a dentist or doctor expecting to retire and you are looking to maximize your selling price.
Afshin Shane Kamkari is the founder and managing attorney practicing healthcare law for buying, selling, and/or start up of dental, veterinary, and medical practices. Legal representation in litigation, commercial real estate, and employment contracts related to medical and dental practices.