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Dec 3 2018 - Case study
I reckon I have been one of the luckiest blokes in the world to be a dentist. I have no regrets in when and how I sold the practice, but one thing that the whole process brought home to me was the importance of having a will and, if you have a partner in life or in business, to make sure they have one too.
Dec 3 2018 - Simon Palmer And Harry Nicolaidis - Getting ready / preparing Practice sales
Once a buyer and seller have agreed to the price and terms of a practice sale, their lawyers’ roles should be straightforward. It should be a matter of documenting pre-negotiated elements of the deal, in a way that both protects their clients’ interests and minimises any potential exposure to risk.
Oct 1 2018 - Simon Palmer - Retirement Sell a dental practice
When a dentist is thinking about selling their practice, the focus of discussions with their spouses and advisers is usually on financial questions, like: “How much money will I need in order to retire?”. While this is discussed in detail over spreadsheets, with projections and budgets, a more secret, internal question is often plaguing the dentist late at night. Internally, many will be equally concerned with: “What am I if I am not a dentist?” and “What am I going to do with my time?”.
Sep 19 2018 - Case study
I am very happy I sold and am enjoying the balance of being an employee dentist. I like seeing the practice change, as well as having the time and freedom to enjoy other interests. I highly recommend selling in your 50s when you’re well and healthy, rather than waiting till you’re in your late 60s and your health might not be as good. It was an excellent outcome for the practice.
Aug 20 2018 - Simon Palmer - Buying a dental practice Sell a dental practice Valuation
When someone is looking to buy or sell a practice, they are often presented with an appraisal of the practice that has been prepared by the other party in the transaction. While the results of the practice’s trading may be clear, there are numerous appraisal techniques to choose from, and often some creativity applied when using them.
Aug 15 2018 - Simon Palmer - Getting ready / preparing Practice sales Sell a dental practice Staff
A popular exit plan for many dentist practice owners is known as the Delayed Internal Sale.
Jul 18 2018 - Case study
I had a massive heart attack and decided it was time to sell. I still loved dentistry, but after my heart attack I was getting tired easily; it was getting too much for me. I decided it was a warning and I had better listen.
Jun 20 2018 - Simon Palmer - Buying a dental practice Sell a dental practice
The stakes are high in practice sale transactions. Financially, a practice usually sells for amounts in the hundreds of thousands or millions of dollars. There are also important non-financial qualitative aspects of the deal, like transferring staff, patient relationships and a reputation that has been built over decades, and post-sale work commitments for the vendor that can last from 6 months to 5 years. The transaction itself is usually documented with three or four legal contracts (1. a business sale agreement, 2. a premises lease contract or premises sale contract, 3. a work contract for the vendor post sale, and 4. a partnership/associateship agreement if there are equity...
Jun 13 2018 - Case study
It’s not uncommon for many women to put their own careers on hold while their children are young and their spouses are building their own business/career. This is the story of Laurie Koranski, a dentist’s wife and former practice owner, who got a second chance at a career she is passionate about, when she and her husband sold their busy Jimboomba practice.
Jun 12 2018 - Simon Palmer - Buying a dental practice Practice sales
Once upon a time, buying a dental practice was a rite of passage that almost all dentist graduates went through after a few short years in the workforce. In more recent years however, statistics have shown that being an employee/contractor/non-owner dentist for life is a growing choice for dental graduates. There are many reasons that people give for this trend, including: