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As Australia and New Zealand combats COVID-19, there is a lot of uncertainty about what the future will hold. There will be many of you who are concerned about what the impact of this will be on one of your most valuable assets - your practice. Rest assured that your practice is still valuable.

My practice was a low - level suburban practice, so I didn’t anticipate a lot of interest. However, we had 13 interested parties come through to view the practice within a week or so. The new owners are a lovely couple, a husband and wife who are both dentists. I am still working for them two days a week. They are able to offer a number of things, which I hadn’t been prepared to do. I’m lucky as they have been extremely easy to work with. If I have a problem I can talk to them about it, and they are happy for me to do the two days. I’m very busy on those days – I often think I work harder on those two days than I did before I sold the practice!

There is a school of thought that in a price negotiation that the buyer should point out every fault, weaknesses, minor flaw and imperfection of the acquisition and talk down any strengths, in order to justify giving the vendor a lower than expected price. This negotiating strategy may seem like a logical way to communicate your lower appraisal of the asset in question. It may be honest feedback and it may even work when buying assets like a second-hand car from a used car salesperson. However, when buying a business from someone who has owned, worked in and built up a practice for years (sometimes decades), this type of negotiation is more likely to be completely ineffective and...

Selling really worked out well for me. It has been 11 months since surgery and my hand is almost recovered; it is functional, but it will take a bit longer to return to its normal strength. If I had been practicing dentistry in the way I was before the surgery, I may have caused more damage long term – a chance that I didn’t want to take. For me, it’s not about proving anything to anyone, it’s about making the best choice you have at the time with the info you have and not looking back and having any regrets.

If I had any regrets, it would be that I wish I had taken more holidays earlier on. I think I could have, I just didn’t know how to do it at the time. I wouldn’t have sweated the small stuff. One of the things my accountant said resonates with me – “you get to a certain point in life where you have everything except time.” People seem to live life back to front. When you are young, and the kids needed us more we are all probably guilty of working too much. We are trying to make up for that now.