When you are selling your practice, signing the sale contracts is a milestone to be celebrated. It means that you’ve agreed with a buyer on all the variables involved in the price and terms of the deal.
To play poker, a player needs to put money in at the beginning of each hand in order to get dealt their cards. The player then needs to choose to invest further with every additional round of cards that are drawn and with each round of cards that are dealt, the probability of success changes.
All too often, dental practice owners only make the decision to sell their practice after several years of declining revenue and profit.
When first-time practice buyers are looking at an opportunity, they are often too focussed on business plans, arranging finance, renovation or reinvestment to spend much time thinking about insurance…
Many people feel that the only time to get a professional business appraisal done for a business is when you are about to buy or sell that business.
We are often told that the secret to a successful career is hard work, determination, persistence and resilience. What we aren’t told is that another crucial skill in determining the success of your overall career is the exact opposite…knowing when and how to quit.