There is a famous story about an old house owned by Steve Jobs in Woodside California, called Jackling house. Steve hated the house and wanted it torn down, so that he could build a new, more suitable house for his family.
Let’s say you had a café that you bought a coffee from every morning.
When Practice Sale Search talks to dentists who are nearing the end of their careers, there are, of course, natural financial concerns about:
I often get asked by clients, “What are the benefits of engaging one practice sales broker exclusively? Wouldn’t a competitive process yield the best results?”. The best way to answer this would be to use a dental practice analogy:
Selling or buying a practice is a major milestone in a dentist’s life – it is the beginning of something new and exciting. But that excitement and momentum can slowly give way to fatigue when there are so many people needing consultation and input (buyer/s, seller/s, landlords, financiers, lawyers, accountants, etc) and administrative and legal processes that need to be signed off on before the exchange.
When a practice owner begins to think about selling his or her business, it often seems that the natural choice for the purchaser is close at hand, in the form of a trusted employee or contractor in the practice. They will often offer that trusted employee the ”right of first refusal” to purchase the practice, before they put it on the market.
When selling any business, a seller will try to describe the business not just as it is, but also as it could be. Being able to show untapped potential and unexplored opportunities can mean a significant premium paid above and beyond what the financials of your dental practice would suggest.
Every business ownership will come to an end someday. In the best case scenario it is a planned transition whose timing and execution maximises the vendors return on their investment. Sometimes though it doesn’t quite work that way…