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.
Poker is unlike almost any other game, in that being successful is not just a measure of how you play the cards that you are dealt…being successful in Poker is also a measure of the cards that you choose NOT to play. Poker is a game that rewards players that know when to quit. You can see this in the fact that a professional poker player will only choose to play a mere 15-25% of the starting cards that they are dealt, while an amateur will choose to play over 50%.
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.
In order to effectively negotiate any deal, you need to be able to understand the person on the other side of the negotiation. You need to know what their fears and motivators are. Somehow though, buyers often misjudge the emotional journey that a seller is going through towards the end of their career.
