There are many misconceptions about the role that a deposit plays in a practice sale/purchase transaction.
What would happen if a terrible misfortune (health or financial) happened to you or a loved one that resulted in you needing to sell your practice in a hurry…
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…