There are times in every dentist’s career when they lose sight of why they started and where they are going. In the past year of COVID-19 chaos, many dentists have considered whether or not they really want to continue working at a private practice, or if it makes more sense to sell and move on. Even with the ups and downs of the past year, now is a great time to list your dental practice for sale in Austin. But before you do, you should think about your future goals. Sit down and consider why you started your practice in the first place, what your career goals are, and what you want from your future. If you decide it is time to move on you should know that your current attitude toward work impacts your practice’s value. Learn why it is important to consider this fact as you make a plan for the future.
Looking Back to Plan for the Future
You may have started your career with specific milestones in mind, such as buying a practice by year five, expanding it to two or more offices by year 15, and retiring comfortably by year 35. Or, you could have started with the goal of simply serving your community and spending your free time with family and friends.
Whether your goals were specific or vague, you had a plan at the beginning. Now that you own a practice, look back at your original goals and compare them to where you are now. Do you have the same goals or have you changed your desires for the future? Are you happy with where you are in your career? Most importantly, how do you feel about your practice after a long day of work? Do you feel accomplishment at the end of the workday, or are you longing to list your dental practice for sale? If you aren’t sure what you want next from your career, ask your family, close friends, and business advisors. Those close to you can help you decide if you should keep on your current path, or sell your dental practice and start down a new road.
Sometimes all it takes is a little soul searching to reinvigorate your career goals. However, many dentists realize mid-career that they are holding too closely to the goals they made as young dentists, goals they simply don’t want anymore. If you decide it is time to sell your dental practice and move on you should move quickly as the market for sellers in Austin is booming.
Selling Your Dental Practice Now
When you decide it is time to sell your practice, what is the first step you need to take? In order to get the most out of your sale you need a team of trusted, experienced, advisors. A dental practice transition expert is key to listing your dental practice for sale and moving through the process with efficiency and transparency. If you don’t already have a dental specific CPA and attorney, contact our office for referrals. Professionals with experience in the dental industry will be invaluable as you decide when is the best time to sell, negotiate contracts, and allocate funds.
Many prospective sellers we speak to assume the chaos of 2020 has decreased the value of their practice. While every market has its unique ups and downs, we can say with confidence that now is one of the best times to sell a dental practice in Austin. The housing market in Austin and around the Southwest is growing at an unprecedented rate as the area floods with new industry and residents move in from other states. Most dental practices fully reopened several months ago and patients are rescheduling dental work they put off during the early months of the pandemic. This means production and collections are returning to pre-pandemic levels, or in some cases higher. This is great news for dentists listing their dental practice for sale right now.
In addition to the booming real estate market, now is a great time to list your practice because of the current demographics of dentists. According to the American Dental Association 21.1% of dentists in 2020 are between the ages of 55 – 64, and 16.3% are 65 years and older. In addition, the average age of retirement for dentists in 2020 was 68.2. This means a significant number of dentists will reach retirement and list their practice for sale in the next ten years. If you are considering selling your practice in the next five-to-ten years it is worthwhile to take advantage of the current market and not wait until it shifts out of your favor.
Planning for a Future Sale in Austin
After some soul-searching you may decide now is not the right time to sell. However, even if you plan to keep practicing for five-to-ten years, it is never too early to start prioritizing your future and preparing to list your dental practice for sale. This is especially true if you are preparing for retirement. Small changes you make around your practice now can have a big impact on its value ten years down the road. The closer you are to selling your practice the more you should focus on increasing production and decreasing unnecessary costs.
If you’re planning for a future sale, check with our practice transition experts to find out steps you can take now to increase your practice’s value and make your transition as smooth as possible. Try to be flexible with your timeline so you can make the most of the Austin market while it’s hot. If you’re planning for retirement, take advantage of our Practice Optimizer Experience to ensure you get the most out of your retirement years.
Vibe Check: How to Boost Your Austin Practice’s Value
One of the first steps in listing your practice for sale is getting a trusted practice valuation. At DDSmatch Southwest we work with Blue & Co., a group of experienced dental practice valuators. The experts at Blue & Co. provide a report to the seller, detailing everything included in the sale and what the true market value is. They also work with the seller and include important feedback before making a final draft that will be presented to the buyer. We recommend getting a preliminary practice valuation as early as possible, as there are several ways to boost your practice’s value before you list it.
Since we are focusing on listing your dental practice for sale, we must address how your attitude toward your practice impacts its value. As a dental practice owner you set the tone for your practice, a tone that impacts your staff and patients. If you come into the office every day in a bad mood your staff will reflect that and your patients will feel uncomfortable. This ultimately leads to higher rates of employee turnover and low patient retention, all negative things when you are selling a dental practice. On the flip side, if you are excited about your work and encouraging to your staff and patients this typically results in higher satisfaction for both employees and patients. Patients are more likely to keep up with routine visits and refer their friends and family members.
So while “office environment” is not a line-item on your valuation, it does have a lot to do with your practice value. A welcoming environment will translate to higher practice valuation as patients return to a place they trust with people they enjoy being around. If you are feeling unhappy in your current career situation try to put those feelings aside so you can get the most out of the practice you built.
Listing Your Dental Practice For Sale With Our Trusted Transition Process
Whether you want to list your practice 6 months from now or 6 years from now you can benefit from the DDSmatch Southwest Trusted Transition Process. We want to help you maintain the legacy you worked hard to build, while also helping you get the full value of your practice when you sell. Our team of transition experts values clear and consistent communication, which is why we created this process. Here is what we do for you:
- Conceptual Transition Experience: Well before your transition we help you visualize your future, strategize, and set attainable goals.
- Strategic Practice Outreach: Using technology and a human touch we share your practice’s unique qualities with our network of pre-screened candidates, looking for the best possible match.
- Trusted Valuation Analysis: As we mentioned above, your practice will be analyzed by a Certified Valuation Analyst. This third-party report is fair and respected by banking institutions.
- Clinical Opportunity Blueprint: We analyze your practice to reveal untapped potential, which gives your buyers confidence for their future success.
- DDSmatch Interview Alignment: After you list your Austin dental practice for sale, we identify potential buyers and lead an in-depth interview so you can determine who the best candidate is to take over your practice.
- Dental Advisory Connection: You need trustworthy advisors on your side. We connect you with local professionals like attorneys, accountants, and real estate brokers to ensure every step of the process runs smoothly.
- Vision Alignment Completion: We work with advisors on both sides of the transaction to move everything forward with transparency and timeliness, until your vision is made into reality.
Our Trusted Transition Process has worked for hundreds of dentists in Austin and across the Southwest because of our high attention to detail, transparent processes, and the human connection we make with each of our clients.
If you are still unsure whether or not you want to sell, give us a call like Dr. Gwen Eaker did. Unsure about whether she wanted to sell, Dr. Eaker turned to our team for help,
“[Randy and Andy] helped me come to grips with even just making the decision. They helped me work it through . . . no pressure to sell it because, you know, that’s how they make money, is to sell my office. But they did not pressure me to do that. They would have helped me jumpstart it, and make it more of a success if that was the road I chose to take. They helped me decide. They were very good friends . . . I have faith in the company and I really enjoyed the experience I had with them. I mean, I would not recommend anybody else. And I’d never do it alone.”
To read more of Dr. Eaker’s story visit our dental transitions blog.
List Your Dental Practice For Sale In Austin Today
No matter where you are in your career our practice transition experts are here to help. We want to help you reach your lifestyle and career goals, whether that means you want to sell outright, take on an associate, or simply plan well for retirement.
We work with dentists who are on a short timeline, like Dr. John Wells who told us, “Thank you for selling my practice in record time. Do you realize that it only took four months from start to finish? Plus we got our asking price.”
As well as those who would like to take a little more time, like Dr. Bill Wolfe who explained, “It was a pleasure doing business with [DDSmatch Southwest]. You were able to sell my practice when three other brokers failed. Selling one’s dental practice and retiring from 48 years in dentistry is not an easy, painless decision, but through your guidance (and a bit of counseling too), you made it happen with a buyer to whom I feel very comfortable turning over my practice. Your professionalism was absolutely critical to the successful sale and transition of my dental practice, and I am deeply grateful.”
Don’t list your dental practice for sale in Austin without contacting our transition experts for a free, no-obligation consultation. Learn why now is a great time to list your practice in Austin, how our Trusted Transition Process works for you, and what you can do to boost your practice’s value so you can get the most out of what you built. To schedule your free, no-obligation consultation with DDSmatch Southwest today visit our contact page or call our office at 855-546-0044.