For most medical and dental practice owners, their practice, staff and patients become an important part of their identity and its often difficult to know when it might be the right time to sell. Some questions to consider include:
- Is your practice growing, mature, declining?
- Can the current production support additional doctors?
- What aspects of my work do I enjoy the most and the least?
- Would I consider bringing on partners or merging with another practice?
- How much debt do I have?
- What is the current state of equipment?
- How much of your net worth is tied to the practice?
Discuss these questions and other important issues with family, friends and trusted colleagues. Find a capable and experienced professional advisor to help explain the process and start planning.