When is the best time to sell my dental practice
Dental Board Room Podcast EP066
When Is the Best Time to Sell My Dental Practice?—with Matt Odgers
When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On this episode of the Dental Board Room Podcast, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.
Matt and Wes discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Topics Covered
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Why you want to start the process of selling your practice when it’s on the up
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The psychological challenge of planning for a practice sale before there’s a crisis
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Why you should know what your practice is worth (even if you have no intention of selling)
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Crises that require an immediate sale vs. crises that expedite the timeline for a sale
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Why financial independence is a primary factor in timing the sale of a practice
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How to know if you’re psychologically ready to stop working as a dentist
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Why Matt & Wes suggest planning what to do with your time once you retire
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How rising collections impact the price of a practice and speed of its sale
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Why it’s easier to sell a million-dollar practice as opposed to a $500,000 one
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Wes’ advice on paying off a 10-year practice loan
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What differentiates buying a dental practice from buying real estate
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Selling your practice to retire vs. selling your practice to pay off debt
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The benefits of selling your dental practice when interest rates are low
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Why Matt recommends timing the sale of your practice with your lease
Connect with Matt Odgers
Odgers Law Group
Odgers Law on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Excerpt
When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement? Listen in as Dental Attorney Matt Odgers joins host Wes Read explain how to time the sale of your dental practice.
Email Promo Guest
When is the best time to sell your dental practice?
What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On the latest episode of the Dental Board Room Podcast, I sit down with host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.
We discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Social Blurbs Guest
Twitter –
Enjoyed discussing the best time to sell a #dentalpractice on the #DentalBoardRoom #Podcast! Listen in on my conversation with Wes Read for insight on the financial and psychological factors to consider in timing a #dentalpracticesale.
Other Platforms –
Honored to sit down with host Wes Read @PracticeCFO on the #DentalBoardRoom #Podcast! Listen in as we discuss the financial and psychological aspects of retiring from dentistry and learn how to plan for the sale of your #dentalpractice long before there’s a crisis. #retirement #dentalpracticesale
Social Blurbs Host
Twitter –
When is the best time to sell your #dentalpractice? Listen in as Dental Attorney Matt Odgers explains what financial and psychological factors to consider before you retire from dentistry. #DentalPracticeSale #DentalBoardRoom #Podcast
Other Platforms –
When is the best time to sell your #dentalpractice? How does timing impact the price of your practice and your quality of life in #retirement? Listen in as Dental Attorney Matt Odgers offers insight on the financial and psychological factors to consider in timing your #dentalpracticesale. #DentalBoardRoom #Podcast
Email Promo Host
When is the best time to sell your dental practice?
What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On the latest episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins us to explain why you want to start the process of selling your practice when collections are on the upswing.
We discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Quotes
Matt—
“You don't want to wait until you're burned out to exit. You're gonna go with selling it versus getting the best deal you possibly can.”
“Similar to estate planning, there's no problem in prepping your practice and being ready to pull the trigger on a sale without actually listing it.”
“Anybody who's 10 years from an ideal date of retirement should start thinking about this and start treating the practice like, ‘What would happen if something happened to me, and I had to sell tomorrow?’ Is your practice packaged up and ready to go?”
“Even if you have no intention of selling, it's a good exercise to, at all times, or at the very least once a year, sit down and figure out what's the value of my business?”
“Having that [collections] growth in the couple of years leading up to the sale is going to decrease the amount of time for you to find a buyer.”
“The reward that you potentially can get from the million-dollar practice is exponentially larger for the same amount of risk that you're taking for a $500,000 [practice].”
Wes—
“You want to be starting the process of selling your practice when you are on the up, not when something catastrophic has occurred or when you're starting to get tired and collections are starting to fall.”
“If your practice is run with a strong cash flow, and it's run operationally effective, [when] a buyer comes in, they're going to notice those things, and they're going to be willing to pay more for that practice.”
“When is the best time to sell your practice? Well, ideally, you're ahead of the moment when you realize the sale is needed—because if you can start the process before that moment, the process will actually go a lot smoother and faster.”
“What are you going to do with your time after you sell your dental practice? A lot of people really struggle to pivot mentally. What is their role in this world and what wakes them up in the morning?”
“When your collections are on the rise, it gives this very strong, stable appearance to a buyer and to a bank that this practice is going to continue that trend … and the price goes up.”
“For dental practices. It's a cashflow-based loan because the risk is a function of the cashflow, not the … resellable value of the asset.”