View More Episodes: https://podcasts.apple.com/us/podcast/the-dental-boardroom/id1518344747
You’ve worked so hard for so long to build a private dental practice in your community. But now you’re thinking about exiting the business.
So, how do you know when it’s time to retire? What can you do to plan for the next chapter of your life?
Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas.
Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago.
On this episode of the Dental Board Room Podcast, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice.
Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away.
Listen in for Dr. Kenny’s advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale.
Topics Covered
A high-level overview of Dr. Kenny’s career as a dentist
How Dr. Kenny knew it was time to sell his practice
Determining how much money you need for retirement
How bankers calculate the value of a dental practice
The CPAs role in helping you plan for a practice sale
Mitigating your tax liability in a dental practice sale
When to do a broker sale and when to sell your practice privately
The pros and cons of selling your practice to a DSO
Why you should hire an attorney who specializes in dental transitions
Cleaning up your books before you sell your practice
How to create a business plan for your retirement
Advice for young doctors who’ve just bought a practice
Dr. Kenny’s blueprint for a successful practice sale
The humanitarian mission of Dr. Kenny’s foundation
Connect with Dr. Kevin Kenny
The Dr. Kevin M. Kenny Foundation
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
Resources
Dr. Kenny on Dental Board Room Podcast EP018
McLerran & Associates
Global Dental Relief
How to Win Friends & Influence People by Dale Carnegie
The One Minute Manager by Kenneth Blanchard and Spencer Johnson
The Richest Man in Babylon by George S. Clason
Want more podcasts from The Dental Boardroom? - https://podcasts.apple.com/us/podcast/the-dental-boardroom/id1518344747
Want more podcasts from The Dental Sales? - https://podcasts.apple.com/us/podcast/the-dental-practice-sale/id1677648235
Discover Your Complete Financial Team: https://practicecfo.com/
Discover The Best Marketplace to Buy or Sell a Dental Practice: https://practiceorbit.com/
PracticeOrbit:
Facebook - https://www.facebook.com/profile.php?id=61559125754834
LinkedIn - https://www.linkedin.com/company/practiceorbit/
PracticeCFO:
Facebook - https://www.facebook.com/PracticeCFO
LinkedIn - https://www.linkedin.com/company/practicecfo