By Dr. David Rice
CEO and Founder, IgniteDDS
Picture this day. You’ve spent a lifetime building your practice, only to sit down with a broker or buyer and hear, “Doctor, I’m sorry, your practice is worth much less than you thought.”
According to the American Dental Association’s (ADA) Health Policy Institute, more than 80% of dentists ages 55 and older say they plan to retire by 2035. And despite what we tell each other at cocktail parties, most of us are relying on the sale of our practice to fund a significant portion of retirement.
But here’s the catch: Nearly 60% of those practices are not financially or operationally ready to sell. And friends — being totally honest, as I’ve always promised to be with you — the fallout is real.
Every year, the IgniteDDS team and I meet great clinicians — great people — who’ve dedicated their lives to their patients, teams and communities for all the right reasons. They have worked diligently in their practices and beyond. Then, with one of life’s biggest transitions on the line, these great clinicians and people, rush the sale, trust without verifying and end up walking away with far less than their life’s work is worth.
If you’re even thinking about selling your practice in the next 2 to 5 years, this article is your wake-up call and your roadmap.
Seven Must-Make Moves to Do Now (If You Ever Want to Sell)
1. Stop Thinking Like a Clinician and Start Thinking Like a Buyer
Buyers aren’t buying your clinical skills. They’re buying your reputation and brand, your team, your systems, and your bottom-line profit. And it all has to function without you.
2. Get a Real Valuation — Not a Guess
Too many dentists base their expectations on hearsay or rough math.
3. Clean Up Your Financials — And Your Overhead
Buyers look for patterns and profitability over time (so you can’t just clean things up last minute — that’s a red flag).
Is your interest piqued? Great! Be on the lookout in the next several weeks for your copy of the September/October issue of Today’s FDA for the full story and the full seven “Must-Make” moves to maximize the sale of your practice.
Dr. David Rice, founder, CEO and executive coach at IgniteDDS, has almost 30 years of dental practice management experience and has trained at The Pankey Institute, The Dawson Academy and Spear. He has also been a presenter at the Florida Dental Convention. IgniteDDS is an endorsed program of the Florida Dental Association.
Beyond the Bite 