Is it really the right time to sell your dental practice in Massachusetts? It’s a big decision, and you want to make sure you’re not jumping into anything. The team at WorkWell Management is here to help. There are a few things you should consider before taking the plunge, and the first is to ask yourself if you’re really ready to move on… or if you’re just bored. Let’s take a closer look at this question and the other factors to consider before selling your dental practice.
Questions to Ask Yourself Before Giving Up Your Dental Practice
You’re on the brink of making a significant life decision, and it’s time for some reflection. Ask yourself these questions before you decide on any big changes and feel confident you’re making the best choice for this stage in your life.
#1: Am I just bored, or burned out?
Too often, dentists decide to sell their practice simply because they’re bored or burned out with their current work. But if that’s the case, there are some small changes you can make to change your situation and possibly renew your interest in your work. Have you considered taking on an extra associate or partner with a buyer-seller expectation? We’ve seen it time and time again — with the pressure removed, the decision to sell may be delayed.
#2: Am I truly financially stable?
The worst decision you can make is selling your dental practice before you’re truly financially stable. You should wait to sell your dental practice until your practice is fully funded. Why? You need to count on your pension to be able to fully fund your lifestyle in retirement — and you don’t want to have to make any forced adjustments or cutbacks. No matter how much you can get (or think you can get) from the sale of your dental practice, make sure your pension is fully funded before selling.
#3: Do I have something else to look forward to?
Once you sell your dental practice, you’ll certainly experience a period of adjustment as you get used to your new life change. If you don’t have anything else lined up, or a new passion calling your name, it may not be the right time to sell your dental practice. Whether it’s traveling, making music or just spending more time reading and relaxing with those you love, make sure you’re truly excited about your next stage before giving up your practice.
#4: Am I really tired of practicing dentistry?
When all the other questions have been considered (and your pension is fully funded), it’s time to pose the final question: am I really done with dentistry? Many dentists find that once they’ve reached the time that it’s right to sell their dental practice, the desire no longer remains — or, the pressure is off and they’re able to continue practicing dentistry with enjoyment once again.
Ready to begin?
Once you’ve reflected on these questions and decided that it may be the right time to sell your dental practice in Maine or Massachusetts, contact WorkWell Management to discuss your details and get started today.