How to Develop an Exit and Transition Plan for Your Dental Practice
Dentists, like any other business owner, should strategically plan for exit well in advance of their anticipated practice sale date. Following the steps outlined by our podcast guest and business transition coach, Larry O’Toole, will help accomplish an optimal outcome when you’re ready to sell your dental practice. Preparing your practice exit and transition plan now will assure that you provide tremendous value for the buyer, command greater profit for yourself, as well as ensuring a ‘euphoric’ experience throughout the transition process.
In this episode of The Art of Dental Finance and Management podcast, Art and Larry discuss how dentists can build greater long-term value for their practice and remove some of the uncertainty when planning for its transition, whenever that day may be. It’s better to be in a strong negotiating position when preparing your dental practice for a sale and Larry outlines some key takeaways from following his recommended five-step campaign approach:
- Building business wealth
- Fostering the right mindset
- Developing a dental practice that makes it attractive to buyers
- Generating long-term value