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Introduction
I have been thinking about selling my practice, I assume that I cannot sell in the current economic climate. When do you think I should sell? Now is an excellent time to consider putting your practice on the market. Buyers are starting to come back into the market after taking practically a year off. Dental practice sales have been down nationwide for the past 10 to 12 months. Normally practice sales slow in the summer, pick up in September through November, slow down for the holidays and then pick up again by February. Last year's pick-up in September never occurred due to the banking crisis, and sales have been depressed ever since. Patience has been a real virtue for anybody who put their practice on the market last since last May. That is all about to change as I foresee this fall and spring to be very active months. Inventory levels are at their lowest levels in years as many sellers have postponed the sale of their practices for various reasons. Interest rates are still low and money is available. Most experts expect that the interest rates will eventually go up as the unprecedented spending habits of this administration will certainly lead to inflation at some point. Low inventories, low interest rates, pent up buyers finally entering the market and favorable seasonal factors signal that now is the time to list your practice!!! Having said that, many of you that have attended my lectures know that I advise dentists to sell only when they are ready to retire and do not want to practice any longer. The money you net after taxes is usually not enough to influence the timing of the market. Working an extra year or two will usually more than make up the financial benefit to market timing, even in a declining practice. If you still love to practice, keep doing it!! While not the norm, there are also buyers out there who will allow you to work back a few days a week if the cash flow will allow. I traveled back to Scottsdale 18 months to work my practice two and a half days week after I sold it. Feel free to call our office any time to discuss your options as location, size of the practice and the buyers needs will affect the direction you may take.
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