66: When Is the Best Time to Sell My Dental Practice?—with Matt Odgers
The Dental Boardroom · PracticeCFO
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Show Notes
When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On this episode of the Dental Board Room Podcast, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.
Matt and Wes discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Topics Covered
- Why you want to start the process of selling your practice when it’s on the up
- The psychological challenge of planning for a practice sale before there’s a crisis
- Why you should know what your practice is worth (even if you have no intention of selling)
- Crises that require an immediate sale vs. crises that expedite the timeline for a sale
- Why financial independence is a primary factor in timing the sale of a practice
- How to know if you’re psychologically ready to stop working as a dentist
- Why Matt & Wes suggest planning what to do with your time once you retire
- How rising collections impact the price of a practice and speed of its sale
- Why it’s easier to sell a million-dollar practice as opposed to a $500,000 one
- Wes’ advice on paying off a 10-year practice loan
- What differentiates buying a dental practice from buying real estate
- Selling your practice to retire vs. selling your practice to pay off debt
- The benefits of selling your dental practice when interest rates are low
- Why Matt recommends timing the sale of your practice with your lease
Connect with Matt Odgers
Connect with Wes Read & Drew Phillips
Email [email protected] or [email protected]