The coronavirus pandemic has caused many people to question their career and professional decisions. It’s even been a challenging time for dentists and dental clinics with many dentists considering selling a dental practice. Still, for every dentist selling a dental practice, there are two more considering buying a dental practice.
Dentists usually sell their practices for a wide range of reasons, from financial to health. Although a dental practice can be lucrative, the motivation for running a dental service may start to wane causing dentists to get a dental practice valuation.
With That in Mind, We Are Going to Take a Look at Just Some of the Reasons a Dentist Might Sell Their Practice:
Good Financial Situation- although the decision to sell their dental practice will spell an end to their regular income, most dentists are already prepared for it. Their pension fund has enough assets to sustain their regular lifestyle until age 90 or more. They may also already pursue various income-generating careers that provide additional financial support well into their retirement such as an advisory role. This can better protect them against an emergency that may wipe their pension fund or their savings clean.
It’s Time To Retire- dentists might also sell their practice when it’s time to end their career. Dentists underwent extensive training to get the needed licensing and academic qualifications to start the practice. With more than six years they spent on medical education and training, it takes a passion to run a dental practice. Some dentists find that their passion has run out and they no longer feel the joy of assisting people to maintain good oral health. Selling their dental practice feels like a welcome idea, especially if they are tired of the profession. For some dentists, their career can be emotionally and physically taxing, that they face a career burnout. On the other hand, there are many young and eager dentists who want to start or expand their professional career. By buying an established dental practice or clinic, those young dentists obtain the brand and the patients.
Contact Pluto Partners
To learn more reasons why dentists might want to get a dental practice valuation and sell their practices, contact Pluto Partners today and speak with a Healthcare Business Advisor who can answer any questions you might have.
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