If you were told that you were going to die tomorrow and someone offered you a way to extend your life for one more year… for a price, how much money would you be willing to pay? Ten thousand dollars? One hundred thousand dollars? Perhaps one million dollars?
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Practice equity is a measurement of the net value of your dental practice, which is always based on a percentage of the annual gross collections of your practice.
The most widely used method for determining practice value is fair market value. The commonly accepted definition of fair market value is the price which a professional practice would produce, allowing reasonable time to find a purchaser, with both buyer and seller having access to full disclosure of information about each other.
Sell now or build to sell? Sell for present value or sell for future value? Commit now, but defer the actual sale until later? Take cash or fund your pension plan with the value of your practice? These are just a few important considerations for a dentist who is thinking and planning for the future.
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