We are all familiar with the term “Buyer Beware”, but this article is to inform practice owners of a new threat to their future financial security. This relates to the sale of their practice and the risks involved in dealing with the wrong people.
Quality of Life... the ultimate goal of each and every dentist. What is it? Well, it’s different for every dentist but, basically, it can be described as doing dentistry because you want to, doing only those procedures you enjoy, and doing them only on those patients you wish to treat, and only when you want! This is also referred to as “freedom.” Most doctors would prefer to spend less time in the office (rather than more time).
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First of all, the practice may be selling for $800,000 and that is reasonable number for most purchasers to consider when starting out in 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.
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