Sometimes, it’s hard to figure out what our brain is telling us to do when our heart is still attached. When it comes to selling a dental practice, it can be difficult to find the right time to do it. Knowing that you can’t keep up with what the practice needs but having an emotional attachment sometimes makes it hard to step away. And leaving behind something you created can make it even harder. Luckily, there are some telltale signs that you are ready to step away from your business. Here are three of the main signals your brain sends you when it is time to look toward selling your practice.
You’re Feeling Older
One of the most obvious signs that you cannot keep running your dental practice is the physical feeling of being older. Feeling older is a natural part of aging, but when your body begins to slow down and you’re no longer able to maintain the level of productivity you’re used to, it’s usually a sign that you can’t continue at your current pace. Upon this realization, you should contact a broker who is experienced with selling a dental practice to start your path down retirement.
Your Drive Has Faded
Another sign that you should begin considering selling your practice is that you no longer have the drive to continue running the business. This could seem like an obvious one, but the internal conflict between wanting to retire and wanting to keep your legacy alive can be a confusing thing to face. However, feeling like you no longer have the motivation to work with your business is a good sign that you should sell your practice.
You’re Facing Familial Issues
According to Investor Junkie, businesses where the owner is actively involved typically sell for two to three times the annual earnings of the company. And when you’re facing familial issues like divorce and need to pay a settlement, having that money on hand could be extremely helpful. Struggling with a familial problem is an easy way to take your focus off of your business, and any business suffers when its owner is not working at their best. Selling a dental practice to have money on hand can seem like a sad ending to a legacy, but if it’s put into trustworthy hands, then you have nothing to worry about.
Are you ready to sell your dental practice? You’re in luck. Contact Professional Practice Sales today to talk to a dental broker who can help you with the sale of your practice on your own schedule.