Your goal is crucial.
Building a picture in your mind of how you want your future to look and what you’d like to do after selling your practice is a great way to decide what you want, Abi tells us. Maybe you’d like to do some consulting or teaching in your profession, or join a professional body? Or maybe retirement is your plan – so think about what your retirement could look like.
Abi comments, “The Dentists who say, ‘I don’t know what I want to do next. All I know is dentistry’, are the ones I encourage to spend some proper time figuring out what they want their future to look like.”
Her discussions with Dentists often reveal insecurities. Dentists often worry about not feeling relevant, losing their reputation, or even their position in society. They may feel that owning a dental practice defines them to many people. It’s an identity, a rhythm in their life which gives them their purpose of being a carer of patients and being respected by others in the practice or industry as the go-to person. No wonder it’s a difficult decision to make. Challenging the status quo is a risk. Having a goal can help them stabilise and make the best decision possible.
Does this sound like you?
If so, Abi recommends that you share your thoughts with your close friends and family. They’re unlikely to tell you that your change in status will make you irrelevant! “One thing I can tell you is that the new owners of your business will be heavily reliant on your counsel”, Abi reassures.
Once you’ve sold your practice, a change of role is inevitable. But, you can negotiate with your buyer to make sure you get a deal you’re happy with. You might stay on to do clinical work and reassure the patient list that there’ll be no disruption to service for the next three to five years. You might choose to leave the business immediately. Whatever your arrangement is, Abi advises, “embrace the change and agree in detail exactly what your scope of responsibilities are with the new buyers.”
Remember: just because you’ve sold your practice and liquidated your asset doesn’t mean you have to give up dentistry. If dentistry, is your passion, you’ll find a way to keep that passion alive.
In the words of Lao Tzu, ‘The journey of a thousand miles begins with one step’.
Or in the words of Nicholas Sparks, ‘It’s never too late to start doing the right thing’.
Either way, both these sentiments apply to the process of abandoning the status quo and taking control of what your future looks like. For many dentists selling their dental practice is the key to unlocking their future.