What’s Your FOMO (Fear of Missing Out)?
What are you fearful you’ll be missing out on when you sell your practice? To complete the self-assessment, mark each experience that you will miss if you were to sell your practice.
When I sell my practice, I will miss:
(mark any that apply to you)
▢ Keeping up with patient records, insurance forms, and compliance documentation
▢ Keeping up with changing regulations, labor laws, and insurance requirements
▢ Providing oversight on billing processes, insurance claims, and payment collections
▢ Recruiting, training, and retaining competent staff, managing conflicts
▢ Keeping up with technology to compete now, make my practice more sellable later
▢ Stress, anxiety, frustration and possibly physical pain associated with my work
▢ Competition against corporately owned practices with lower costs, bigger advertising budgets
▢ The risk that my practice could experience stagnant or even decreasing annual collections
▢ Substantial increases in supply, lab and staffing expenses
▢ The risk that an unexpected event could drop the value of my practice by 90% in 3 months
How did you score?
Obviously, there are more factors that go into determining when you should sell your practice. But, how did you do on this assessment?
If you scored:
7-10
Action:
Bless your heart!
If you scored:
4-6
Action:
Prepare transition plan
If you scored:
0-3
Action:
Transition out ASAP
Do you have a transition plan?
Even if you are 2+ years from selling, specialists at Practice Endeavors, LLC can assist you in preparing your transition plan.
Planning to sell in the next two years? Our transition specialists can assist you in transitioning your practice to new ownership. Why not contact our office today?
Take control of your future
PVA℠ helps practice owners prepare for the inevitable transition of their practices to new ownership.
J. Robert “Bob” Brooks, CEPA, CBI
J. Robert “Bob” Brooks, CEPA, CBI, leads Practice Endeavors, an Ohio-based practice brokerage and dental realty company. His company provides practice owners with the tools they need to prepare well for life after practice ownership and to find the best price/best fit buyers for their seller clients. Bob was integral in starting the first of its kind dental practice broker credentialing for the International Business Brokers Association.