Dental Practice Owners, What Is Your Exit Strategy?
When you first began your dental practice, retirement may not have even crossed your mind. But planning for it should be done years in advance to ensure a smooth transition. Your practice and patient list are invaluable assets that will likely contribute the most towards securing an adequate retirement fund; in fact, the larger your patient base, the higher its value in retirement terms.
Though some practice owners may wait for someone else to offer to purchase their practice, taking an active approach to retirement planning is highly recommended. By being prepared ahead of time, you can guarantee yourself the highest return on your investment through thoughtful consideration and effective execution.
As someone who has worked in dental marketing for two decades, I have witnessed many clients grow their practices to the point of sale. By creating and executing effective marketing strategies years before, these same clients were able to sell their practice at significantly more than what they would have received without such preparation.
What exactly do I mean by "the right kind of marketing"? While it's true that marketing can generate more patients for your practice, it's essential to ensure those patients are suitable. Will they become loyal customers who return regularly or are they simply price shoppers who might leave at the first opportunity?
A successful and comfortable retirement can mean the difference between having to continue working to make ends meet and having enough funds for retirement. But it should be seen as a long-term strategy, not just a temporary fix. Consistent growth, an established patient base, and impressive recall numbers are all elements potential buyers will consider when considering purchasing your practice.
If you're thinking about retirement, now is the time to start planning. Contact us and let's explore how we can make your retirement dreams a reality sooner than anticipated. Together, we'll craft an effective marketing strategy for your practice that will guarantee a bright future both now and after retirement.
Trent Wehrhahn is the founder and President of Dental Growth Strategies. With his years of multinational sales and marketing experience with dental offices, he has focused his strengths on marketing solutions for local dental offices just like yours.
At DGS we help you assess where you are at and implement a custom marketing plan that gets results.