There are a lot of ways to go.

There is much more to transitioning well out of dentistry than maximizing the economic value of the practice. The full spectrum of professional and personal values, and where each dentist is in his or her life, must be considered. The same is true for the staff and the patients, especially for mature family-oriented practices. A case is worked out in detail, showing that the wisest thing to do in some cases is to gradually wind down a practice and stop without selling at all.

Practice transitions--past, present, and future.

Until the 1960s, the value of a practice upon the retirement of the dentist was considered to be nil. In the next several decades, the value of a practice as a going business concern was recognized and formulas based on productivity were used to establish the sales price of "walkaway" practice transitions. Increasingly creative means, such as pre-sale, deferred pre-sale, shareholder process, incremental practice sale, and practice mergers have been created to make practice transitions more flexible, thereby maximizing the financial value of transitions. Dentists at the beginning of their careers will have an increasing range of opportunities in the future, with various combinations of financial security, freedom from manage- ment concerns, control over the practice, and accumulation of equity. Those in the 45- to 55-year age range should be planning in detail for their transition. Those older than 55 should begin exercising their plans since the future will involve much longer transitions.

Practice transition with intelligence and grace.

Viable practices change with the professional and personal needs of dentists and with trends in society. There is no single way for transitioning out of practice--concluding a direct sale, remaining as an associate, and even purchasing a new practice to better match one's more mature lifestyle and practiced preferences. Changing ratios of dentists to patients currently favor a seller's market and emergence of corporate models provide new options. An analysis is given of the Canadian practice market. Planning advice is also offered.

Every retirement is as personai as every practice.

Selling a practice is not like selling a car; many lives are bound up in the transaction This is a personal narrative about career planning and circumstances. Without the author's succession of detailed plans, he never would have been sensitive enough to the need for nearly continuous adjustments. In the end, the true value of the practice was not measured in dollars.

How well prepared are Australian dentists for retirement? A survey of practitioners aged 50 and above.

AIMS: To determine how financially prepared Australian dentists are for retirement. METHODS: Information was collected in the Dentist Retirement Intentions Study from members of the New South Wales branch of the Australian Dental Association, all of whom were aged over 50 years. One way ANOVAs were used to test for differences between groups of variables. A forward stepwise multivariate regression identified predictors of the expected value of savings at retirement. RESULTS: It was found that while there was variation in preferred retirement income, there was general agreement that this preferred retirement income would be achieved. Current assets mostly totalled between dollars 250,000 and dollars 2 million (Australian dollars), with 35% of assets held in the family home. However, 7% of dentists had no net savings or were in net debt. Half the surveyed dentists predicted their savings at retirement to be more than $2 million. Superannuation was the most commonly cited predicted source of retirement funding. CONCLUSIONS: Most, but not all, dentists are generally well prepared for retirement. They have a significant amount of wealth, which is above that generally recommended for a comfortable living standard in retirement in Australia, they have this wealth stored in easily accessed, high return assets, and they also intend to spend this wealth on financing their retirement rather than running down their capital.

The legal business of dentistry.

Upon graduation and licensure, most dentists anticipate going into the profession of providing dental heath care to patients in an office or clinic setting. The profession is also the business of dentistry. Failure to appreciate documentation requirements for the business of dentistry can result in legal battles that are time-consuming and emotionally draining. This article provides an introduction, issue spotting, and tips to avoid those legal battles.

Evaluating a dental practice for purchase or associateship.

Private dental practice can be achieved through either outright ownership or an associateship in conjunction with senior dentists; the decision depends on personal and professional objectives and goals. Once a decision is made, the time and effort required to identify an appropriate practice, negotiate the terms of purchase or associateship, and transition to the new practice can be daunting. This article reviews the process and provides an overview of the general steps involved in the evaluation of a dental practice for purchase or associateship. With appropriate knowledge and preparation, due diligence, and ethical and sensitive behavior, transitioning to private practice can be successful and lead to professional and personal fulfillment.

Buyer and seller beware: why you need a transition attorney for your dental practice transition.

Buyers and sellers of dental practices have much to lose by not hiring an attorney who specializes in dental practice transitions for the sale. Such an attorney can (1) protect the dentist with language that should be (but isn't) in the contract; (2) help address any organizational, regulatory and tax issues that arise; and (3) provide far more thorough services than could nonspecializing attorneys, practice brokers, or colleagues. Otherwise, let the buyer and seller beware.

Dental practice financing--understanding the options.

This article provides insights into the process of financing a dental practice. It provides information on the different options, points out key considerations and potential pitfalls that can lead to a less-than-ideal experience. Astute buyers know, or quickly learn, that there is more to a well-structured financing package than simply the interest rate. Thorough preparation, lender selection, and offer analysis are the critical components of a smooth buying experience and well-structured loan.

Financial due diligence in purchasing a dental practice.

Purchasing a dental practice can be a minefield. The office you are looking at could be the most beautiful office with all of the newest technology. But if it is not profitable, it will be a nightmare. This article will help navigate what the dentist and his or her CPA should be looking at when reviewing the books and records, based on the author's experience of reviewing more than 400 dental practices on behalf of buyers.

Why your lease is an important asset.

The authors represent more than 3,500 dentists in California and have utilized their experience, knowledge and actual client examples to provide a thorough guide to protecting your future income and sale of your dental practice. This article is intended to provide an in-depth prospective of the value of the lease for your dental practice.

Keys to buying a dental practice and successful transition planning.

So, you want to buy your own dental practice. Sounds great, but proceed with caution and follow the critical steps to success. Having spent the last 15-plus years in her management consulting business assisting dentists with selling, buying, and practice transitions, the author has outlined key steps to ensure a smooth transition from evaluating the practice to ownership.

The benefits of using a qualified practice sale broker.

A qualified practice sale broker can be useful for facilitating the process of transitioning a dental practice from one dentist to another. This article addresses many of the various factors involved in the sales process and the issues that often arise that can be avoided by being well-informed and/or working with a professional such as a practice sales broker.