Have you planned an exit strategy for your dental practice? It’s commonplace to draft a business plan, but the roadmap for selling and exiting and doing so for max profits is often overlooked.

Also, most dentists give themselves too little time and typically overestimate its worth due to emotional attachment. So what do dentists need to know to have an efficient and profitable exit?

You’re going to find out in this episode.

Today, I’m speaking with Brian Michaud from the Encompass Group LLC. He has extensive experience working with business owners, especially dental practitioners, in planning their exits effectively and has a wealth of knowledge on strategically maximizing practice value.

We discuss the optimal timeline that allows you to make all the necessary adjustments and transition plans for your dental practice sale. Brian also explains the difference between emotional and financial valuations and how to set your expectations realistically.

Additionally, we touch on:

The four main exit strategies that exist, plus some examples.

The importance of succession planning.

Tax strategies for enhancing the perceived value of your practice.

If you’re looking to sell, this is an episode you can’t miss!

Tune in to learn how to get the most out of your exit strategy planning and guarantee you get the most value from your years of hard work.

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Key Takeaways:

Meet Brian Michaud (00:00)

How To Know When You Should Exit Your Dental Practice (05:27)

An Overview of The 4 Ways To Exit Your Practice & Examples (10:20)

The Emotional Number vs. The Financial Number (17:06)

Exit Strategy Tax Advice & Other Financial Considerations (20:45)

Lightning Round Q&A With Brian (27:44)

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Additional Resources:

Learn more about Brian & Encompass Group here: https://www.encompass-group.com/

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Learn about the upcoming Supercharge Your Dental Practice 2-day event in September:  https://superchargeyourdentalpractice.com/

Use code RAVING to save $100 on registration.

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Learn proven dental marketing strategies and online reputation management techniques at: https://www.drlentau.com

This podcast is sponsored by Dental Intelligence. Learn more at: https://www.dentalintel.com/

This podcast is sponsored by The Doc Sites, the leading provider of websites and online marketing for dentists. Find out more at: https://www.docsites.com/

Raving Patients Podcast is your go-to place for the latest and best dental marketing strategies that will help you skyrocket your practice. Follow us for more!