If you’re in your late 40’s or your 50’s, the idea of retirement probably pops up once in a while. If you’re pushing 60, retirement is likely becoming a priority.
For almost all dentists, the sale price of their practices is a big determinant of the quality of retirement – whether they’ll be able to travel as they wish, pursue the interests that they’ve been putting off while working, and provide well for their spouses and families.
How’s your practice valuation looking? If it’s not where you want or need it to be to fund your retirement, the time to act is now, whether you’re 3 years away or 10. Increasing the sale price of your practice is easier than you might think.
Some Vital Statistics
Depending on which practice valuation model you go with, for every $1 million you add to your annual revenue, you can expect to NET an additional $650,000 to $800,000 at the time of sale, depending on the type of practice and several other factors.
Breaking it down, those figures look like this:
Add $2 million to your annual revenue over the next few years and, based on these popular practice valuation models, you would expect to net an ADDITIONAL $1.3 million to $1.6 million on the sale.
Add $3 million and, based on practice valuation models provided by accounting firms that handle these matters, you would reasonably expect to NET an additional $1.95 million up to as much as an additional $2.4 million at the point of sale.
Those figures might sound like fantasy; they’re not. Dr. Ron Receveur increased his annual revenue from $800 thousand to $2.5 million in just three years. Dr. Travis Watson reports that he’s on track to hit $3 million this year, even if he decides to take off one day a week.
What those two doctors – one in New Albany, Indiana, the other in Marietta, Georgia – have in common is that they trust SmartBox to handle all aspects of growing their practices.
It’s What We Do
SmartBox is one of the top dental practice growth companies in the country. The difference between us and the marketing firm that you might be using now is that we not only get your phones ringing, we also:
- Help your team appoint more new patients
- Get more of those new patients to show up
- Help you train your team to maximize the value of every new patient
- Lead prospects to pre-qualify themselves for your practice
- Increase your average case value
- Add very large amounts to your bottom line
All that and more, while you get to happily focus on doing actually doing dentistry – not managing multiple vendors or spending precious time trying to fine-tune your practice growth efforts.
You Owe It To Yourself And Your Family
Discover what SmartBox can do for your dental practice. Schedule a Practice Growth Call with Ashley Best.
For an investment of your time, you’ll receive our Summary of Findings about what’s working and not working in your current practice growth efforts, and your personalized Practice Growth Roadmap that lays out specifically how you can overcome all obstacles and achieve the kind of retirement you’ve always dreamed about.