Transitioning into or out of a dental practice, selling outright, or creating a new dental partnership during a pandemic requires both planning and understanding on how the dental transition world changed in 2020. When dental practices closed for 8-12 weeks due to COVID-19 shutdowns, dental practice owners were at a crossroads. Some dentists decided to walk away from ownership, while others decided to step into new opportunities as a way to take control of their future.
This lecture illuminates the opportunities, options and impact the pandemic has on practice transition goals for both the buyer and seller. With over 20 years in the industry, presenter Charles Loretto illustrates real cases of different doctors that either sold their practices, created partnerships and or took over practices from established doctors.
To help prepare for a successful practice transition, this lecture addresses how to know if you are financially ready to sell or buy and the impact it will have on your earnings and financial future. It will also review important considerations like how-to identify how much of the practice is appropriate for the buyer to purchase and how-to determine if bank financing or owner financing is best. Charles also spends time detailing how the money should be split if you go the partnership route, and how to terminate the deal if something goes wrong.
Charles will also show the significant tax advantage practices transitions have for both the buyer and seller based on 2021 tax law. He will offer insight into creative tax planning strategies for both the buyer and seller to help limit liability and increase the bottom line.