Why You Need a Practice Valuation – Even If You’re Not Selling
You may ask why is it important to know the value of your dental practice if you are not planning on selling it anytime soon. Typically, dentists have a practice valuation performed when they anticipate a practice transition in the near future. Often, a broker includes a practice valuation as part of the package for a practice listing.
We provide dentists with a comprehensive practice valuation for many reasons other than when a dentist is selling their practice, hiring an associate or adding a partner. The main reasons for a practice valuation aside from change of ownership or hiring an associate include planning for future needs, such as:
Property and casualty protection
For consideration when borrowing capital
Personal protection planning
Value protection for your practice
In the event of an unexpected death or disability, time is of the essence when it comes to listing your practice for sale and protecting its value. Planning in advance can greatly speed up the process of evaluating your practice and listing it for sale in such cases. Legacy's Practice Valuation Protection Program can help you be prepared.
Legacy will update your practice valuation annually. By keeping your practice valuation up-to-date annually and having the necessary estate planning documentation in place to authorize and direct your representatives to retain Legacy to assist in the sale of your practice in the event of your unexpected death or disability, Legacy will then be able to move quickly in listing and marketing the sale of your practice, thereby helping you (or your estate) to preserve and protect its value.
In Pennsylvania and NJ, please contact Catherine Etters for more information on Legacy's Practice Value Protection Program at 610-520-9677 or Catherine@LegacyPracticeTransitions.com.