You’ve worked so hard for so long to build a private dental practice in your community. But now you’re thinking about exiting the business.

So, how do you know when it’s time to retire? What can you do to plan for the next chapter of your life?

Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas.

Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago.

On this episode of the Dental Practice Sale, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice.

Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away.

Listen in for Dr. Kenny’s advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale.

Topics Covered

A high-level overview of Dr. Kenny’s career as a dentist

How Dr. Kenny knew it was time to sell his practice

Determining how much money you need for retirement

How bankers calculate the value of a dental practice

The CPAs role in helping you plan for a practice sale

Mitigating your tax liability in a dental practice sale

When to do a broker sale and when to sell your practice privately

The pros and cons of selling your practice to a DSO

Why you should hire an attorney who specializes in dental transitions

Cleaning up your books before you sell your practice

How to create a business plan for your retirement

Advice for young doctors who’ve just bought a practice

Dr. Kenny’s blueprint for a successful practice sale

The humanitarian mission of Dr. Kenny’s foundation

Connect with Dr. Kevin Kenny

The Dr. Kevin M. Kenny Foundation

Connect with Wes Read

Practice Orbit

Email wes@practiceorbit.com

Practice CFO

Practice CFO on Instagram

Practice CFO on Facebook

Practice CFO on YouTube

Resources

Dr. Kenny on Dental Board Room Podcast EP018

McLerran & Associates

Global Dental Relief

How to Win Friends & Influence People by Dale Carnegie

The One Minute Manager by Kenneth Blanchard and Spencer Johnson