Wanting out? Wanting in? Practice valuations and COVID-19
It’s become a bit cliched to say the last few weeks and months have been “unprecedented”, “unexpected”,” led to changes in working patterns” or “created a ‘new normal’”.
All of the above are undoubtedly true, and whilst, naturally, everyone’s priorities are to stay safe and follow guidelines, one side effect of the change in working patterns for so many has been additional ‘head space’ to make key decisions around life and/or career.
The economic repercussions of COVID-19 will likely be felt for many years, and for many dentists this may influence their decisions to do with buying, or selling a practice – naturally a key part of either process is the valuation of the practice.
Initially it’s important to understand the driver for the valuation. Perhaps you are selling because you are downsizing to a smaller business, or retiring or, on the other hand, hoping to buy your first practice, or progressing in your career and moving ‘up the ladder’.