Last year’s survey provided some interesting statistics regarding retirement among Canadian dentists. One-third of dentists shared that the pandemic had hastened their decision to retire from the field. With more dentists retiring and many leaving the field for other reasons, this certainly presents an opportunity for young dentists who are just graduating and entering the world of dentistry. This could be the time to start your own business or take over the practice of a retiring mentor.
When it comes to selling a practice, the top method dentists would prefer to use is a private sale. This makes sense as it is a direct option where you can sell to a fellow dentist. The second most popular option is using a broker. This is a very desirable method as much of the work is eliminated from the owner’s plate and onto the brokers’, who specialize in transitioning practices.
Considering the recent added stress (of higher costs, less staff and more), it is no surprise that many dentists are retiring early. But there are plenty of great options available to you to help you on your transition planning journey! Brokers, lawyers and DSOs are professional services that can help if needed. To read more about the topic of transition planning, check out Oral Health Office each month, which frequently features articles regarding buying and selling practices.
As seen in the print issue of Oral Health November 2022
*In October and November 2021, Bramm Research, a third-party independent research house, conducted an online survey of active, practicing non-hospital affiliated dentists and dental specialists on behalf of Oral Health. Using Oral Health’s subscription list, a total of 264 completed surveys were tabulated. With a total sample of 264, the margin of error is plus or minus 6.0 percentage points at the 95 percent confidence level. If, for example, 50% of the sample indicated that agreed with a statement, then we can be reasonably sure (19 times out of 20) of an accuracy within +/- 6.0%. This means that a total census would reveal an answer of not less than 44.0% and not more than 56.0%.
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