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What’s My Practice Worth?
Be aware that 75% – 80% of the value of your practice can be based on “good will,” so you need to be sure you have plenty of it! If you are within 10 years of retirement, here a few things you should be evaluating to be sure your good will has maximum value:
- Where’s your practice located? Is it in a desirable area? Do you se any indications that the area could be declining? Should you consider moving the practice to a more desirable area? Can you recoup the expense of a move?
- How’s the appearance of the office? Is it clean? Is the furniture, flooring, etc., in need of repair or replacement? Could the office use a face-lift?
- Is the staff happy? Do they get along with each other? Are they a cohesive team?
- Is it time to bring on an associate? Will he or she work well with your existing staff? Are you both on the same page for where you want to take your practice?
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