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116 NO B.S. Guide to Selling Your Company for Top DollarCHAPTER 14 / INTERVIEW WITH STAN KINDERDAN: I don%u2019t think business owners give this enough thought%u2014WKDW%u000f%u0003IRU%u0003PRVW%u000f%u0003WKLV%u0003LV%u0003D%u0003%u00c0QDQFLDO%u0003HYHQW%u0003WKDW%u0003LV%u0003RQO\\%u0003JRLQJ%u0003WR%u0003RFFXU%u0003RQFH%u0003LQ%u0003WKHLU%u0003HQWLUH%u0003OLYHV%u0011%u00030RVW%u0003SHRSOH%u0003EX\\%u0003WKUHH%u000f%u0003IRXU%u000f%u0003%u00c0YH%u0003KRXVHV%u0003during their lives. They try to marry just once, but about half do that two or more times. Many start a 401(k), contribute to it, and don%u2019t pay much attention to it. But the most permanent, irreversible thing most business owners do is sell and exit. I also don%u2019t think they give themselves enough room to be careful and to get help. What you said is brilliant: It should come as no surprise you%u2019re not smart about this since you%u2019ve never done it before. Were you JRRG%u0003HQRXJK%u0003DIWHU%u0003\\RXU%u0003%u00c0UVW%u0003JDPH%u0003RI%u0003SRNHU%u0003WR%u0003SRQ\\%u0003XS%u0003HQWU\\%u0003IHHVDQG%u0003SOD\\%u0003LQ%u0003WRXUQDPHQWV\bridge, he hired a tutor. When Arnold Palmer needed to change his golf swing late in his career because of age, when Peyton Manning had to reengineer his throwing motion, they got coaches. I imagine you%u2019ve seen every mistake. What are the most common?STAN: The most common value-crushing mistake practice sellers make is waiting to sell their practice when it is in decline. Most dental practices follow a predictable life cycle%u2014early years of consistent and steady growth, followed by years of plateaued performance mid-career, and ending in steady decline as the owner dentist decreases his or her psychological, emotional, and time commitment to the practice. Far too many dentists choose to sell their practice when it is in this end stage, at a lower value and for far less money than would otherwise be the case. So, the %u00c0UVW%u0003DQG%u0003PRVW%u0003LPSRUWDQW%u0003OHVVRQ%u0003LV%u0003WR%u0003EH%u0003WKRXJKWIXO%u0003DQG%u0003GHOLEHUDWH%u0003about planning your practice transition and exit strategy. This is the path that will enable you to achieve maximum value FRQVLVWHQW%u0003ZLWK%u0003\\RXU%u0003%u00c0QDQFLDO%u000f%u0003UHWLUHPHQW%u000f%u0003DQG%u0003OLIH%u0003JRDOV%u0011%u0003DAN: There%u2019s nothing you just said that wouldn%u2019t apply to almost any small company with its founder at its helm. How can Preview Copy | 58