Congratulations! After a successful dental career, you're getting close to retirement. While a fulfilling and well-prepared retirement journey is within reach, there are a few considerations you may want to think about to help you get the most from your achievements.
Did you know between 600-800 more new dentists enter the profession each year than retire from it? You've worked hard to create an established practice, building quite a valuable commodity - especially for a dentist early in their career.
Many retiring dentists approach retirement with careful planning, seeking advice from financial professionals, legal experts, and colleagues who have successfully transitioned into retirement.
We're Renew Digital, and we've worked with countless dentists nearing retirement, particularly with managing one of their most significant investments: their dental equipment. Whether you're passing on your practice, scaling down your operations, or exploring new avenues, a thoughtful approach to managing your dental equipment can contribute to a seamless and stress-free retirement.
Today, we're going to take a look at the top 10 equipment considerations for retiring dentists, to help make sure you see a smooth transition to retirement and retain the value you've built.
Assess Your Equipment
Begin by conducting a thorough assessment of your dental equipment. Identify which items are essential for the ongoing operation of the practice and those that may have become outdated or underutilized. Categorize equipment based on its condition, functionality, and relevance.
Many pieces of dental equipment hold their value, and can be resold to be used in another dental practice.
Determine Your Approach
Consider your retirement goals and the future of your practice. Are you selling your practice to another dentist, passing it on to a colleague, or gradually winding down? Your approach will influence how you handle your equipment.
Develop a Transition Strategy
If you're passing on your practice, work with the incoming dentist to develop a transition strategy. This may involve transferring ownership of equipment, leasing it, or selling it as part of the practice acquisition.
If you plan to sell your practice to another dentist, it's very likely they'll need similar equipment. Including high-quality dental equipment may make your practice more attractive to potential buyers.
Equipment Valuation & Sales
For equipment that you plan to sell (either independently or as part of your practice), seek professional advice on valuation. An appraiser or equipment specialist can help determine the fair market value, considering factors such as age, condition, and market demand.
When selling equipment, explore various options such as selling to colleagues, through dental equipment dealers, or online platforms. Clearly communicate the terms of the sale, including warranties, maintenance records, and any included accessories.
Equipment Acquisition
Consider contacting a used dental equipment dealer to fill your buying/selling needs. Not only can used dealers help when looking to sell equipment, they can also help you purchase high-quality machines at a much more affordable price than new.
It may seem odd that a dentist who is retiring would want to buy used dental equipment. Why go to all of that expense? Well, if a new dentist buys an existing practice, he or she benefits by not having to worry about a lot of the startup costs, hiring staff, or finding new patients.
So, retiring practitioners may try do their best to make their practices as appealing as possible to these tech-savvy graduates by upgrading to newer pre-owned dental equipment at a reasonable price. This makes their practices far more attractive from both a patient and potential buyer perspective.
Just be careful - you may love your updated imaging equipment so much, you may decide to delay your retirement and keep practicing! Trust us, we've seen it before.
Donation, Repurposing and/or Disposal
For equipment that didn't hold value as well, consider donating equipment to dental schools, non-profit organizations, or charitable causes. Repurposing equipment for educational or humanitarian purposes can leave a positive legacy while benefiting the dental community.
For equipment that has reached the end of its functional life, follow proper disposal guidelines to ensure environmentally responsible practices. Consult local regulations and waste management authorities for guidance.
For more on this topic, including popular disposal options - check out our article: Properly Disposing of Your Dental X-Ray Machine.
Notify Suppliers and Service Providers
Inform your suppliers, service providers, and maintenance companies about your retirement plans. Update service agreements and warranties as needed. Consider transferring maintenance agreements to the new owner if applicable.
Document and Records
Maintain detailed records of all equipment transactions, including sales, transfers, leases, and disposals. Document equipment condition, serial numbers, and any warranties for reference.
Training and Knowledge Transfer
If passing on your practice, offer training and knowledge transfer to the new dentist or team members who will be using the equipment. Ensure a smooth transition by sharing best practices, user manuals, and maintenance routines.
Looking to Buy or Sell Used Equipment?
We wish you a truly happy and fulfilling retirement! With these tips, you'll be well on your way to
For over 10 years, Renew Digital has been the leader in certified pre-owned dental imaging equipment. Our inventory includes a wide variety of panoramic, pan/ceph and CBCT, all from the brands doctors choose most. This allows us to offer our customers the leading brands at a fraction of the cost for a new system.
Plus, we’re unique from other dealers because we can often talk to you about trading in your existing equipment towards your purchase price, or simply purchase your equipment when you're looking to sell. For more information on selling us your equipment, visit our FAQ link: What Type of Used Equipment Do You Buy?
What are you waiting for? There’s never been a better time to find affordable dental imaging equipment and start making that investment to improve your profitability. Give us a call, we’ll connect you to your dedicated sales rep at (888) 246-5611, or complete an online form below.
.jpeg?width=45&name=1602006034309%20(2).jpeg){kind=small}