Maybe 2020 didn't go exactly as planned, but now that we're in 2021, we want to catch you up on some of the best practice transition tips we provided in the past year. Here are our most popular blog posts from 2020.
And if you're ready to take the next step in your career, start your ADAPT profile today.
There is a widely-held belief in the dental industry that confidentiality is essential when a dentist decides to sell their practice. The logic goes that there are several things that will happen as soon as anyone knows your practice is for sale. Here, we address some of the concerns about when word gets out that you're selling.
Many dental contracts include some version of a restrictive covenant, also called a non-compete clause. These clauses prohibit an employee from practicing within a specific geographical area for a certain period of time after leaving a practice. These covenants generally also have a non-solicitation clause that bar an associate from directly soliciting the employer’s patients or other employees.
This clause helps protect an owner dentist from competition – but it can also limit an associate’s career movement. Here, we highlight some scenarios that will help you find the right balance when thinking about your own restrictive covenant.
Dr. Betsy Shapiro, ADA Director of Practice Management and the ADA Center for Professional Success, joined ADAPT’s Dr. Suzanne Ebert, Vice President of Dental Practice & Relationship Management, for this hour-long conversation. The two shared their experiences with managing staff through their own practice transitions, as well as lessons learned from working with other dentists.
Dental practices can grow slowly over several years – then suddenly reach a tipping point where an owner feels they need to hire an associate ASAP. But it is important to prepare the practice before hiring anyone.
Review these scenarios to help avoid two of the most common pitfalls of bringing in an associate without a plan.
Retirement should be a well thought-out event that you take ownership of. To truly take control of your future, retirement planning should start years – even decades – before you anticipate finishing your career.
Here are two scenarios that illustrate what happened when a doctor did not completely think through their exit plans, along with suggestions to help you avoid the same fate.
Has COVID made you re-think your exit strategy? Start by asking yourself these three questions to properly consider your options. And check out the ADA's COVID-19 Center for Dentists and your state dental society for local guidance.
Sometimes even the best-intentioned transitions fall apart. All too often, this happens because both parties overlooked the basics: clear communication and putting everything in writing. A few key actions can minimize the back and forth while keeping your transition on schedule.
This blog post features a scenario in which a buyer and seller just couldn’t make it work, then learn how you can avoid similar problems.
If you are considering buying or selling a dental practice – whether now or down the road – watch this webinar to start preparing. You will learn:
- How to assemble the right team of experts for your practice transition (and what to ask)
- What to include in a letter of intent
- Your estate planning options, and why they should be reviewed during a practice transition
- Legal concerns for a selling dentist after leaving the practice
Kristen started her practice search on job boards. Joe was exploring a sale with a practice management company. In both cases, they could not get what they needed – until they turned to ADA Practice Transitions.
When you are searching for a new practice, whether as an associate or buyer, how do you decide where you can be the most successful? What do you do when multiple options look about the same on paper? There are several obvious things to look at, such as a livable salary, clinically sound practices, and adequate physical space. But what about some of the less obvious things that can make or break a situation?
Ask yourself these five key questions to decide whether a practice is one where you can grow, contribute and thrive.
We will continue to deliver helpful advice and tips throughout 2021, and remember you can get hands-on, customized advice from an ADA Advisor when you create your ADAPT profile.