There is a widely-held belief in the dental industry that confidentiality is essential when a dentist decides to sell their practice. This idea is heavily promoted by dental brokers and has been embraced by many dentists. In fact, some dentists report that they had little to no contact with the buyer of their practice until they closed the transaction.
Welcome to “What Went Wrong Wednesdays,” a series in which we explore common problems of practice transitions – and offer tips to help you avoid them.
A practice needs a certain curb appeal to attract buyers – just like selling residential real estate. However, a practice’s curb appeal extends beyond its physical appearance. Buyers want a well-run practice that makes a consistent profit.
Your practice is growing. Maybe you want to work fewer hours or maybe you are thinking about retirement.
There’s no such thing as a typical dental practice. They can range from homey rural offices to busy urban spaces, with everything in between.
Your staff can make or break your practice transition. Change can be scary. Your long-time staff may be apprehensive about the future of the practice – after all, the practice provides their livelihoods, too. However, you can take steps to reassure staff and gain their buy-in. When staff is on board, they can be your biggest advocates and streamline the transition.
Looking for your next dental job? Whether you have recently graduated from dental school or have a few years of experience, you have plenty of options.
We understand how important confidentiality can be as you go through a career transition. If you are a practice owner, you may not be ready to share this information with the rest of the dental community quite yet. Keep in mind that the transition can be smoother if time is taken to prepare and involve your staff before the sale. If you are looking to purchase or change positions, you may not be ready to inform your current employer of your plans. We understand these scenarios and will keep everything fully confidential until YOU decide it is time.