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Resource Library: Transitions
Make smooth ownership transitions that keep your team and patients confident.
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Preparing Your Practice to Sell
Whether you are approaching retirement age or just thinking about a transition, there are several things you can do to prepare your practice for sale. Doing these things may help eliminate headaches, increase your sales price, or reduce your costs. Here are a few tips: By focusing on these items in the coming years as… -
Planning for an Unexpected Sale of Your Practice
As a practice transition consultant, I write this article with dismay at what happens following the untimely passing of a dentist. I’d like to outline what I believe is the preferred course of action in handling the practice sale. While nobody likes to think about it, accidents and unfortunate events happen that can lead to… -
Leaving a Legacy: Saying Goodbye to Your Patients
When you run a dental practice for many years, you build up long-term relationships with people that can be difficult to break- for both sides. When you, the seller, conduct a dental practice transition professionally and smoothly, it can help you leave a positive legacy. Your successor and his or her popularity with your patients… -
A Guiding Light During Grief: Essential Steps for Families Navigating the Sale of a Dental Practice After a Sudden Loss
When a dentist suddenly passes away, their spouse or family faces both personal and professional challenges. We deal with this situation multiple times per year, and while we have tried to get in front of dentists to have a more detailed plan of action in this circumstance, it is human nature to have the mindset… -
Don’t Sabotage Your Practice Transition
Key Terms to Consider When Hiring an Associate Before Your Practice Transition For many dentists, the sale of their dental practice marks a significant milestone in their professional journey. However, what some may overlook is the critical role that a well-drafted associate agreement plays in safeguarding, maintaining the value, and protecting the goodwill of their… -
A Practice Transition??
Practice Transitions are often wrought with fear and questions by both Buyers and Sellers. From the seller’s perspective, knowing when the time is right is often the first question. There is no single right answer here. Understanding your personal and financial goals will help you determine when to start the process. However, the emotional process… -
The Heart of a Practice: Transitioning Your Practice Staff
One of the most emotionally draining aspects of buying and selling a dental practice is working towards a smooth transition for the practice staff. It is equally challenging for the staff who have worked together caring for practice patients for many years as it is for those who have just begun employment. Remember: change is… -
Telling Staff About an Impending Practice Transition
Many doctors find it challenging to tell their staff they are contemplating a practice transition. Their concerns range from fear of staff members leaving to the possibility of patients finding out through the grapevine. Despite any reservations you may have along these lines, it’s strongly recommended that you inform the staff of your intentions early… -
How to Keep Staff Morale Up When Preparing to Sell Your Dental Practice
Planning a dental practice transition is stressful, particularly for any staff members who are employed by the practice. A functional and stable team is a crucial component of a successful dental practice transition, and it’s important that your staff convey a positive message to the world outside your practice walls. These tips will help your… -
Get to Know Your New Staff After Purchasing an Established Dental Practice
It’s common for current employees to feel scared, insecure, or intimidated by the transition process so building those interpersonal connections is of the utmost importance. Here are some ways you can do that. An Honest One-On-One Meeting The biggest sources of employees’ negative feelings will involve the potential changes that you, as the new practice…