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 on. An opportune time to do so is shortly after formally listing the practice for sale or, at the latest, when a letter of intent has been signed.

Approach the staff during a typical staff meeting, and communicate that you are considering bringing another doctor into the practice with the intention of an eventual acquisition. Assure them that their jobs are secure, and emphasize their essential role in the practice. Highlight how valuable they will be to the purchaser, and reassure them of the prospective buyer’s interest in retaining them as employees. Additionally, promise them the opportunity to meet any potential buyers, as it’s crucial for both parties to interact before any purchase.

Based on our experience, most, if not all, staff members are highly supportive of the selling doctor’s decision, particularly when they are involved in the process. They offer invaluable insights into selecting the best buyer candidate for the practice and provide invaluable support throughout the transition. Therefore, do not hesitate to involve them in the process. In the rare event that a staff member decides to leave, our experience suggests that they likely had plans to depart regardless, and were merely seeking a reason to do so.

Inform the staff that a transition specialist will be available to address any concerns they may have, and to discuss strategies for a smoother transition. Provide them with a two-page handout titled: “Personal Job and Transition Commentary for Staff” questionnaire. This will help the buyer better understand their needs and expectations, and foster trust and rapport between the staff and the buyer.

Regarding patient confidentiality, it’s crucial to trust your staff to maintain confidentiality. Trust is an essential element of any successful relationship, and by informing the staff of your decision to sell the practice, you’re demonstrating your trust in them. Conversely, attempting to sell the practice discreetly while withholding your true intentions, risks undermining the trust you’ve built with your staff. Moreover, staff members who sense that something is amiss may become uncertain about their future and may consider seeking alternative employment. Therefore, to preserve a high level of trust, it’s advisable to involve the staff in the transition process early on.