Considering Selling Your Practice?
The traditional model of transitioning a dental practice to an associate is both complicated and risky. Selling your practice does not necessarily mean you need to retire. You can learn how to cash in the equity from your practice and still continue to work part-time or even full time if you so desire.
Selling a practice is a very personal process and can often be an emotional time in your life. You’ve worked hard to build a successful practice and want your patients to consider receiving the same high level of care they've come to expect. The transition from one doctor to another is not only very personal but also revealing. We help by ensuring communications are being not only “heard” but “understood”. It may be helpful to know that we will not contract with every potential purchaser we meet. Some of the aspects we look for in selecting qualified buyers is a high level of integrity, their willingness to continue their learning process, flexibility, and their track record in making and keeping commitments. We investigate their work history, financials, and references to fully understand the comprehensive findings that need to be presented. And finally, we discuss the various dental procedures with candidates to understand how he or she handles various cases and treatment plans. If qualifying aspects are in order, you most likely will have a very good candidate as a potential purchaser of your practice.
If you’re beginning to think about retirement and succession, Leadership by Design has proven strategies to help simplify and ease the process — while positioning you to leverage the equity of your life’s work.
Acquiring and merging with another dental practice is one of the most profitable dental practice expansion options to consider today. Increased net income and practice value, as well as creation of passive income are just a few of the benefits. Each potential merger has different considerations, requiring a "tailored" approach for each situation.
Whether you want to sell and walk away or work for a period of time after you sell, our consultants can help you define, negotiate and execute the right transition to meet your specific needs.
Associateship to Buy-in / Buy-out
First a word of caution – this method of sale has the highest failure rate of all the options available to you. This can be a viable option within a limited set of circumstances that typically include: an associate you have known for a long time, an associate who has been practicing for a few years and understands exactly the type of practice he/she wants to own, an associate who is willing to buy shares of your practice monthly as part of their compensation. If you have an associate who meets all of these criteria, your chances of conducting a successful transition increase greatly.
Our consultants help you weigh all of the options available to you and help you decide on the option that best meets your specific needs.