Transitioning or affiliating a dental practice is probably one of the biggest decisions any dentist will make during his entire career. Whether transitioning the practice to a partner, a new dentist, or affiliating with an established dental practice management firm, dentists need to factor into their decision-making process the following important tips:
1.Seek independent practice valuation
Consult an experienced and reputable practice broker or attorney who specializes in dental practice transactions. Your advisor can expertly explain the valuation process and provide comparisons to similar dental practices in your market. You should also consult an accountant to carefully review the fiscal viability and profitability of your practice. Being prepared and knowledgeable about your dental practice’s market value is strategic to successful negotiations with any potential buyer.
4. Protect your investment
Make sure your transition or affiliate partner works with your practice prior to transition. This essential step in the process helps ensure retention and trust among staff. It also provides the buyer with a comprehensive understanding of your office and practice management. Ultimately, a dental practice is a business. A business that’s intrinsically built from your excellent dental care, personal relationships, and goodwill in the community. Make sure your deal promotes practice success during any transitional time requirements.
5. Establish an exit strategy
When it’s time to leave your practice – after fulfilling any agreed time commitment – 1) Make sure your staff and patients know they’re in good hands and the practice will continue to prosper. Successful practice transfer depends upon active and positive dentist/owner involvement. 2) Make sure all your personal financial affairs are in order and you’re sufficiently funded for retirement. 3) Make sure you have personal interests and activities outside the practice of dentistry. It helps keep you both mentally and physically active. Stepping away from a lifelong, physically demanding career of dentistry can be a difficult adjustment. Having ancillary skills, interests, and activities will help make your transition to retirement that much easier.
If you’re thinking about transitioning or affiliating your dental practice, call Benevis Practice Services for a no-obligation consultation. We guarantee straightforward terms and cash-based transactions that give you the flexibility to practice dentistry your way. We can also refer you to well-qualified brokers who specialize in dental practice transactions in your market.