Dental Practice Transitions
Your practice is likely the largest investment you have, and the one responsible for funding your goals and objectives. You still love what you do but it’s time to think about the next phase of life. It sounds simple, but supporting and securing a comfortable lifestyle requires coordination, strategies that work, and a team of professionals dedicated to your success.
Since 2001, our process has evolved – designed to help you achieve financial success by illuminating the blind spots and implementing actionable strategies aimed at the successful and profitable transition from practicing to financial security. Our team has developed many exercises and processes to help you create and execute a plan that makes sense for you, your staff, and your patients.
There are countless definitions of what a dental practice transition is and how a successful succession should take place. Terms such broker are often associated with this process, which can lead to reservations about high percentage fees and impersonal relationships. Some have even identified a practice transition as listing your dental practice for sale. At DSO we have a simple approach to this important milestone in your life. Through clearly defined goals, collaborative planning, and strategic execution we want to help you create what is referred to as a successful succession. We understand that your practice is not just a building and is more so an extension of yourself and accomplishments you have reached as professional in the dental industry. By approaching your journey with this mindset, it ensures that when the decision is made to sell you are completely comfortable with what is taking place.
Time to begin planning
“If you are thinking about selling your practice, you are already 3 years behind”.
– Dr. Chris Reese
Upgrades to equipment for example may seem like an unnecessary expense, but remember that potential buyers, especially those who completed their education in the last 5 – 10 years may be accustomed to working on the latest equipment. Yet, they may not be able to afford upgrades after the sale – higher prices are plausible when equipment supports practice capacity and trends in dentistry.
Plan your practice sale well in advance — “If you are thinking about selling your practice, you are already 3 years behind”. Why is so much time necessary? Exhibiting as many of the following key attributes as possible before putting your practice on the market takes time:
- Practice Metrics – KPI’s
- Consistent levels of productivity
- Proven track record of stable revenue and net margins
- Proficient in the latest dental services and techniques
- Well-equipped with current technology
- Staff that understands the importance of patient management
- Contemporary and attractive office