Successful Dental Practice Transitions
Your practice is likely the largest investment you have, responsible for funding your goals and objectives. While you still love what you do, it’s time to think about the next phase of life. Supporting and securing a comfortable lifestyle requires coordination, effective strategies, and a team of professionals dedicated to your success.
Since 2001, our process has evolved to help you achieve financial success by identifying blind spots and implementing actionable strategies aimed at a successful and profitable transition from practicing to financial security. Our team has developed exercises and processes to help you create and execute a plan that makes sense for you, your staff, and your patients.
What Are Dental Practice Transitions?
Dental practice transitions encompass various definitions and methods for successful succession. Terms like “broker” are often associated with this process, leading to concerns about high fees and impersonal relationships. Some even equate practice transition with listing a dental practice for sale. At Dental Systems Optimization, we simplify this important milestone through clearly defined goals, collaborative planning, and strategic execution. We recognize that your practice is more than just a building; it’s an extension of your professional accomplishments. Our approach ensures you are comfortable with the entire process when it’s time to sell.
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 potential buyers, especially those who completed their education in the last 5-10 years, may be accustomed to working with the latest equipment. These buyers might not be able to afford upgrades after the sale, so having up-to-date equipment can justify higher prices by supporting practice capacity and current dental trends.
Plan Your Practice Sale Well in Advance
Why is so much time necessary? Exhibiting key attributes before putting your practice on the market takes time. These attributes include:
- Practice Metrics – KPIs: Consistent levels of productivity
- Stable Revenue: Proven track record of stable revenue and net margins
- Advanced Techniques: Proficiency in the latest dental services and techniques
- Modern Technology: Well-equipped with current technology
- Patient Management: Staff that understands the importance of patient management
- Attractive Office: Contemporary and appealing office environment
Understanding your KPIs and how they can drive your success is a process. We navigate these complexities and are eager to work with you and your team. It’s not enough to decide to make a change; action is the first step toward sustained success.
Contact us today to schedule an introductory call with a team member. We look forward to helping you unlock your practice’s potential.
