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TRANSITIONS E XPERIENCE , INFORMATION, CONSULTANTS YOU CAN TRUST
JANUARY 2024
Mistreating Your Transition As a practitioner you are well trained in diagnosing a clinical situation, assessing, and creating a treatment plan, and carrying out the necessary steps to successful completion. Many practitioners have faced clinical challenges where the result was not a guaranteed outcome but one where you addressed the clinical problem to the best of your ability. Alternatively, you may have decided to refer to a specialist rather than treat the patient yourself. Actually, this approach is not dissimilar to approaching a future practice transition — whether it be in the near, or the not-sodistant future, what you do not know can hurt you! Whether measured in dollars or lost time and unnecessary expended energy, this does not have to be the case. We want to take the opportunity to bring up some recent examples of stumbling blocks with the hopes of helping you to identify and avoid or prevent them in the future. Establishing a Price It should be simple, right? Just read a few articles, read some online web boards, ask friends at the local dental society meeting — then come up with a number or simple formula. You place a classified advertisement and receive number of calls. But then, what happens when no one steps forward to make an offer on your practice? Why did this happen? While it’s unlikely that this is due to you underpricing your practice, it certainly can, and does, occur from over-pricing! You may also be reaching the wrong set of potential Purchasers. Anecdotal information from your peers and the journals can be helpful but it’s just one piece of information and typically
is not indicative of the actual, constantly changing, marketplace. Packaging the Practice First impressions can make the difference. An in-person visit by a potential purchaser is one part of the journey but presenting the makeup of your practice from procedure mix, patient demographics, payor mix, overall staffing, and of course your financial picture, will probably influence this makeor-break decision for a purchaser. Not having this correct information may lend to miscommunication, misunderstanding, a ”turned off” purchaser(s), or worse. Knowing what purchasers, advisors, lenders, and other consultants look for can help secure the best available transition partner and ensure the highest possibility of success in transition. Proper Advisors Almost equally, not having the right dental experienced advisors can be a detriment to you and your transition. Someone whose expertise is primarily in retail businesses or marital law is most likely not well suited for the very specific nature of your dental practice and practice transition. Knowing
QUICK CLICK Mistreating Your Transition.........................1–2 What Our Clients Are Saying........................ 3 Congratulations!...............................................4–5 Practices for Sale............................................6–11
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