Retirement, It’s Not Just About Me | Selling A Dental Practice
Dental Practice Sales & Transitions
Retirement is a decision we all have to make eventually in life. Our future, as well as our family’s, depends on us making good decisions that will not negatively affect us as we move forward. As a provider, we also have to consider the future of our existing patients and staff and how our retirement may impact the relationships and trust we have built with them over the years.
How can you make sure your patients receive the best care possible when approaching retirement and selling your dental practice?
Good preparation is vital to the success of selling your dental practice and ensures that the transition is smooth for everyone involved. Most dental brokers recommend that you allow yourself at least 3 to 5 years of preparation before retiring. After putting a lot of time and effort into building your practice, you’ll need time to find a provider who shares the same work ethic so that you can be confident in the care your patients will receive in the future. Allow yourself time to meet with prospective buyers to gain insights on how they will take care of your patients during the transition and share insight on how you anticipate their future needs.
There is always a concern that when you retire and sell your dental practice, many of the existing patients will choose to find another dentist. This would also be a valid concern for a potential buyer. A dental broker may be able to assist you with this transition so that your future patient retention will appeal to potential buyers. It may even be helpful for you to invite a buyer to join you as you see patients so they can get a better idea of your daily routine as it relates to patient care.
One of the biggest concerns dentists have when selling their dental practice is how the sale will impact their staff. Your employees are one of your greatest assets, and so you want to make sure that the decision to sell your practice doesn’t negatively impact them. Allow your staff time to prepare for what changes may lie ahead. Take time to meet with them and fully explain your decision and whether this may potentially affect them. Just like you, your staff depends on your practice to make a living, so they must be able to prepare when the time comes. No one is ever happy when they are caught off guard with no real time to prepare. Consider inviting the new provider or buyer to meet your staff and allow them time to ask questions. By doing this, you will show them that you respect and value their time, which they have given you over the years.
If you are nearing the end of your dental career and the time has come to sell your practice, consider meeting with a dental broker to help ease the transition. There is no doubt that this is a huge decision that takes a great deal of time, and dental brokers can assist in making it easier. Please know that we are here to assist you in every way we can. Contact our Maryland Dental Brokerage office today to schedule a consultation.