Transitioning Your Relationship-Based Practice: Part 1
As dental practices grow and change, new seasons bring opportunity and security for both sides of a transaction. Charting a new path can be stressful and uncertain as many practitioners have not weathered a transition in years.
Considering a Transition Change In Your Relationship-Based Practice?
Young dentists are often seeking that opportunity for the first time. Experienced doctors often bought a practice many years ago or started their practice from scratch as a young doctor themselves.
The practice climate is changing! It is a competitive market with educated young professionals seeking the right opportunity and practice owners wanting to finish well while leaving a legacy with their practices better than they found them.
Organizational changes in practices can take many paths. Growing a practice through a merger or partnership brings its own set of challenges and opportunities. However, a practice based on relationships with patients, teams, referral bases, and communities requires special care.
Evaluating Your Practice Philosophy During a Transition
This process can be a stressful distraction to owner dentists. Those dentists that have committed their professional growth to technical excellence and relationship-based practice culture may need strategic help in navigating the right practice transition.
Dental practice transitions have been around for decades. Selling a practice to a young colleague and walking away has been the standard solution. Today, there are many different solutions that reach the goals of the seller and the buyer. Many relationship-based dental practices are seeking a like-minded professional to carry the torch and move the practice legacy forward. This goal requires intentional planning and careful follow through.
The time to evaluate practice philosophies is BEFORE a transition occurs. Examining wants, needs, timelines, and the type of transition that best suits those needs develops during the pre-sale process. You likely didn’t build your relationship-based, highly technical practice by doing what everyone else has done.
Becoming an expert in your field has been intentional and constructed with the concept of excellence and communication as a basis for that success. When it’s time to expand your dental practice or find your successor those same themes should continue.
To be continued…