Buying a dental practice is one of the biggest decisions that you will ever make, but so is selling it.
One of the things you need to consider if you are about to purchase a dental practice is how long you think you’ll be in the community, how long you will stay in your practice and if you ever intend to sell. Having a plan in place before you buy a dental practice is essential for your personal and professional life.
At Blatchford Transitions, we believe that planning for everything in life is essential. While some things come up that are impossible to predict, having a plan in place can help smooth the transition.
Blatchford Transitions has been there and knows what it takes for a successful dental practice transition. You need to be an expert at everything. You need to be an expert business manager, an expert at patient management and an amazing clinician. Dental school is just part of the picture if you are buying a dental practice.
Patience is the Key
Transitions never happen as fast as you would like. Taking the time to find a dental practice that has the same philosophy that you do takes patience. Look for a doctor who has a team that you would love to work with, and looks after the same patients that you would like to look after. You also want to look for a dentist who practices your type of dentistry. A pediatric dentist will not have the same patients as a dentist who specializes in cosmetic dentistry.
If too many things need to be changed during transition, is it really worth the time and effort? You want your transition to be as seamless and comfortable as possible.
Patience is the key whether you are buying a dental practice or selling one. Both doctors need to be in the same headspace for a successful dental practice transition.
Monkey See Monkey Do
Mimic the doctor who is selling the practice. Take some time to listen to doctor and patient engagement. Observe how the selling dentist works with the team. Not only does this give you a feel for the dental practice, but it is also a great way to ease your way into the practice. If patients and team members see the new coming doctor as familiar, it will not be such a shock when the new dentist starts to practice.
Of course, you have your own way of doing things and certainly do not want to parrot everything the selling dentist does. However, it’s a good idea to incorporate similar verbiage into your new dental practice.
Take Baby Steps
Everyone has great ideas to bring to the table. Especially where a new dental practice is concerned. Although the buying dentist may be ready to make major changes, the patients and team members might not be so anxious.
If you and the selling dentist have decided to associate before you buy, it is important to build relationships with everyone around you. At the same time, you can improve your clinical skills.
One of the best ways to transition is to bring a dental consultant onboard. Blatchford Solutions has been providing dental coaching to thousands of dental practices in North America and can help you with the transition.
Buying a dental practice or selling a dental practice is a transition that will take time. Let Blatchford Transitions take the stress out of the sale with smart dental practice brokering that will make both the buyer and seller happy.