Retiring from dentistry is probably one of the biggest decisions you will make in your dental career.
When you retire from dentistry, you have several choices to consider. You can choose to stay with the buying doctor for a term agreed upon before the sale, or you can hand over the keys and be done with it. Some retiring dentists even prefer to become a partner with the new dentist working a couple of days a week.
Whatever you decide to do it is important to have a dental broker who can help you with your dental transition.
Why You Need a Dental Broker for Retirement
As practicing dentists and dental coaches, Dr. Bill Blatchford and his daughter Dr. Christina Blatchford started Blatchford Transitions because there wasn’t a dental brokerage firm that provided everything they needed when they wanted to buy or sell a dental practice.
Blatchford Transitions recommends that you include the following in your dental transition:
- Have a debt reduction strategy
- A dental practice exit plan
- A retirement funding plan
- Risk management techniques in place
Bringing in an Associate
One of the biggest decisions a retiring dentist has to make is recruiting an associate who will eventually purchase the practice. This is vital, especially if the sale takes longer than expected. Phasing in and phasing out as owner dentist reduces hours at the practice meaning more time for you and your family.
When you adopt the phase in phase out strategy into your transition, it gives you more time to transition the new doctor into the practice. Patients appreciate a gradual transition as it makes them feel more comfortable. Just be aware that there are some things to consider if you want a successful dental practice transition.
In order to have a successful phase in phase out dental transition, you need to be compatible with the incoming dentist. Also, remember that the practice needs to support both the incoming and outgoing dentist during the transition.
Things to Consider for Retirement
While the phase in and phase out transition may sound like a grand plan, not all dental practices are able to support two doctors’ incomes. Without a dental broker and pre-planning there could be dissolution before retirement.
Blatchford Transitions also explains that some doctors who have practiced solo their entire careers find it difficult to adjust to another doctor at the practice.
Hiring a Dental Broker for the Right Decisions
Blatchford Transitions helps you make the right decisions for your dental transition. Dr. Bill Blatchford, Dr. Christina Blatchford and the entire Blatchford Transitions team has the knowledge, experience, and expertise to help you come up with a plan for your retirement.
If you would like more information regarding dental transitions, call and talk to a dental broker from Blatchford Transitions today.