Dental Practice Transitions
What is a Dental Practice Transition?
A dental practice transition is the actual progression and change of practice ownership from one dental professional to another. Knowing all of the steps, processes, and information regarding a dental practice transition will help make the changeover quick and seamless.
Is it Time to Buy?
If you’ve been working in an established practice for more than two years, you may qualify for a dental practice loan. If you’ve been contemplating purchasing your own practice so you can make your own mark in the dental industry, then buying a dental practice might be an option for you. If you like to know more about obtaining dental practice loans, contact a NAPB dental transition consultant.
Much like the real estate industry, the dental practice buying and selling season can fluctuate based on regional economic highs and lows. For most, the best time to buy a dental practice and initiate dental practice transitions is during the months of January and February. Why? Most dental practices tend to transition better at the beginning of the year so that when the transition is complete, there is still plenty of time left in the year to establish their practice and make it profitable for that fiscal year before the lull of the holidays hits.
Is it Time to Sell a Dental Practice?
Are you ready to retire? Are you looking to move your practice to a new area? Do you want to open your career up to new opportunities? Then it might be time to sell your dental practice with the help and guidance of a trained and experienced dental transition consultant from the National Association of Practice Brokers.
How Do I Transition?
Dental practice transitions are more than just signing a few papers and handing off the keys to the practice. There are many things, most of them moving parts, that need to be considered before a dental transition can take place.
Staff: When it comes to successful dental practice transitions, one of the most emotionally and mentally taxing part of the transition is transitioning staff. These are people you’ve worked with for years—you’ve built a family of professionals that have helped you build your practice into what it is today. You want to make sure that the transition from one practice owner to another is as smooth and easy on your staff as possible. Things to consider regarding staff when buying or selling a dental practice:
- Do you need to hire more staff, or do I need to downsize?
- Should you provide “goodwill” bonuses?
- Taking the time to sit down with the staff to share your hopes and goals for the practice, and learn more about the staff on an individual level.
When considering or initiating a dental transition, getting the staff excited about the transition is the best way to ensure staff support and loyalty to your or the new dental practice owner. To learn more about transitioning staff during a dental practice transition, contact one of our dental transition consultants.
The Practice: Before and during the dental transition process, a dental transition consultant can help you with the following:
- Initial consultation for the practice valuation
- Gathering data (staff, practice needs, financial statements)
- Dental practice valuation and appraisals
- Analyzing market value and evaluating options
- Creating a plan of action so that seller and buyer needs are met
- Matching buyer or seller goals with the ideal practice or buyer
- Detailed planning of the transition process
- Writing up and reviewing agreements between the buyer and seller
- Pre-closing interviews with staff, accountants, and the banks
While dental practice transitions are an involved process, having a professional dental transition consultant on your side will make the whole process seamless.
How Can NAPB Help Me Transition?
With more than 35 years combined experience in the dental practice transition process, the dental transition consultants of the National Association of Practice Brokers are #1 in the dental practice brokerage industry. Our consultants believe that the key to an easy transition is effective and open communication—between buyers, sellers, financers, dental office staff, accountants, appraisers, valuators, attorneys, and the dental transition consultant. Not only can NAPB offer you years of experience, we can also offer you the peace of mind that comes with working with a company that only has your and your practice’s best interests at heart.
To learn more about how NAPB can help you begin your dental practice transition, contact our expert dental transition consultants today.