Choosing to buy any type of business is a big decision. When you are looking to buy a dental practice, the decision is even more important. Yes, you still are choosing to invest your money but, as the owner of a dental practice, you also will become responsible for the health and care of your patients.
Educating yourself on the process is key. Here are some answers to frequently asked questions about the dental practice transition process.
How do you determine the value of a dental practice?
Many factors need to be considered, such as how the practice compares to others in the surrounding geographical area, with regard to current services offered, the brand recognition of the practice, and patient loyalty. Net income also is a crucial aspect of the valuation process. Other factors include the value of office equipment, and current staff.
Will patients and staff stay even if a new dentist is in charge?
Generally speaking, patients will welcome the care of a new dentist assuming that you make a good introduction and handle the transition with patience and diplomacy. Some people, however, dislike change, so when dealing with patients in this scenario, a little bit of understanding can go a long way. We recommend asking the outgoing dentist to send a letter to all their current patients explaining the transition and introducing the new practicing dentist. This endorsement from their previous caregiver can be invaluable in building trust.
As for the members of the staff, apprehension may be experienced among employees who may be worrying if they will still have a job once the transition is complete. If you are taking over a practice, make an honest attempt to earn the goodwill of the existing staff. Remember, regardless of whether they choose to stay or go that they will be working with a new dentist either way. Try to give them a reason to stay, as keeping familiar faces in the office also can help with the comfort level of your inherited patients.
Should a non-compete clause be part of the contract?
What if you buy a dental practice, and then the former owner just heads down the road and starts a new practice? It’s a valid concern and the reason why a reasonable non-compete clause exists. These non-compete clauses are unique to each situation and contract; they are limited by time, as well as the geographical location. The more specific the language in a reasonable non-compete clause, the more power you will have to enforce the clause if the terms are violated.
Find a consultant for your dental practice transition
Whether you are selling your dental practice or looking to buy one, it is important to make sure you have all the bases covered. This is why it is so important to find a consultant who can help you through the process. A qualified dental consultant such as Tony Myers, knows every aspect of what is involved in a dental practice transition, and puts his expertise to work for you. To learn more about dental practice transitions or to get started, please contact info@bryantconsultants or call (877) 768-4799.
We provide consultation, training, and coaching to help improve the operations of your practice so that you can provide exceptional results to your patients. No office is out of reach for us – we will even come to you!