Transitions, Exit Strategies, Brokering
Practice transitions come in many forms, but whether they involve a doctor planning to come or go -- or both -- they represent a pivotal point of change and growth in any dental practice. Done correctly, the results are a win-win for everyone involved. Done without adequate planning, however, practice transitions can result in unnecessary stress and cost – in time, money and resources.
Amy’s practice transition services are comprehensive and involve advice and assistance on multiple levels, including:
- Putting an agreement in place that works for all.
- Coaching with the doctors and team on the changes that will be taking place, and how to make it rewarding for all.
Letting patients know what’s going on so they are aware of, and happy with, the transition.
- Deciding how to ‘divvy up’ patients between providers.
- Reviewing space and equipment issues – is there enough space for the new associate? Is new equipment needed?
- Clearly defining the Associate’s role in the practice so there is no misunderstanding or 'hurt feelings'.
- Developing an exit strategy for the retiring/selling doctor.
- Developing a business plan and a budget.
- Setting fees for going forward.
If your practice is headed toward a period of transition, contact Amy today to discuss how to ensure the process is smooth and successful for everyone involved – the doctor, the associate, the team, the patients.
If you are a doctor who is 45+, chances are good you have already begun to think about your exit strategy. Your goal may be to retire in 5, 10 or 15+ years, so what should you be doing NOW to make that happen? For instance, will you:
- Put more $ into retirement?
- Buy new equipment for a potential new owner?
- Start to cut back on your schedule? (Three days a week by 2015, for instance.)
- Bring in a new associate and put a buy-out plan in place?
- Organize a practice valuation to establish current value and future potential? (You want to know what the value is today, before a potential partner comes on board.)
Without a well-thought-out exit strategy in place, the potential for disappointment skyrockets. Don't let that happen to you!
Does your practice need a broker? The answer is yes if you are interested or involved in: selling your practice, finding a buyer, establishing a price, evaluating equipment and staff, negotiating terms (of sale and/or employment, if taking on an Associate), just to name a few.
Amy and her professional associates understand that long-term and successful transactions and relationships are always win-win. If your practice is in need of help with any of these vitally important issues, contact Amy to discuss your needs and how best to ensure success.