Ok – you finally made the decision to sell your dental practice. The next steps will have you very busy and engaged in the overall process of finding the right buyer, preparing finances, making practice updates (if needed), and then transitioning your practice. For many dentists, the final step of transitioning a practice can be bittersweet – happy to move onto to the next stage in life yet sad to leave behind a practice they’ve built from the ground-up over 25-30+ years. It takes more than just your readiness to retire to handle the day you walk out of the office for the last time.
Strategies for Success
As you and your spouse make decisions and prepare for life after dentistry – whether to relocate, pursue a new career, teach, travel, downsize your home – it’s just as important you emotionally and mentally prepare for practice separation. Some consultants might tell you to “emotionally divorce yourself ” from the practice before you even start the sale process. That’s one approach. But a more realistic and financially prudent approach requires your active involvement and continued passion for the practice. Remember, you need to stay in the game for a few years after the sale of your practice. It’s in your best interest to stay vested and work together with your buyer for a successful transition. That way you’ll know the practice will thrive and preserve your legacy.
During the transition process, you can gradually step back from the day-to-day management of the practice. For instance, when selling to a DSO you receive key support services to reduce your workload that allows you to focus on patient care. It also provides you with more personal time so you can prepare for retirement and next steps. A gradual transitioning of your practices helps ease you into the mindset of letting go and moving on.
Be Honest & Upfront
Make sure you maintain open communications with your buyer throughout the transition process. If issues come up – don’t hesitate to address them upfront. Otherwise, it can create resentments on both sides. A collaborative and respectful relationship is really important. It will also help prepare you for the day you leave -because you know your practice is in good hands.
Embrace the Change
Retirement can be a wonderful stage in life. Embrace the change and new opportunities. You built a successful practice through years of hard work and excellent patient care. With the right partner, the practice will continue with your indelible mark of trust and leadership – thus providing peace of mind to you, your staff & patients, and new owners.
If you’re thinking about transitioning your practice in the next five years, Benevis Dental Practice Services is happy to help you get started with a free no-obligation consultation. Benevis is a leading, full-service DSO that buys well-run dental practices and keeps them that way. We offer cash up front with straightforward terms. We’re the only DSO that customizes terms based upon our dentists’ needs. Best of all, there’s no worry what to do with your practice or staff upon retirement.