If you’ve thought to yourself, “It’s time to sell my dental office,” you know it’s an emotional, life-changing decision. At some point, every dentist reaches this inevitable juncture.
Whether you’re ready to sell, or you’re just getting started, total control over a practice is less realistic than most dentists realize upfront. In fact, the common misconception is that dental practice owners live a stress-free life with a laissez-faire approach to ownership. The reality is quite the opposite – owners are challenged with government interventions, staffing, overhead, and office management, among other responsibilities.
Professionals commonly feel that their identity and career go hand-in-hand, and dentists are no exception. So, what happens when a dentist gives up control of his practice? His life changes, and sometimes, for the better. Here’s how the desire for total control can stall the selling process.
Delegate and Communicate
The thought of handing over the reins of your practice can be terrifying. To make matters worse, at some point during the selling route, wires begin to cross between control, responsibility, and who owns what.
During the transition phase, it’s important to clearly outline what you want to stay involved in, and what can be taken over by your successors. One suggestion is for the new staff to handle accounting and administrative tasks so you can stay focused on the legal and high priority matters. Just be sure to clearly communicate responsibilities, so you don’t waste time doing duplicate work.
Where Will You Stand?
Starting your own practice means you are your own boss. Once you decide to sell, how will your level of control change? Are you interested in becoming a part-time dentist for the practice? Maybe you’ll only help the new owner with legal guidance. Or, you may decide to completely disconnect yourself from the practice altogether and retire.
The transition from an independent entrepreneur to an employee under someone else’s leadership can be difficult. It’s important to have those tough conversations up front and set clear expectations for both parties.
Why Letting Go Can Be a Good Thing
Because you own a practice, you have total control of your life, right? Not quite. When the equipment breaks at the office, who’s responsible for paying for repairs? You, the owner. If it can’t be paid for, who goes in to debt until the funds can be supplied? You, the owner.
It turns out that the practice controls your life, not the other way around. The longer you own a practice, the tougher the benefits are to identify. At some point, owners realize the sense of control they were seeking at the beginning later fades out to be more hassle than they signed up for.
Letting go of your practice is a tough decision, but we’re here to help. US Dental Transitions was founded by a dentist with more than 25 years of experience, so we truly understand the complex, emotional and financial ramifications of perhaps the biggest change in the life of a practitioner. If you intend to continue your legacy by selling to a dentist who will honor your desire to care for your patients and staff, we’re confident we can connect you with a buyer that can meet your selling criteria.
Contact us at 678-482-7305 or info@goUSDT.com. Any information we share will be kept in the utmost confidence.