- A dental transition is one of the biggest decisions you can make as a dentist. It will be a major determining factor for where you live, how much money you make, and what your client base looks like. The scary part is many doctors don’t fully know what a dental transition is, let alone whether they need to consult a dental transition firm.
Keep reading to get informed about dental transitions, some common reasons for it, and some of the typical methods used to accomplish a successful transition.
When Do Transitions Happen?
The most common misconception with a transition is that it is simply the sale of an office. However, the phrase actually represents any change in ownership. This shift can be seen in all the following cases:
- A recent graduate becoming an associate with a current owner
- A recent graduate purchasing the office from the current owner
- The owner becoming an associate with the purchaser of the practice
- An independent practice transitions to a multiple-doctor practice
- Associate buying out the current owner
- Practice owner selling and retiring
There are a few other rare scenarios, but these are the most common. Anytime a practice brings in or removes a doctor a transition occurs.
Why Do Dentists Do It?
Doctors may have an array of reasons as to why they need to explore one of the transition options. Occasionally, doctors become fearful of a stagnant practice due to a lack of growth. This fear grows and eventually makes the doctor feel like something must change.
Sometimes, a doctor is too bored or too busy. They are very particular about the number of patients they’re seeing. If they’re not seeing enough, they’re bored and worried the practice is going to fail. Conversely, if there are too many patients, they’re stressed out about not being able to accommodate everyone.
Lastly, many doctors get tired of practicing alone. Even if you have an office full of staff, no nurse or aid is going to be able to fully understand and relate to what you do on a day to day basis.
Once a dentist decides he’s ready for a transition, he has quite a few options available for how he can accomplish that task. Here are some of those instances:
Walkaway Sale – This is for doctors who have grown too stressed to stay in their current situation or desire a fast retirement. It’s a sale in which you can walk away forever once the paperwork is complete, no strings attached.
Presale – Here, the dentist sells his office but remains an associate for an undefined period (typically a year or less). This is perfect for a doctor who wants to ensure their patients and staff have as easy a transition as possible.
Co-Ownership Acquisition Program (COAP) – When a doctor sells equal ownership of his practice, the two doctors then continue to grow the practice together as equal partners. This is a common transition type for a doctor that is tired of practicing alone or has more patients than he can handle by himself.
Don’t stress out over the complicated transition process, let us do that for you. US Dental Transitions has helped over a thousand doctors shift into the next stage of their career. Contact us today to get started!