When you sell your dental practice, you’re selling much more than your patient list and your equipment – your staff is also a valuable part of your office. Ensuring that your employees feel happy and secure is the key to a successful dental practice transition.
Your natural instinct may be to avoid discussing that the practice is for sale with your employees; after all, you don’t want them to be worried about their job security. However, people are intuitive, and may quickly realize that something is going on. To help you through this situation, we’ve created some information on when (and how) to tell your staff.
When Is the Best Time to Discuss the Practice Transition?
Finding the right time to discuss that your dental practice is for sale varies based on your specific circumstances. In the most ideal situation, you would wait until you have selected a new dentist to purchase your practice, as disclosing this too early could lead to anxiety. However, if you hear that there are rumors amongst the staff that something is going on, it may be necessary to inform them sooner—after all, it is sometimes difficult to keep things under wraps when you receive frequent phone calls or have unfamiliar visitors coming into the office.
It’s important that you tell your staff before they hear it from someone else. When you feel confident regarding the transition, we recommend addressing it with your staff in a positive manner. Explain the reason why you want to leave (whether that’s relocation, retiring or career change) and reassure your employees that you are looking for another dentist who shares your practice philosophy.
Introducing the New Owner
Once you have selected the right buyer for your dental practice, you should schedule a meeting to introduce the new doctor. This is preferable to a one-on-one introduction, as it ensures everyone receives the same information at the same time.
Start by welcoming the new doctor and providing a brief introduction. You should also tell the staff why you chose the new doctor and how his or her experience will benefit both them and the patients. Next, the new doctor should take over the meeting and answer any questions the staff may have.
What’s most important about this meeting is that your employees walk away feeling secure and optimistic about the practice transition, as their attitude will be conveyed to the patients. We recommend providing your staff with the correct verbiage to use with patients regarding the transition.
We Can Help
A positive staff goes a long way in ensuring the success of the new owner—as well as your legacy. At Southeast Transitions, our dental practice transition specialists can help you when delivering the news to your staff and introducing your successor.
For more information on selling your practice, please contact us today for a complimentary consultation.
Did you like this article? Check out our other dental industry blog posts such as who am I without my dental practice? and things to know before selling your dental practice.
If you have any questions or would like additional information, please call us at 678-482-7305 or email at firstname.lastname@example.org