Why should a transition consultant be your first contact to prepare your practice for change?
Typically, as dentists prepare for retirement they begin to schedule fewer or shorter clinical days combined with additional vacation. In short, they begin to let their lifestyle lead their practice management. The time to sell or expand your practice is when your practice performance is at or near its peak. Too often, doctors call us after their shortened schedule, team attrition and general loss of enthusiasm for their practice has set in. This drives the potential revenue down and the overhead up leaving little upside for the transition. Plan your timing and build energy and enthusiasm in the management of your practice to facilitate a steady and thriving business model worthy of your life’s efforts to create a legacy opportunity for a young dentist. Dentists are dedicated, hard working clinicians that should set their sights on finishing well! Leave your practice better than it started and map a successful plan to your next phase.
What types of transitions are prevalent today?
The typical walk away and turn your practice over to another doctor still exists and is often what a young dentist is seeking as they develop their own practice identity. As larger practices are more common, an increase in partnerships and complex real estate projects are fueling that new practice profile. A sophisticated clinical facility and a business oriented managerial style has become the framework of practice security for seasoned professionals and creates opportunity for younger clinicians. Phase II Dental Transitions is accustomed to these transitions from simple to complex and brings strategic consulting to achieve the desired legacy.
What are new dentists looking for in the competitive dental market?
Recent dental school graduates and new specialists completing their training are seeking practice opportunities that allow them the space to apply their clinical skills and advance their technical aptitude. The most important goals remain stability for their families and growth for their careers. The expanding student debt dilemma has not altered these core concerns. New associates are buyers waiting for the right opportunity while they finesse their technical abilities and grow their management experience. Preparing an associate to be an equity partner requires mentoring and a willingness to let the associate grow with the team in their communication to be ready to take on the business skills required of an owner. Buyers are open to sellers staying on as the associate after a transition if the practice revenue and facility can accommodate. Some of the most successful practice transitions are intentionally progressive in the role of the associate as they become a practice partner or owner and allow for an exceptional transfer of practice knowledge and relationships to solidify the opportunity for the young dentist and the security for the owner. Phase II Dental Transitions offers strategic advice and representation for buyers as they navigate their next phase.
Why Phase II Dental Transitions?
At Phase II Dental Transitions our consultants all have a strong business background coupled with a successful clinical career. We can help you navigate your desired change with a needs analysis, valuation services and strategic options. Defining your final phase of practice takes a customized and intentional analysis to choose the right type of transition paired with a clinician that complements your practice skills technically and behaviorally. Evaluating the unique keys to your success helps identify the appropriate practitioner to move your legacy forward