By: John Wloderak
Managing your practice is essential to good dentistry; entering the marketplace to establish your brand, managing growth, and finding an eventual exit strategy can all be a challenge.
But you shouldn’t go through the process alone.
There are plenty of qualified individuals who make it their job to help you through every step of practice management in a way that matches your personal philosophy.
Why You Should Consider a Transition Manager
Why should you consider a transition manager?
I’ve found dentists are pretty frugal by nature and often think that they should do the job themselves.
And they have a point — I’ve had deals as high as $30 million dollars, and even the slimmest percentage of that is a pretty substantial commission.
If you’re a dentist looking to retire and you get an offer on your practice that seems more than fair, it can be tempting to take advantage of that offer immediately.
But in my experience, considering other aspects of the marketplace always leads to better results.
Making Sure You Get the Best Offer
What seemed like a golden ticket can become just one option — not necessarily the best one!
Just a few examples: after some due diligence, I’ve turned:
- A $3.3 million dollar offer into $4.4 million
- A $16 million dollar offer on a 5-location orthodontics practice into $28.5 million
So yes, we take a sliver of the pie — but when we double the size of the pie, everyone wins.
Again, it can be tempting to do everything yourself and cut out the middleman. But at the end of
the day, staying on top of the market is my job — even if you were to stop practicing completely
and only focus on selling your practice, it’s still a complex process that takes years to master.
Rather than hoping to find the best choice yourself, it pays to have someone search out every
possibility and present them to you. After all, your practice is about more than money.
Helping Keep Your Approach to Dentistry at the Center of Every Decision
If you’ve spent decades building it from the ground up, retiring can be an emotional process; the beauty of a personal transition manager is that your approach to dentistry is at the center of every decision.
Money is great, but every aspect of what you need is considered, so you can retire knowing that your practice is in good hands and is set up to keep your legacy going.
Let A Transition Manager Help You
The moral of the story is this: buying or selling your practice is extremely complicated and extremely important.
Things get a lot simpler when you have someone to find all the options and present them in a way that makes sense and keeps track of all the pros and cons; and, beyond simplicity, hiring a transition manager with decades of experience can actually add to your bottom line.
Working through this process alone just doesn’t make sense.
Photo by Christina Morillo