Well, that’s the million dollar question, or more if you planned right or work with the right consultant. There are many questions that dentists ask themselves in this situation, and we know because we have these exact conversations with them. Knowing the right time is knowing that you are financially and emotionally comfortable with this important change in your life. Let’s talk a moment and address some of the thoughts, fear and doubt that may be circling around round your head.
What is my practice worth?
The financial worth of your practice obviously resides somewhere between the buyer’s assessment and the seller’s worth. There are several factors that play into the equation, including gross revenue, profit margin, payroll, patient count and demo, new patient acquisitions, etc. Dentists usually have a number in their head when they talk to us. From there we perform a fair market value analysis and discuss your transition goals, clinic performance and most importantly patient care and transition. Ultimately, we end on a valuation that is fair for both parties and in the best interests of the clinic’s future.
What else would I do?
As dentists, you have studied, practiced and managed a business in a singular profession, your whole life. Change is difficult when you have personally defined yourself by your role in the community. Shedding your skin (or scrubs) can be difficult and we make sure that we create a short or long-term plan based on your goals and emotional attachment to the clinic. Many of our retiring dentists are involved in recruiting their replacement and are happy to work part-time during the transitional phase of the plan.
How can I transition?
For some dentists, coming to terms with quitting cold turkey is a terrifying thought. Not setting the alarm for 5am and driving in the dark to the clinic every day is a foreign idea. We understand that, as humans, we thrive on habit and routine. That’s why we create a transition process for dentists who want to retire slowly and feel good about new systems and staff that will carry on when they leave. We work closely with retiring dentists to get their input and expertise.
Who will look after my loyal staff?
Our goal is to maintain, and in some clinics improve, the level of care your patients will receive when you retire. We have proven business processes that streamline admin overhead and leave staff more time to do what they do best- take care of patients. We have found that staff turnover is usually minimal and staff moral is improved due to new procedures and roles assigned within the practice. Our desired outcome is a win-win for patients and staff alike.
How can my patients expect the same level of care?
Listening to you and your patients is key in the transition of clinic ownership. We constantly receive input from staff and communicate with patients, encouraging dialogue and feedback. With the support of your trained staff, the new dentist will adopt our patient-first philosophy, making sure their care is managed with the utmost importance and attention.
If you are considering retirement or want to discuss options and opportunities, do not hesitate to contact Advoca Dental. We’d love to have a no-pressure conversation and see how we can help you plan the next chapter in your story.
Advoca Dental is a Dental Practice Management and Transitional Support Organization that puts patients, staff and dentists first. Started in 2018 by two Oral Surgeons in Green Bay, Wisconsin, Advoca Dental is a company based on Midwestern honesty and work ethic.