You have several options when it comes to leadership in your practice. Servant leadership is a style that can help you strengthen your team by keeping them personally and professionally satisfied, encouraging them to contribute high-quality work and assisting you in making your practice a success.
When working on behalf of a dentist that is selling their practice, it’s not unusual to find several buyers expressing interest in the practice. And like homes listed for sale in the real estate office, the dentist will often receive multiple offers.
Imagine you’re thinking about selling your practice. What do you ask for? A cash offer? An equity purchase? Will you want to stay after the deal is done?
All of these are important questions, and the answers are not as simple as you might think.
For depth, let’s take a look at how different kinds of offers affect your patients.
The dentist partners at Sunshine Dental (not the practice’s real name) knew the senior partner wanted to retire in the next few years. The practice was thriving, but the junior partner didn’t want to assume the senior partner’s role in running and managing the practice. Her preference was to spend the majority of her time face-to-face with patients and not at a desk, looking at financials, dealing with staffing, and figuring out marketing.
In the last blog, we discussed the need to identify your most profitable niche as a means of maximizing the sale value of your practice.
Once identifying the niche is done, the next step is to focus on the best means of attracting the person who is that ideal, specific patient.
Consider the orthodontic practice of Dr. Q. For years, Dr. Q. has used traditional marketing to attract patients to his practice. The primary source has been referrals from general dental offices but as more and more general
A few years back I was speaking with a practice owner about her options for selling the practice and retiring. Her timing was excellent as she still planned to practice for at least 5 more years. This is an ideal situation for most buyers as it gives sufficient time for the purchaser to smoothly transition the practice’s staff and patients so there’s no disruption in the business.
Inflation hasn't been an immediate concern for dental practice owners, but it is looming for 2022 and some fear that inflation could lead to large interest rate increases, cooling down patient billing as household expenses increase.
Boomers chillingly refer to the Carter Administration (’77 - ’81) as the 20-20-20 years.
20% unemployment. 20% interest rate. 20% inflation.
It was the time of mullets, bell-bottom jeans, big hair, product shortages and lines at gas stations. Like me, ageing politicians and grey-haired bankers still carry the emotional scars of that era and it’s why we’re alarmed at what we’re seeing happening now in our economy.
How do you know when to sell? It's always a question that a lot of practice owners contend with.
