DDS Transition Planning
Regardless of your current situation, if you’re really serious about selling your dental practice, it’s best to carefully plan your exit strategy to avoid last minute mistakes. In addition to affecting your own life, this move will have a major impact on your family, your patients, your employees, and any business partners that may be involved.
Most importantly, you need to make sure that this transition is what you really want to do. The timing is up to you as an individual. There are no absolutes. We’ve assisted many dentists who successfully retired at many ages and stages in life. According to the American Dental Education Association (ADEA), the average retirement age was 69.3 in 2011, up from 64.8 in 2001. But everyone is different with unique goals and plans. Then, there’s the economy that also needs to be considered. There’s talk of a lack of dentists in the United States in years to come. How might that affect you and your decision? You are the only one who can address that question.
In addition to making business decisions about whether you plan to retire or establish a career change, you’ll need to allow enough time for a successful and smooth DDS transition. Bear in mind that selling a practice always takes more time than originally planned.
Given the close relationship and emotional bond between dentists, their staff and their patients, consideration should be given to whether or not it’s better to gradually cut back on your hours. In announcing your transition, it’s a good idea to invite patients and their families to stop by the office so you can introduce them to the new dentist in a relaxed and warm atmosphere.
Do You Care Who Buys Your Practice?
We’re sure you do care a great deal about your patients and your employees. You’re leaving behind a legacy after many years of building your practice based on hard work, professional care, and compassion. Our team at Menlo Dental Transitions can help you find the right buyer who will be as dedicated to your practice as you are.
When facing a DDS transition, it’s normal to have questions. Especially if you’ve never sold a practice before. Menlo Dental Transitions is available to assist you and offer helpful strategies to make your DDS transition easier. Contact us for more information. We can help you make the best decisions when planning your DDS transition.