Selling A Dental Practice

 

selling a dental practice

If your ultimate goal in selling a dental practice is to retire, you will get there soon enough. But, once you have sold your practice, your work is not quite done. When selling a dental practice, it is tradition to have you stay on board for a while to help mentor the new dentist coming on board.

Your New Role

So, what does it look like to step into the mentor role? For many, it can be a strange feeling. You were once the head honcho, but now, the “new kid” is calling the shots. But, serving in the mentor role is an incredibly important role. After all, you have many more years of practicing dentistry under your belt. You certainly will have a thing or two to share to help the new owner of your practice get on his or her way.

You also have direct experience with your practice. The new dentist will want to learn how things work in both the front and back office. You also have a unique role to play in making your office staff comfortable with the transition. If they see that the new dentist has your endorsement, they will likely adjust more quickly and easily into the new ownership arrangement.

Your role as a mentor will also make your patients more at ease with the new dentist. Taking the time to personally introduce your patients can take some of the shock out of the changing of the guard. You know your patients well, and they trust you. When they see that you are backing the new dentist, they are more than likely to stay with the practice, which is a good thing for all concerned.

Benefits Of Being A Mentor

One of the biggest benefits of staying on as a mentor is that it gives you the chance to taper your workload as you near the time for you to officially retire. You can still have a vital role in the operation of the practice, but you don’t have to be concerned with everything that comes with running the actual business part of the practice. It’s a great way to transition to the place where you want to be at this stage of your life.

Our team of professionals at Menlo Dental Transitions can help guide you when you are in the process of selling a dental practice. We understand that this can be an emotional time. You have worked hard to build your practice, so you don’t want it going to just anybody. Our experienced brokers know how to find the right buyers for your practice, so you can rest easy and look forward to the good life you have ahead of you.

Call us at Menlo Dental Transitions for more information.