ADAPT Blog

You’ve worked hard to build a great practice — how can you make it stand out in a competitive market?

Last week, I spoke to a group of Florida dentists about making their practices more appealing to potential buyers and associates. During this webinar, I shared tips to help your practice shine.

Watch the recording to learn:

• What younger dentists are looking for in a practice
• Small things you can do right now to make your practice show better
• Longer-term strategies to prepare for an eventual sale
• How to attract the right buyer for your practice and patients

When you’re considering buying or joining a practice, there’s a lot on your plate! You’re reviewing financials, insurance mix, schedules, local competition… the list goes on. 

At ADAPT, we talk a lot about how important philosophy of care is for making successful matches. However, another element is just as crucial: quality of care.  

Every dentist talks about delivering the highest standard of care. And while there are multiple ways to get a great result, that “great result” can look different to each dentist.  

Let’s examine what went wrong when a buyer discovered she strove for a higher standard than the seller.

I have said it before, and I will say it again: now is a fantastic time to buy a practice! Today’s low interest rates, motivated buyers, and comprehensive support network can help you launch the next phase of your career.

The last year was unsettling for many people, even in a relatively stable profession like dentistry. If you weren’t furloughed, you probably know people who were. 

The pandemic gave a lot of us time to think about the big picture and recalibrate our goals. 

That’s part of the reason I’m seeing so many would-be owners joining ADA Practice Transitions. Some are 10 to 15 years post graduation and say that they have always wanted to own a practice, but for whatever reason, it kept getting pushed to the back burner. The pandemic gave them a new perspective, and they realized they are frustrated by the “lack of control” they have as associates. Now they're ready to take charge of their futures.

As I talk to dentists preparing for career transitions, some are simply taking the next step on their long-planned path. But others are facing an unplanned change after “life happened” and made them rethink their priorities and goals.

Sometimes it’s a positive reason, like wanting to spend more time with grandchildren or pursue a non-dentistry passion. Other times, a health issue (whether their own or a family member’s) forces a shift. Maybe an elderly parent needs full-time care. Or they’re navigating a divorce or major life change. Sometimes it’s simply burnout.

Have you always dreamed of owning your own practice? Are you ready to take charge of your future now?

Many dentists do. In fact, ASDA data reports that 86% of all dental students aspire to some type of ownership within 10 years after graduation.

If you are looking for a solid pathway to ownership sooner rather than later, and you are confident that you can handle running a practice now but are unable to obtain financing – don’t despair! We have created a pathway that may just be perfect for you.

Maybe COVID was the last straw. Perhaps you’re tired of spending sunny days at the office rather than on the golf course. Maybe a health concern now makes practicing difficult, or even impossible.

No matter what the reason, you’re ready to retire ASAP, but you don’t want to leave your patients in the lurch.

And you don’t quite want to sell, not yet. You might need the health insurance until you qualify for Medicare. Or maybe you still want to consult and train your replacement, but simply can’t do the hands-on work any longer.

When a doctor considers buying a practice, they look beyond the building and the equipment. After all, the patients and staff make a practice!

A strong, loyal patient pool is the most valuable asset in a sale, and long-term, well-trained staff are worth their weight in gold.

But if staff are unhappy with a transition — even if they stick around — patients are more likely to leave. So how can a new owner retain staff and patients after the transition?

As you think about the end of dental school, or how to plan your career, you’re probably wondering, “What's next?”

Far too often, I hear dental students say something like, “My only option is to grab the first job I can find. I know I’m going to be miserable while I increase my speed and clinical skills.” But you don’t need to feel that way!

If you are approaching a practice purchase, you have a lot on your plate! Financing, real estate, maybe licensure if you’re considering relocating.

So what happens when you find a practice? Before you get in the weeds of legal and financial review, make sure this is the right practice for you. After all, you want to buy the practice where you can achieve the perfect blend of career satisfaction, financial stability, AND success.