ADAPT Blog

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.

Last week’s webinar, How Mentorship Can Enhance Your Career – No Matter What Phase You’re In, sparked so many questions that I couldn’t get through them all during the session! You can now watch the on-demand video.

Does the thought of negotiating keeping you up at night?

It’s perfectly normal to be nervous about negotiations. After all, the stakes can be high – especially when you really want something to work out.

At ADA Practice Transitions, we act as facilitators, not negotiators. That means that we help you prepare to negotiate and offer tips to protect your interests.

We have found that a bit of preparation can go a long way towards making the experience smoother and more successful. Even if you haven’t yet found your perfect match (and if you haven’t – create your free profile to get started!), it’s smart to start thinking about what you want achieve from your upcoming transition. If you understand what you want and what you need to move forward, you will be coming to the negotiating table with clear goals that can pave the way.

When you are searching for a new practice, whether as an associate or buyer, how do you decide where you can be the most successful?

What do you do when multiple options look about the same on paper?

What kind of impression does your practice make?

Whether you’re selling or hiring, your success hinges on what potential buyers or hires think about your practice. And that impression often goes beyond the initial curb appeal. (See: 5 Easy Ways to Boost Your Practice’s Curb Appeal.)

When dentists are looking to join a new practice, whether as an owner or associate, they’re wise to look beyond that first impression. In fact, a smart candidate will take the time to dig deeper to see how well the practice runs. After all, the practice could become their professional home!

Sometimes even the best-intentioned transitions fall apart. All too often, this happens because both parties overlooked the basics: clear communication and putting everything in writing. A few key actions can minimize the back and forth while keeping your transition on schedule.

Read on for one scenario in which a buyer and seller just couldn’t make it work, then learn how you can avoid similar problems.

Have you found the practice of your dreams? Could it be the practice of your partner’s dreams too?

If it is in a new town or state, what would it take for you and your family to make the move?

I have talked to many dentists over the last several weeks and noticed that recent conversations have taken on a new tone as we all navigate the COVID-19 situation.

Now is a great time to have some important conversations with your family about how your career affects your collective future. Most of you have never been allowed this kind of focused time to evaluate your true priorities as a family.  

As a profession, we dentists have been challenged in many ways, at so many times, and we have responded with thoughtfulness, compassion, and caring. I am proud to be a part of a group of people who are willing to sacrifice so much just to care for our patients and communities. Let’s remember that we are a small group of highly trained individuals whose services will always be needed – we will bounce back from this.

So how can we navigate these times when practices are closed? After all, even the most introverted of dentists is used to interacting with people each day. I have a few ideas to help you stay positive through the coming weeks.