ADAPT Blog

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.

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.