ADAPT Blog

If you own a practice, you’ll eventually need an exit strategy. And it’s wise to start thinking about your preferences long before you think you’ll need to sell. After all, sometimes life happens and forces you to act sooner. 

It can feel daunting to think about walking away from the practice you’ve spent decades building. How will your patients be cared for? What about your loyal staff? 

And what about YOU? What will you do during your retirement?

Relax. You have options — probably more than you realize! Retirement doesn’t always have to look like a 100% sale in which you hand over the keys and never look back. Today, many doctors are approaching their retirement as a years-long transition period during which they can do more of what they love — and leave behind the things they don’t prefer. That can take a lot of forms, including practicing part-time, teaching/mentoring, helping underserved populations, or making a fresh start in an entirely new-to-you practice. Your options are limited only by your imagination!

The last three years have been unlike anything you could have ever prepared for. From mandatory shut-downs to PPE shortages to the Great Resignation, your practice has weathered it all. Congratulations on making it through!

But now that things may have settled a bit, have you thought about how your practice is really doing?  

The end of the year is a great time to catch your breath and reflect on where your business is and where you want it to go. 

Let’s look at how to go about a comprehensive dental practice business review. 

Whether you are hiring someone or looking to be hired, an interview is the traditional way to assess whether or not a person or situation is a good fit. At ADA Practice Transitions, the interview is typically the first time that two dentists get to discuss their goals and weigh how strong a potential match may be.

Anything with high stakes – such as a practice transition – merits some preparation. Don’t go into an interview cold. Instead, keep these tips in mind when preparing for and managing an interview.

I am thrilled to be able to touch base with you about our recent trip to ADA Annual Meeting in San Francisco!

This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists currently in the process.

We recently met Dr. Joe, a recent graduate working in a DSO with dreams of buying his own dental practice. Dr. Joe joined ADA Practice Transitions to pursue his goals and is working with his ADA Advisor to narrow down the best path forward.

The “life” in “work-life” balance is very important to Dr. Joe and his family. The desire to build a good life for his family guides every step of his journey.

This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists currently in the process.

Meet Dr. Joe. He’s a year out of dental school, working in a DSO in a new-to-him city. He grew up on a farm and watched his parents run their own business – and has always wanted to do likewise.

Welcome to “What Went Wrong Wednesdays,” a series in which we explore common problems of practice transitions – and offer tips to help you avoid them.

Many dental contracts include some version of a restrictive covenant, also called a non-compete clause. These clauses prohibit an employee from practicing within a specific geographical area (typically a defined radius) for a certain period of time after leaving a practice. These covenants generally also have a non-solicitation clause that will bar an associate from directly soliciting the employer’s patients or other employees.

This clause helps protect an owner dentist from competition – but it can also limit an associate’s career movement.

ADA FDI 2019 is a great place to think about your career path. You can earn CE credits, hear best practices, and network with fellow dentists. Our ADA Practice Transitions team will be on site and ready to share the knowledge and resources you need for future success.

We recommend stopping by these sessions to talk transitions with us!

There is a widely-held belief in the dental industry that confidentiality is essential when a dentist decides to sell their practice. This idea is heavily promoted by dental brokers and has been embraced by many dentists. In fact, some dentists report that they had little to no contact with the buyer of their practice until they closed the transaction.

Written contracts protect both sides from misunderstandings and can put your relationship on equal ground. No matter whether you are joining a practice as an associate, intending to pursue a sale/purchase, or hiring someone, a contract helps you start your relationship on the right foot.

This week, we will examine three scenarios where contract misunderstandings turned into more serious problems. The ADA offers an eBook, Dentist Employment Agreements: A Guide to Key Legal Provisions, that includes a wealth of details and sample contract language, plus several shorter articles on compensation, malpractice insurance, non-competes, and more.