ADAPT Blog

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.

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!

We hear lots of questions about managing staff during practice transitions, so we made it the focus of last week’s ADA Practice Transitions Coffee Talk webinar.

Dr. Betsy Shapiro, ADA Director of Practice Management and the ADA Center for Professional Success, joined ADAPT’s Dr. Suzanne Ebert, Vice President of Dental Practice & Relationship Management, for this hour-long conversation. The two shared their experiences with managing staff through their own practice transitions, as well as lessons learned from working with other dentists.

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.

This is part of the “What Went Wrong” series, in which we explore common problems of practice transitions – and offer tips to help you avoid them.

At ADA Practice Transitions, we place a heavy emphasis on making sure incoming doctors share a similar philosophy of care as the practice owner. While it may not be immediately apparent, having a shared approach is critical to the success of your future career or retirement plan, even if you are planning to sell and walk away.

This is part of the “What Went Wrong” series, in which we explore common problems of practice transitions – and offer tips to help you avoid them.

Do not forget the primary rule: your practice is worth whatever someone will pay for it.

In April, the American Dental Association launched a pilot for a new service: ADA Practice Transitions. Our goal is to make the process of joining, expanding, or leaving a dental practice more predictable and successful. The pilot is currently available in Wisconsin and Maine for all dentists looking for opportunities in those states.

Some have said that the ADA is just replicating the current broker market. While there is some natural overlap, ADA Practice Transitions takes a completely new approach that’s designed to address a major need: finding the right person or practice for a successful transition.