ADAPT Blog

I was recently on the Best Practices Show podcast with Kirk Behrendt. We had a great conversation about how to avoid unwanted surprises during the dental practice transition process. Listen in to our conversation or read on for some key points.

What to do before the letter of intent

The best way to avoid surprises is to do your homework.

Dentistry is a relationship-based business. That’s why it’s important to consider the contract as the first step in building a relationship with your new colleague. Whether you’re coming in as an associate or doing the hiring, the contract process should be conversational — not one-sided.  

Dentists are notoriously non-confrontational, but this is not the time to stay quiet. Instead, think about what’s most important to you and don’t be afraid to ask for what you want. Everything’s negotiable. It’s better to ask and make your desires known than to wish you had broached the subject. 

I recently joined Matt and Landon from the Smart Dental Student Podcast to discuss how to approach a dental associate contract. Listen to that episode or read on for my takeaways.

What are the steps to a successful contract?

Would-be associates often simply skim a proposed contract until they reach the dollar amount — and look no further. They assume that all the legalese is “standard” and that if they’re happy with that one big number, that’s all that matters.

Too often, they realize much later that a clause in the contract actually limits their pay, their personal time, or even their career growth.

To ensure you get the contract you deserve:

Thinking about retiring and selling? If you’re like many owners weighing this decision, you may be asking yourself: how do I protect the legacy I’ve spent my lifetime building? And how can I ensure my patients are cared for long after I’ve retired?  

I recently spoke with Ross Brannon of the Financial Flossing podcast to discuss this, along with related issues about practice transitions. Listen to our conversation.

As I discussed with Ross, the average retirement age of dentists has been dropping. New data from the ADA’s Health Policy Institute shows that as of 2021, it is now 67.9, down from a peak of 69.1 in 2018. Several factors are driving this trend, many stemming from the COVID-19 pandemic, such as staffing challenges, higher costs of PPE, and so on.

I recently joined the Healthcare de Jure podcast with Matt Fisher. Listen in as we talk about several topics, including:

• What an owner needs to have a fabulous, sellable practice (and how to prepare for a sale)
• Why an increasing share of dentists want to own a solo practice — and why more of them are heading to rural areas
• The uniqueness of dentistry as a profession
• Why teledentistry will become more prevalent in the coming years
• What dentistry has learned from COVID-19 
  

I was honored to be a recent guest on The Dental Brief Podcast. Host Patrick Chavoustie and I covered a lot in just 15 minutes, including:

• How COVID made many dentists re-think their career paths
• Why dentists are migrating from urban areas to more rural areas 
• The advantages of rural practices, including less competition and a lower cost of living
• How to prepare for buying a practice — and how to decide what you want
• Why you CAN indeed buy a practice soon after graduation
• The single biggest mistake buyers make 
• How the mentorship-to-ownership pathway can make transitions smoother for everyone, including staff and patients

Our Dr. Suzanne Ebert, VP of Dental Practice & Relationship Management, recently spoke with Yolanda Marrero of the South Florida District Dental Association’s Ain’t That the Tooth podcast. Listen in as they discuss:

• Why dental students have more career options than they realize (and pay no fees to use ADAPT)
• How students and practice owners can take ownership of their careers with ADA Practice Transitions
• Why philosophy of care is so important to a successful match
• What ADAPT costs (learn more about what a practice sale can cost)
• How potential buyers can prepare their finances for a purchase
• Finding a practice with “good bones” where you can become the dentist you want to be
• The “silver lining” of the COVID-19 pandemic for dentistry
  

What do you wish you knew before starting a practice transition?

Our Dr. Suzanne Ebert recently joined an episode of the Nobody Told Me That podcast with host Teresa Duncan. Together, they discussed how COVID has changed the dental practice landscape, shared tips on preparing for the unexpected – and told stories about some of the stranger situations they have encountered!

Have some time off in the new few days? Check out two recent podcasts with ADAPT’s Dr. Suzanne Ebert, VP of Dental Practice & Relationship Management.

Dr. Ebert drew on her own practice transitions and her work with other doctors to share a stocking full of advice for dentists at every career stage.