ADAPT Blog

What does it take to find the right fit for your practice transition?

It all comes down to finding someone who shares your mission, vision, and values. That’s true whether you’re an associate looking for a practice or a long-time owner trying to find a successor. 

So how do you assess mission, vision, and values during your search process? They can be hard to articulate — particularly if you haven’t been practicing very long — but in-depth discussions can reveal your preferences and priorities. 

Before you get to the point where you’re signing a letter of intent or an associate contract, spend time together in the practice. (Preferably, that means shadowing the practice and doctor at least three times — while patients are being seen — to get a true feel for how the practice runs.) Observe closely to make sure you’re on the same page about:

• The level of care being delivered
• How you interact with patients, specialists, and the community
• Treatment planning
• How you manage and work with staff

I recently discussed all this with Patrick Chavoustie of the Dental Brief Podcast.

I recently joined Kelly Tanner on the Dental Handoff podcast. We spent a lot of time discussing why it’s so important to cultivate the type of practice that staff will WANT to stay in. 

After all, dentistry is about relationships. And if you want to build long-term relationships with your staff, you need to be the type of leader that inspires respect. 

So how can you “own the operatory” in a way that makes your practice a great place to work?

Kelly and I discussed this at length, including:

• Learning to “read the room,” or understand the non-verbal cues your staff (and patients!) are sending 
• Why great leaders should keep an open mind and encourage staff to share their ideas
• How to nurture the staff development that is vital to a strong, stable practice
• Ways to create an atmosphere where team members will strive to improve the practice — together

We also talked about how important it is to choose the right staff for your practice, whether you’re hiring an associate or auxiliary or looking for your successor. When you find someone who “meshes” with the staff and practice, you increase the likelihood of long-term satisfaction for all involved — doctors, staff, and patients. 

But success isn’t guaranteed when you find the right person; rather, you should also lay out an integration plan that will help the entire practice through the transition. A good integration plan will ensure that everyone is prepared so that the new team member feels confident treating patients from their very first day.  

What does it take to become a successful practice owner? And why can it be “easier” in a small town?

Dr. Kristen Sciolino recently sat down with The Dental Brief Podcast to share her story. Hear about her path from social work to dental practice ownership — all while raising two small children. 

During her D4 year at the University of New England, Dr. Sciolino created an ADA Practice Transitions profile. She wanted to find a small-town practice that she could buy within a few years. 

She landed in Lincoln, Maine, where Dr. Joe Thibodeau was beginning to plan for retirement. The two shared complementary philosophies of care and similar timelines and goals — it was the perfect match. Less than two years after graduating, Dr. Sciolino bought Lincoln Smiles, the million-dollar practice, from Dr. Thibodeau. Today, she’s thriving as he eases into retirement. 

Why small-town practices can be lucrative

So what makes a small-town practice such a great choice for someone who wants to own?

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!