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The Most Popular Practice Transitions Advice from 2021

Posted by Bree Simmers on 12/20/21 8:15 AM
Bree Simmers

Sellers Roadmap

When ADAPT launched nationally in late 2020, we were optimistic about 2021. And while it has been a challenging year on so many levels, we have loved helping so many dentists set goals — and reach them. In fact, we’re now working with over 5,500 dentists, with practices in all 50 states. 

And just this month, ADAPT was recognized with a Chicago Innovation Award as one of the most innovative companies coming out of Chicago!

We often hear that our resources (such as this blog and the Student Resource Center) are helpful along the journey. If you’re thinking about pursuing your own transition in 2022, start by downloading our roadmaps:

The Complete Guide to Buying a Practice

The Complete Guide to Selling a Practice

Then take a look at some of our most-viewed posts. (And subscribe to the blog to make sure you don’t miss the next one!)


What Does It Actually Cost to Sell a Dental Practice
Far and away, this was our most popular post in 2021. And while the answer is, of course, “it depends,” we discuss what typically goes into the cost, including a valuation, legal fees, consulting or broker fees, real estate costs, and so on. 

 

Shhhhh, I’m Selling My Dental Practice
Many dentists don’t inform their staff or patients that they’re planning to sell — even when no one would be surprised that they’re ready to retire. In this post, we explore the three most common reasons why sellers keep quiet: fear that patients will leave, fear that staff will leave, and fear that competitors will poach patients. We then explain how transparency can actually lead to a smoother, more successful transition.

 

What Went Wrong: My Restrictive Covenant Was Too Restrictive
We talk to lots of younger dentists who are ready to move on from their current practice — but their restrictive covenant (also called a non-compete clause) limited their ability to go elsewhere. In this post, our Dr. Suzanne Ebert shares two common scenarios and offers advice for negotiating a restrictive covenant that’s fair to all involved. 

 

Why Now Is a Great Time to Buy a Dental Practice
While dentistry has largely recovered from the worst of the pandemic, it prompted many dentists to rethink their career paths. Some who had planned to work for another decade decided that they were ready to retire. Others who had long talked of buying “someday” decided that they would rather buy sooner than later. Dr. Ebert explains why now is a particularly good time to buy and offers advice on getting started. 

 

The Mentorship-to-Ownership Path: Is It Right for Your Practice?
As we see a wave of retirements, we also see younger dentists who want to buy — but many want some dedicated mentorship to set them on the right path. We’ve had hundreds of dentists express interest in the Mentorship-to-Ownership Path, in which a retiring doctor agrees to stick around for a set period of time to consult on running the business and/or more complex treatments. It can be a win-win for all involved — seller, buyer, staff, and patients!

 

To DSO or Not to DSO, That Is the Question
DSOs can be polarizing in the current dental economy. In this post, we examine how DSOs serve a market need, what the research says about the model, and how DSOs and independent dentistry can coexist in the future. (We also explain why ADAPT works exclusively with independent practices.)

 

Practice Valuation Series
By popular demand, we ran a 4-part series this fall on how practice valuations work. Find out when and why you should get a valuation, what you need for a valuation, the three methods used to value practices, and how the process typically works. You can also watch the on-demand replay of a webinar we did with Dental Economics: What’s This Practice Actually Worth? 

 

How Long Does a Practice Transition Take?
One of the most common questions we get is some version of, “How long is this going to take?” And while it can vary tremendously — some luck into the perfect buyer or practice very quickly! — there are several things you can do to prepare yourself. Our Betsy Krekling, ADA Advisor, offers concrete actions that can help speed things along.

 

What Went Wrong: My Staff Left After I Bought the Practice
How can you retain staff during — and long after — a transition? Dr. Ebert shares a story about one mishandled transition that led to a flood of staff and patient defections. See where Dr. Mario and Dr. Zelda went wrong and learn how you boost retention through your own transition. 

 

Consider Going Country: Why a Rural Practice May Be a Perfect Fit
Small-town and rural practices may be the best-kept secret in dentistry. Find out why they offer lower costs, better work-life balance, and the opportunity to practice dentistry exactly how you prefer. 

 

More Than Meets the Eye: Looking Beyond Million-Dollar Collections
When you’re comparing two practices, is the one with higher collections necessarily “better”? See how to review a practice’s numbers and think through which one might be the best fit for your goals. Similarly, the recent How Associate Pay Can Vary helps would-be associates better understand proposed compensation.


What topics would you like to see us cover next year? Leave your requests below! And if you're ready to begin your own transition, create your free ADAPT profile now to be ready for the new year!

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