practice transitions
The “ Family Dentist ”
by Richard V . Lyschik , DDS , FAGD , CFE
If you plan to give your practice away to one of your children , or plan to sell it for a greatly reduced price , then you might first want to consider the following :
Giving away the practice ( or greatly reducing its price ) is the worst financial decision you could make for you and your family . You will lose tens and even hundreds of thousands of dollars of potential tax savings .
Your other children will someday realize that your dentist son or daughter was given a gift worth hundreds of thousands ( if not millions ) of dollars – and they received nothing comparable .
Someday the other children will resent you and their dentist-sibling and it will ultimately lead to great dissension within the family .
If you stay with the practice , your son or daughter will be considered “ Junior ” by the staff and the patients for years to come .
The problems described here are all from real life experiences , and most dentists don ’ t realize what can happen until it is already too late . Pitfalls like these are completely avoidable , and it does make you wonder why anyone would subject themselves to such issues unnecessarily – it just does not make any sense .
Your intentions may be good , but more times than not , the results can be devastating to a family with multiple children , and it can be a real home-wrecker . There are solutions to avoid all these potential problems , of course .
If you are considering giving away your practice or selling it for a greatly reduced price to one of your children , then you might want to consider a professional consultation to solve this delicate matter . Keep harmony in your home – your family ’ s future is at stake !
You might not be clinically compatible . There will most likely be differences of opinion about treatment planning and case presentations .
The current patients will always question “ Junior ’ s ” comprehensive diagnosis and will ask if “ Dad ” will take a look to verify Junior ’ s diagnosis .
Your son or daughter will , for the first time , see all of your past work including 10- and 15-year old cases , even the cases you would prefer to not be seen .
They won ’ t know how to diplomatically ask you to quit without hurting your feelings once you ’ ve overstayed your welcome .
Your son or daughter ’ s financial needs may increase and they may force you out of the practice . You might find yourself out of a job before you planned it .
Dr . Richard V . Lyschik ’ s transition , management and coaching experiences go beyond the traditional single general dental practice sale . His Dental Office Network Team has helped thousands of dentists acquire , expand , merge multiple practices , build from the ground up , as well as guided older , disabled and “ burned out ” dentists sell with dignity . The Practice Rescue Department has resurrected practices in demise , saving them from imminent disaster . Over 50 % of dentists return 2-3 years later to invest in another dental practice ! Dr . Lyschik has broken numerous industry records as the highest producer in the country ! Just ask any major lender – they all know him ! To discuss your transition plans with a seasoned fellow dentist who “ speaks your language ” and a recognized Premier Transition Specialist , or to schedule your free appraisal , contact Dr . Lyschik by email at info @ officenetworkusa . com or call ( 214 ) 893-0410 .
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