North Texas Dentistry Volume 8 Issue 1 NTD 2018 ISSUE 1 DE | Page 24

practice transition
Considering a transition
in your relationship-based
practice?
A
by Lynne Gerlach, DDS
s dental practices grow and change, new seasons bring
opportunity and security for both sides of a transac-
tion. Charting a new path can be stressful and uncer-
tain as many practitioners have not weathered a
transition in years. Young dentists are often seeking
that opportunity for the first time and experienced doctors often
bought a practice many years ago or started their practice from
scratch as a young doctor themselves. The practice climate is
changing! It is a competitive market with educated young pro-
fessionals seeking the right opportunity and practice owners
wanting to finish well and leave a legacy with their practices bet-
ter than they found them.
Organizational changes in practices can take many paths. Grow-
ing a practice through a merger or partnership brings its own
set of challenges and opportunities. However, a practice based
on relationships with patients, teams, referral bases and com-
munities require special care. This process can be a stressful
distraction to owner dentists. Those dentists that have commit-
ted their professional growth to technical excellence and
relationship-based practice culture may need strategic help in
navigating the right practice transition. Dental practice transi-
24 NORTH TEXAS DENTISTRY | www.northtexasdentistry.com
tions have been around for decades; selling a practice to a young
colleague and walking away has been the standard solution.
Today, there are many different solutions to reach the goals of
the seller and the buyer. Many relationship-based dental prac-
tices are seeking a like-minded professional to carry the torch
and move the practice legacy forward. This goal requires inten-
tional planning and careful follow through.
The time to evaluate practice philosophies is before a transition
occurs. Examining wants, needs, timelines and the type of tran-
sition that best suits those needs develops during the pre-sale
process. You likely didn’t build your relationship-based, highly
technical practice by doing what everyone else has done. Becom-
ing an expert in your field has been intentional and constructed
with the concept of excellence and communication as a basis for
that success. When it’s time to expand your dental practice or
find your successor those same themes should continue.
Buyers are seeking practice opportunities particularly in Texas.
With the influx of doctors to the great state of Texas, sellers
must have a strategy of how to identify the right buyer for their
legacy practice. Complementary technical skills to properly care