Tips for transitioning into a new practice
Taking over an existing dental practice can present challenges for everyone involved, including the doctor, staff and patients. Consider the following to make your transition as smooth as possible.
Selling your existing practice
If the purchase of your new practice involves the sale of your current one, it’s always best to resolve issues at your existing practice first. Preparing your practice for a fast and profitable sale includes:
- Getting all practice-related finances in order
- Making sure that all documentation and other compliance concerns are up to date
- Understanding the strengths and weaknesses of your practice to better negotiate the sale
- Putting a plan in place to help your team transition to a new owner
Put yourself in the shoes of a potential buyer and look for any concerns at your practice.
Searching for your new practice
Make a list of non-negotiables for your new practice and a ranked list of things you’d like in order of importance. Knowing where you are, or are not, willing to compromise is important to making a smart purchase.
Staffing your new practice
Any time a practice changes ownership, there can be staff attrition. You cannot presume that the team you are taking over will stay completely intact. Before the changeover, be prepared to:
- Locate and hire new team members that align with your practice culture and goals
- Develop a smooth process for onboarding new hires
- Determine which existing employees are not a good fit for your management style and vision
Be transparent and patient with your new team
While your new team may appear upbeat about your arrival, they may be worried about how the ownership change will affect their work life. Be upfront and honest with your team regarding your expectations, vision and any changes you plan to make.
Introducing yourself to your new patients
Make your patients aware of the ownership change before they come in for their next appointment. Consider hosting an open house when they can come and meet you in a relaxed social setting or running a promotion surrounding the changeover. Think of one or two positive changes you plan to make to the practice to get patients excited about the transition. It’s worth remembering that patients will want to like you and not have to search for a new dentist.