In January 2011, I began my 15th year of management consulting and coaching to dental practices on a full-time basis. \u00a0So many positive experiences, countless situations and challenges, fortunately lots of success stories, but of course those instances where just when you thought you’d seen it all, something would come along and humble you.<\/p>\n
A definite trend in my business is that I have become increasingly involved and spending much more of my time as a facilitator for dental practice transitions. In the Northeast part of the country where I do the majority of my work, I can tell you firsthand that very few dentists are brave enough to start a practice from scratch. The most severe economic downturn since the Great Depression has reinforced that rationale. Even strong well-established practices with marketing dollars to spend are fighting for their fair share of new patients. So for a dentist to secure an equity position in a practice, there are basically two choices: buy an existing practice from a retiring dentist, or buy into a partnership.<\/p>\n
It will be my purpose in this series of blog posts to discuss the good, the bad, and the ugly of dental practice transitions. Done well\u2013with incredible attention to every detail\u2013a change of ownership can be profitable and successful. Done poorly\u2013and I’ve seen this far more often than I ever would have imagined\u2013you are talking nightmare. So please take good notes as I try over these next few months to help you avoid preventable, irreparable, costly mistakes that will dash your hopes and ruin your dreams.<\/p>\n