The decision to sell your dental practice is not one to be taken lightly. Before you make such an important decision we recommend considering several factors:
1. Is it the right time?
2. How long will the process take?
3. What is my practice really worth, and who is most qualified to appraise it?
These are just a few things to think about before making the decision to sell. We’ve learned during our 24+ years of dental practice transitioning that through proper planning you will find you can preserve and enhance the value of your practice. Perhaps more importantly, you will learn how to avoid making some critical mistakes that can turn the sale of your professional practice into an emotional and financial disaster.
The first step we recommend is reading our article, 25 Essential Issues of Transitioning a Practice. We trust you will find this information educational and that the information it contains will assist you in charting a course that will lead to achieving personal and professional goals.
When you’re ready to take that next step call us at (303) 795-8800.
Things to Consider Before Hiring:
1. Does he/she take prompt action when you try to contact him/her?
2. How can they help me achieve my goals?
3. Is their service complementary to what I want to achieve?
4. Have I checked out their past performance and/or references?
5. Are their results consistent with their promises?
6. Does the consultant give me sufficient information so I can make good decisions about whether I should hire them or not?
7. Are the results worth the cost and time that I will invest?
For more questions to ask before hiring a broker, click here: Questions to Ask Before Hiring a Consultant
A Win/Win Process for a Successful Transition
A. Establish a game plan (direction first, then velocity)
1. Goal- What are the things you want to accomplish?
2. Motive- Why are you doing this?
3. Role- How can you accomplish your stated goals?
B. Developing trust
1. Seek to understand. Truly understanding the other party’s needs leads to a climate of mutual trust and respect for both to act upon.
2. Plan activities together which will allow a positive relationship to develop.
3. Cultivate a sense of mutual trust by opening up to questions about your goals and needs (no hidden agenda).
4. Allow the relationship to fully develop before discussing business in earnest; thus enabling both to discuss “jugular” issues without being defensive.
C. Putting together agreements
1. Understand and define the other’s expectations.
2. Identify and verify key issues (not viewpoints).
3. Determine what results would constitute a fully acceptable solution.
4. Identify possible new options to achieve those results.
D. Maintaining a good relationship (Contracts don’t perform, people do)
1. Holding up your end of the agreement by providing meaningful feedback based on performance and by holding regular meetings with written notes of such meetings.
2. Maintain the relationship by reaffirming trust through effective communication.