“Need to Know” from a Buyers Transition Advocate
As a Buyers Transition Advocate at MaK Concepts, the next phase of transitioning, once the due diligence phase is complete, is without a doubt the most critical moving forward. If the process of applying for a loan, reviewing patient charts, shuffling through practice management reports, deciphering advice from a CPA and Attorney, wasn’t enough work, we can assure you the real work is yet to come! Our first-hand experience with literally hundreds of transitions, has allowed us to understand the importance of identifying a comprehensive approach to operational and transition systems. Due to the multiple facets of this process, checklists and “to do’s,” timing and preparation in areas of employee onboarding, insurance plan credentialing, purchase agreement adherence and much more, can be extremely painstaking. It is quite frankly, trial and error for doctors that don’t seek advice. Admittedly, many doctors have used those words verbatim to quote their experience, without assistance.
What we encounter with almost every client is the fear of the unknown. We believe this to be a positive key force in driving new ownership on a path of success. Why? Most doctors will see the importance of seeking advice to alleviate their fear. Without sound advice through true experts, we have seen dentists struggle in ways they can’t begin to identify or quantify the costs in revenue loss with these unfortunate missteps. Simply stated, the plan or advice received didn’t cover the ownership phase on a granular level.
BUYERS NEED TO KNOW
- Transfer ownership
2. Set up the new business
3. Retention of patients and team
4. Management & transition systems
We see doctors guided to the Starting Line, but not to the Finish Line. The actual ownership phase requires a methodical approach along with patience and commitment to follow through. We see far too many doctors work off previous experience that doesn’t align with the practice they just purchased. Careful consideration of the practice philosophy will be a guiding light and basis of how to smoothly navigate the course to ownership.
What drives us to continue to advocate for buyers is the response we almost ALWAYS hear, “I would have never known any of the steps existed.” Seeing new owners embrace their challenges and fulfill their dreams is an honor.
2 of a 2 part series