The journey of selling your dental practice is not an easy one and it can be emotional. Are you truly ready to sell your dental practice? Are you ready for any road bumps that might happen during the process of selling your dental practice? The process can be overwhelming, but a dental transition expert can ease the anxiety and ensure your selling journey is successful.
How does a dental practice transition specialist help dentists navigate the emotional journey of selling a dental practice?
- They clear the road and set up barriers/boundaries. A transition specialist’s job is to ensure both the buyer and the seller are connected to adequate teams supporting them through the entire buying and selling process. The team should include a banker, a CPA, an attorney and anyone else that might help the process of transitioning a dental practice. Having a good team is essential for a smooth ride and limited detours.
- They should talk about the emotions early and often of selling a dental practice. It is important for a dental transition specialist to check in frequently with their client to see how they are emotionally feeling about the transition process. They should discuss the stress, the potential roadblocks and to how to manage these issues before they arise. These conversations early will make for an easier transition process when the dental practice does sell.
- They ensure the process for the sale and every step is explained, written down, and often explained to others outside of the transition process. Family and friends can be an unforeseen road block to a successful dental practice transition. They are the first go to for emotional support. Be sure to include EVERYONE who needs to be part of this process in this time of transition. Remember, you aren’t just selling a business; you’re making a successful transition to the next part of your life.
- They make sure to review the WHOLE selling process road map, even the possible detours. A dental transition specialists should talk about the possible pitfalls and concerns of selling a dental practice. Talking early about potential detours that might come up during the selling process makes it easier to get back on track if/when any detours happen.
If you are looking to start the journey of selling your dental practice, don’t go at it alone. For sale by owner or FSBO could be a costly mistake and one that typically takes significantly longer to transact. A dental transition specialist will help keep the selling process on track and help minimize the number of detours you may find along the way. Contact the transition specialists at PMA Practice Transition to begin the journey of selling your dental practice.