Practice transitions are a topic that is of interest to all Dentists. At some stage in your career you are likely to buy or start a practice, and hopefully after many years of success in practice you are likely to sell your practice. In these situations, you want to handle the transactions right the first time! Today we have a very special guest on the show who has a massive amount of experience in the area of practice transitions to serve as your guide. This is one area where it is very important to have a guide to help you avoid the many pitfalls. Our special guest today, Dr. Lee Maddox, brings a very unique perspective since he is a Dentist and an Attorney with a focus on practice transitions. He has helped many Dentists successfully buy or sell their practice.
Buying or selling a dental practice is so much different than buying or selling any other commodity because a dental practice is so very personal. Most Dentists pour their heart and soul into their practice and they really do want to ensure that their legacy continues to the next generation. Let’s also keep in mind that the most valuable part of any practice is the patient base and this patient base is under no obligation to see the new dentist. However, the great news is that when a practice transition is done properly the vast majority of patients will stay with the practice and patient attrition is very low. That was the case with Gary’s practice and Lee can help guide you to a positive outcome as well. I am looking forward to hearing this interview and helping our listeners with useful advice from a seasoned pro!
1. For dentists who are looking to buy a practice, what are the most common mistakes made and how can buyers avoid these mistakes?
2. Now, let’s look at transitions for the sellers. What are the most common mistakes that sellers make and how can sellers avoid these mistakes?
3. Let’s realize that many listeners to this show may be a few years away from a sale. What are the things that Dentists should be doing in advance to help make a smooth and successful transition?