Choosing a Transition Company
From a very basic level, most transition companies are the same. The only big difference is if they are dual representation or unilateral representation, but that’s for another article. Transition companies list practices, find buyers, and some provide contracts to put it all together. If all transition companies do the same thing, then how do you choose which one to use? It all depends on what type of experience you want to have.
Customer Service It could take a couple of years to find the right buyer for your practice. You want to work with someone who will keep in touch with you over that time period, letting you know what they are doing along the way to help you reach your goals. On that same note, you want someone that will call you back as well. I am always surprised at the number of sales people that don’t do this! Find someone that will under promise and over deliver.
Understands your Story You want to work with someone that thinks your practice is as amazing as you think it is. Have you ever tried selling something that you didn’t believe in? It isn’t easy. Your representative needs to understand the story behind your practice and work to find someone to continue that legacy. In order to do this, the representative needs to meet with you in person, see your facility and really get to know you and your practice.
Full Time There are a lot of brokers out there that sell practices as a hobby. They are retired from their real career and think they can dabble in practice sales. Selling a practice isn’t easy and it deserves full time attention. You want someone who is passionate about the process and willing to work hard for your business, on a full-time basis.
Specialist I am sure you have met other professionals that add “Practice Sales” to the list of other services that they provide. They may be an attorney or an accountant that wants to be a one stop shop for all of your needs. Selling a dental practice requires expertise and should not be considered an ancillary service. Find someone who lives and breathes practices sales and is truly an expert.
Puts the People First There are a lot of ways a transition can go sideways. The key to a successful transition is finding the right buyer and maintaining full disclosure throughout the process. To do this, the parties need to come before the sale. Find someone who is willing to walk away from a sale that isn’t mutually beneficial to all parties involved. A win/win transition should always be the goal. This takes a fair-minded individual with a no-pressure approach.
If you are interested in exploring your transition options, do your own due diligence when choosing what company you give your business to. Odds are you only have one chance to get it right. Interview all of your options and then choose who you want to have handle one of the most important events in your career.