“Over the years, I have learned that dentists hire me for our experience, our Trusted Transition Processô, and our confidentiality.
Recently, I had a dentist in his 70s hire me to sell his dental practice. As I do with all of my dentists, I explained to him the importance of keeping his decision to sell “confidential.”
He disagreed because he felt his loyal staff deserved to know since they had been with him for so many years.
I understood that he thought he was doing the right thing, but my experience with transitions had told me otherwise. I encouraged him again, NOT to do that, as it would surely create, at a minimum, a distraction in the practice.
He insisted and held a staff meeting on Thursday at the end of the day (the office is closed on Fridays). He announced to the staff that he had hired a broker to sell and to transition his practice.
He received a text message on Sunday evening from his office manager, of 10 years, that she had quit along with the hygienist and his assistant RDA. He could not believe it!” –DDSmatch Transition Professional
You’re thinking about selling your dental practice. Congratulations! It’s an exciting time. With Thinking you would like to give your staff a heads up? Or share with your loyal patients?
Our advice? Don’t. Not Yet.
Confidentiality is critical, from the beginning of the process until the end. At DDSmatch, we only represent the seller, so we have your best interests at heart. We work hard to protect your confidentiality. We advise that you work equally hard to do so—to reduce stress on your staff, to ease anxiety in your patients, and to protect the value of your practice for you–and the buyer.
Maintaining Staff Stability
When employees learn about the potential sale of a dental practice before it’s final, it can lead to uncertainty. This can affect work performance, risk staff retention and create unnecessary stress in the office. Once the sale is final, you can then explain any changes to the staff in a clear and supportive manner. We can help you with these conversations.
Avoiding Patient Anxiety
Patients may become concerned if they hear the dental practice is for sale. They might worry about staffing changes, increasing fees, and changes in treatment approaches. If they hear about the sale prematurely, they might choose to find another dentist or forego appointments entirely. When you keep the sale under wraps until it’s completed, it preserves patient trust, maintains a full schedule and retains patients.
Protecting the Practice’s Value
A breach in confidentiality can negatively impact the health of the practice–and its value. If staff is prematurely lost, there could be a corresponding drop in production, impacting your valuation and making your practice less desirable to buyers. If your competitors get wind of your sale before you are ready, they could attempt to poach your staff and patients. A confidential, discreet transition process with trusted advisors will lead to a smoother transaction for all parties.
Ensuring a Smooth Transition
The process of selling a dental practice is complex and emotional. Disclosing the sale prematurely can create unnecessary pressure, disrupt negotiations, and changes in the practice’s value. By maintaining confidentiality, you ensure both parties can focus on finalizing the details without outside interference. Once the transaction is complete, you can then communicate the change of ownership to your staff and patients.
At DDSmatch, our Transition Professionals take your confidentiality seriously, and they have witnessed what happens when it is breached.
Confidentiality matters.
