Transitioning Your Relationship-Based Practice: Part 2

April 28, 2018 Lynne Gerlach DDS

Buyers are actively seeking dental practice opportunities all over the country. With the influx of doctors to desirable areas, sellers must have a strategy for how to identify the right buyer for their legacy practice.

Navigating the Best Transition For Your Dental Practice Legacy

Complementary technical skills to properly care for a patient base are essential. Behavioral considerations like interpersonal skills and communication are part of the success of a relationship-based practice. Timing and financial considerations play a large role in buyers identifying their opportunity as well. Working with a seasoned transition consultant allows for the vetting of these necessary components.

Some practice brokers seek a transactional experience for a changing of the guard with a processing of documents and a single strategy for its completion. This is driven strictly by financial and legal considerations. That transactional mindset is what you have been working to avoid in your practice for a career. So why would you consider growing your practice or ending your career with a philosophy that goes against the grain of what your practice has become?

Curiosity Driven Dental Practice Transition Strategies

Why not become curious about practice transition strategies? You could explore a co-discovery experience of what best fits your practice model and philosophy. Asking more questions and learning more about what makes your practice a successful legacy is the first step.

Transition consultants offer a complete approach to evaluate your relationship-based practice. The approach seeks all the financial and legal considerations plus works to transfer the technical, behavioral, and business culture. The purpose of this is for continuity in your practice and security for your future built on strategic solutions. Finding a transition consultant with successful business experiences helps make them uniquely qualified to collaborate with you to develop your strategic transition or expansion solution.

Whether you are a specialist or a general dentist, seek a consultant that will perform a comprehensive exam on your practice. They should report their findings with a thorough and professional strategy to meet your wants and needs. Developing a legacy plan for your relationship-based practice model that creates opportunity and security for your next phase must be intentional.

Are you ready to discover the best strategies for you and your practice future?

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About Author

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Lynne Gerlach DDS

Dr. Lynne Spencer Gerlach earned her status as a successful restorative dentist and businesswoman in her 26+ year career practicing in various practice models. From startups to partnerships and solo private practices, her experience in transforming businesses is a passion. Practice systems and management are as much a piece of her puzzle as patient care and continuing education. Dr. Gerlach’s LD Pankey Dental Foundation experience began in 2001. She has served as visiting faculty, a Pankey Advisor since 2008 and has served as secretary for the Pankey Foundation Board of Directors. She served the Dallas County Dental Society Board of Directors as editor and previously served the Texas Dental Association as part of the Membership Council. She currently serves the Texas DENPAC Board and remains active in organized dentistry. She has been a delegate to the TDA since 2005 and is a fellow in the American College of Dentists, International College of Dentists and a member of ADA, TDA, DCDS, and ADI. Dr. Gerlach completed her Certification in the ADA Kellogg Executive Management Program in Chicago in 2014. She and her husband, Dr. Bill Gerlach have two grown children, Meredith and Creighton. Her hobbies include sports, music, travel, bridge, and cooking.

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