How To Know Who To Work With When Selling a Dental Practice
When you decide to sell your dental practice, everyone has an opinion—and wants to share it with you. Now, there’s nothing inherently wrong with gathering opinions from those you trust, and sometimes doing so can be beneficial for your thought process.
However, when you have so many different opinions, it can be challenging to determine who actually has your best interests at heart. If you’re taking the word of someone with an agenda as gospel truth, you could make a poor decision.
The team at Triumphant Partners has years of experience with dental practice transitions and has assembled their thoughts to help you best determine who to lean on during the process. Read on to learn more!
Other Dentists
The opinions of your peers can be a helpful gauge when you’re considering selling your dental practice. After all, who can relate better to your situation than a dentist who has been in your shoes? Your professional peers, whether in your local market, the dental associations you are a member of, friends from dental school, or at the conferences you attend, can certainly offer you some helpful advice.
However, while your peers can be helpful, they are not completely unbiased sources. Every dentist has their own experiences, opinions, and unique needs, so any advice you receive from a peer when selling your dental practice shouldn’t be regarded as the unvarnished truth. By all means, consult with other dentists, but recognize that the specifics of their practice area and experience make their opinion just that: their opinion, not the end-all of dental transitions.
DSOs
Dental support organizations are well-positioned to capture a significant portion of the dental market across various specialties, markets, and contexts. This should, theoretically, give them a unique position and make DSOs a valued advisor in your process. While dental support organizations do have a wealth of information at their disposal, they tend to be motivated advisors. Remember, if they’re interfacing with your practice, there’s a reason for the relationship. Oftentimes, it’s because they want you to be a part of their network of practices.
This doesn’t mean that you should disregard every piece of information you receive from a DSO. They can offer you some great insight at times. However, it is worth bearing in mind that all DSOs have their material interests at heart when they offer you input. Practice valuations, in particular, can be suspect and should be taken with a grain of salt.
Professional Associations
Professional associations can offer you some valuable input when you’re deciding whether or not to sell your dental practice. These associations oftentimes have resources assembled for you to consult, and these resources can sometimes be invaluable. We certainly encourage looking into whether a professional association offers complementary resources or services that could help you through this process, but we would caution against relying solely on professional associations. Oftentimes, however, they can be a great starting place when you’re looking to assemble your thoughts or do a little bit more research.
Call Triumphant Partners
Having a trusted, impartial advisor in your corner is a must-have when you’re trying to sell your dental practice. It truly makes all the difference in the world. If you’re looking to sell your dental practice, call Triumphant Partners today for your courtesy practice value consultation.
Your practice is a unique business and a considerable part of your life. Entrust its future to someone who will fight for you and represent only your interests in this process. The team at Triumphant Partners has decades of experience in the space on both sides of the aisle, experience that makes us uniquely qualified to help you navigate the sale and transition process.
We thrive when our clients succeed. Contact Triumphant Partners today for your courtesy consultation!