Why White Glove Service Is a Key Quality in a Dental Broker
Selling and transitioning a dental practice is not for the faint of heart. This is likely the most significant business transaction of any given dentist’s life, and a lot is riding on any one deal. When partnering with a dental broker to help you value, price, sell, and transition your dental practice, you want a fighter in your corner.
However, it’s equally important that you find a dedicated and passionate dental broker with integrity and commitment to you and your interests. The industry has plenty of unscrupulous actors who want to make a buck over all else, even if that means sacrificing the best interests of their clients for a bigger payday. The pitfalls of this approach are myriad; read on to learn precisely why excellent customer service and character matter in the dental broker industry.
Industry Knowledge
The dental industry is a multi-faceted and ever-evolving beast. The process of transitioning your dental practice is much the same, but many dentists just don’t have the business background to transition their practice effectively. The minutiae of valuing a practice, the common throughlines of dental support organization business models, and the specific terms outlined in any deal will likely just be outside the area of expertise of any dentist. A trusted partner can help streamline and simplify the industry and help you apply this knowledge to benefit yourself and your practice.
Your Interests Only
The dental practice transition industry can be complicated, so it’s only natural to seek an industry expert to help walk you through the process. However, it is worth noting that not all potential partners with are truly in your corner. If you’re a dentist looking to sell to a dental support or dental partnership organization, you need to know that selling directly to a DSO or DPO could backfire.
For one, the dental support organization or dental partnership organization in question is incentivized to offer you the lowest figure possible for your dental practice. It’s just a part of doing business for them, and you can expect to be lowballed on your first offer from any established dental support organization or dental partnership organization.
If you don’t have an accurate and data-backed assessment of the value of your dental practice and why it is worth the dollar figure you’re asking for, you’re likely to accept a low offer. This is especially true if the organization in question contacts you first. Oftentimes, if the support organization reaches out to you first, you’re likely not receiving their best offer and that’s intentional. Many DSOs and DPOs have teams that do nothing but cold-call dental practices with information about what their practice is worth. These lowball first offers can seem incredibly tantalizing to a struggling and overworked dentist, but they often leave money on the table.
That’s why an integral part of the brokerage process is having a dedicated dental broker who only represents your interests.
The Danger of a Bad Business Deal
Few things will lower your career satisfaction as much as a bad business deal. Unfortunately, the process of transitioning your dental practice is rife with opportunities to sign on for a bad deal.
Maybe you don’t want to stay on with the practice after close. Perhaps you want to retain control over key practice leadership decisions. Maybe you want to be solely responsible for hiring and firing decisions. A poorly planned transition deal can leave you obliged to honor terms you’re not ecstatic about. Moreover, a poorly planned business deal or an unhappy ownership situation can dramatically impact your mental health and career satisfaction.
The wrong dental practice broker won’t be too concerned if they stick you with a poor fit, so long as they get their cut. A true partner will help you understand your goals and needs and then will work effortlessly to connect you with a DSO or DPO that is well-positioned to meet those needs. The right dental brokerage will never pressure you to move forward with a deal that will not delight you. The wrong one might assure you that a proposed partnership is a great fit, even if they know this isn’t optimal.
Dedication to You
This ethical and professional dedication is key to successfully transitioning your dental practice. Without full faith and confidence in your dental broker, you risk ending up in a business deal that isn’t in your best interests. Your broker might walk away with a nice payday, but you might be less than satisfied with the results. Moreover, you might be stuck honoring obligations to your new dental support partner that don’t align with your broader business goals.
That’s why you must partner with Triumphant Transition Partners today! Our model is straightforward. We think transitioning your dental practice is easier for all parties involved when you’re allied with a dental broker that puts your interests first. We bring our buy-side experience and deep industry contacts to your practice transition. Our team understands that the success of our clients is how we succeed as dental practice brokers, and we always keep that as our guiding light. We don’t receive a red cent from a buyer; we only make money when our clients are delighted.
Triumphant Transition Partners is also a smaller, boutique brokerage. This means that our clients are not one of thousands, lost in the mill of a behemoth, publicly-traded company. Instead, our clients have access to our team members when needed and will always be able to reach an actual, breathing, and engaged Triumphant Transition Partner employee. Rest assured that you are contracting with a helpful partner dedicated to making this process as simple as possible for you and your practice.
Know that Triumphant Transition Partners is always looking to innovate and add value to your transition, whether it’s access to our medical CPA and auditors on staff, access to our HIPPA-compliant encrypted financial documentation portal to save you time, or a customized sales strategy.
Call now for your free dental practice valuation!