There are several ways by which one can proceed with the practice transition. The popular method of transitioning your practice can include promoting marketing campaigns or advertising services. Merging the dental practice is a great way to grow business. A practice merger involves the complete transition of a seller's practice into the buyer's facility. This transition can be of benefit to both parties.
Why merge your practice?
The number of solo dentist practices in the nation is decreasing and the number and popularity of groups are increasing. The group dynamic offers many benefits to today's dentists with a better work-life balance. Many new dentists are electing to work in a group atmosphere where they will not have the demands that go with practice ownership. Because of the decrease of potential buyers, a merger may be a viable exit strategy for the selling dentist.
How can we maximize the benefits of a practice merger?
There are certain elements that can help maximize the benefits of merging your dental practice. These include:
- The buyer must be equipped enough to accommodate the additional dentist
- The buyer must have the personnel and facility to have new patients onboard
- It would be better if the two merging practices are nearby
Furthermore, a practice merger earns a premium for the transitioning dentist and offers options other than a delayed buyout, or an outright sale. In most instances, there is a full cash buyout for the practice and possibly the real estate. The transitioning dentist will also have the flexibility to continue working or simply walk away.
Contact Premier Dental Connections to understand more about practice mergers. We offer a wide range of services apart from DSO, including; practice sales and transitions, mergers, associate placement, transition consulting for future sale, partnerships, and buyer representation. Give us a call at 727 232 0097 and we will take it from there.