Dentists who own practices that are among the top performers in their area face a unique challenge when it comes time to sell. These dentists have managed to build a practice that is so valuable that a new dentist can't afford to buy it.

Years of committed effort has allowed these dentists to enhance their clinical skills, grow their patient base, upgrade their facility and invest in team development. For most of them it's difficult to realize the full value of these significantly important foundational cornerstones.

In those cases, taking the time to execute a well-planned transition of ownership in a careful manner helps the new owner recognize and perpetuate the practice's legacy. It is a way to ensure that the right standard of excellence will continue for the team and patients you leave behind.

This requires finding the right person to mentor; someone who can grow with the practice. The new dentist must be able to make your patients and your team feel comfortable. They need to have the ability to develop their skills and productivity to the point where they are economically prepared and confident enough to take over the practice. It has to be a special person who is ready to embrace responsibility and recognize the incredible opportunity to accelerate their career by stepping into a leadership role in an established successful practice.

This approach will require more involvement from you than a straightforward brokered deal; there is no right person without the right strategy. You're going to have to create the right conditions to enable this new person to succeed. This may sound like a lot of work, but it's worth it. In the end, you get the right value for the exceptional practice you've built, and you ensure continuity and ongoing quality care for the team and your patients.

Don't let yourself, your team or patients become compromised because of your success. If you have built an extraordinary practice, make sure you develop a succession plan that ensures you reach the goals you have established over the course of a career. This is what allows your legacy of excellence to live on long after your departure from the practice.


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