The most important decision for many orthodontists after buying an orthodontic practice is finding a partner to share the workload in a growing business. Bentson Clark & Copple specialize in dental practice management, and are experts in matching orthodontists for the best fit when entering a practice.
Doctors from across the United States approach the firm when they have an orthodontic practice for sale. The American Association of Orthodontists can also provide seekers with a wide range of practice opportunities.
Shannon Patterson, Director of Practice Opportunities at Bentson Clark & Copple, oversees the orthodontic resident and selling doctor matching database, a matching assistance program focused on assisting doctors in finding opportunities based on their geographical location and personal preferences.
Patterson, who gives consultation on buying an orthodontic practice, now advises that there are four main factors to remember when looking for a future partner.
1. Have your office undergo a practice valuation
Generally it is ill advised for orthodontists seeking a future equity interest to join a practice that does not have a comprehensive practice valuation. A written practice valuation allows for complete transparency of the financial and operational health of the business. It also gives selling orthodontists a specific idea of what their practice is worth. Make sure the practice is financially ready to take on a partner and has a plan for adding another doctor.
2. Get the word out
Contact orthodontic training programs or individuals in the military to help determine if any interest exists for your practice. Try every possible approach to identifying potential associates/buyers, which may include advertising in industry journals. Bentson Clark & Copple also maintains a well-developed database of orthodontic residents, military personnel, and practicing orthodontists interested in relocating and purchasing a practice. Consider registering for the AAO Practice Opportunities JobBank, a fully automated, secure website that is ideal for doctors who are seeking to add a partner or transition a practice.
3. Personal visit
Once the selection pool has been vetted to a couple of qualified doctors, meet with the candidates one-on-one. Invite the potential orthodontist(s) to visit the practice. If you are comfortable with allowing your staff to be involved in the process, include them. If not, simply plan to meet with them and their spouse outside office hours over dinner and then visit the practice.
4. Consider all the details
Be willing to invest enough in the importance of this transaction to seek the advice of knowledgeable legal and financial professionals that specialize in practice transition. Do not have a potential associate/partner enter your practice merely on a handshake. Become as knowledgeable with the transition process as possible.
Remembering these tips will ensure a good doctor/ practice relationship has been formed and new doctors will merge seamlessly into the practice with the staff. Following these guidelines will ensure doctors help their practice by finding the best candidate that will continue to make the practice profitable and successful.
Call today to learn more about orthodontic practice sales or to receive a free 30-minute consultation.
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