June 12, 2018
How to Assemble a Team of Advisors for Your Dental Practice Transition
Whether you’re looking to purchase an existing dental practice or start your own, assembling a team of advisors to help guide you through every step of the process will ensure the success of your business is established from the beginning. As with any team, you’re only as strong as your weakest link, so it’s important to choose advisors who have experience in the dental industry. Here, we break down your options.
Choosing whether to work with a local, regional/national, or dental-specific bank or the Small Business Administration, even if just applying for an equipment loan, is arguably the biggest decision when financing a dental practice, whether to acquire or grow a business, so take care in choosing the best fit for your needs.
CPA, CFA, attorney and insurance agent
To raise your rate of success, choose individuals who specialize in working with dentists, in addition to specialists from different firms within the industry as opposed to a one-stop shop. You’ll want someone who can write and review contracts, as well as someone who can run the numbers, not one firm that does both.
When looking for an associateship, a good headhunter — especially one who specializes in the dental industry — will present you with a variety of opportunities, including ones not yet on the open market, similar to working with a real estate agent.
For your convenience, a full-service marketing agency will help you establish your practice once the sale has been made, from website development and social media management to advertising and brand development.
Equipment representative and supply company
This long-term relationship should start with interviews with potential companies and testimonials from current customers to hear about different product offerings.
Commercial real estate broker
When it comes to securing a location for a new or existing practice, Professional Transition Strategies (PTS) has a pulse on the country that puts your best interest at heart, including competitor locations and cultural or religious reasons that would affect the success of your business.
Contractor and architect
A successful startup begins with a smart office layout, and a contractor and architect who are familiar with the dental industry, in addition to local building codes and regulations, will ensure a smooth process from the ground up.
A practice consultant who focuses on your specialty will be your extra set of eyes to advise you on how to increase profits quickly by establishing a timeline and budget with trackable results that work for all parties involved.
Both established practices and startups need dental software to make the business run, so it’s important to work with a technology advisor who implements the software and services it on the back end once it’s in operation.
Hiring an experienced transition broker like PTS will help you market your abilities to the places you want to go so you can relax and focus on your day-to-day responsibilities of tending to patients and running your business.
Read more about assembling your advisory team based on your specific transition situation in our e-book “Recent Graduate: I Just Graduated from Dental School, Now What?” Then, contact the experts at PTS for referrals and recommendations.