It’s only natural to want to share your news with the world as soon as you decide to purchase or sell a dental practice, but there are more pros than cons when it comes to keeping the details of your deal under wraps. Here’s how and why confidentiality is important during the dental practice transition process.
As a business owner, you’ll want to make sure the deal is finalized before notifying your staff and patients alike. Just as staff can get nervous and even start job hunting at the thought of insecurity with a new boss, patients can likewise start looking for other doctors if they find out you’re hanging up the proverbial hat.
Any drastic changes to your practice during the sale process can result in a decline in value, whether based on a change of staff or patient demographics. A “warm handoff” that is properly executed and conveyed will account for significantly less attrition, not to realize good faith in knowing both staff and patients will be in good hands.
If word gets out that you’re working on selling your practice, that opens the door for competing dentists to up their marketing game and try to steal patients and staff. Even if your pending departure isn’t for another couple of years, sale details shared too soon can be used against you and your business too soon.
If you are currently an associate in a practice but in the market to purchase your own, leaked details can get back to your employer and result in termination of your employment contract. For this reason, it’s worth repeating that associateships are typically only 20 percent effective due to not everything being agreed upon from the outset and different expectations not being met by both parties.
Whether you’re looking to buy or sell, contact the experts at Professional Transition Strategies to start and finish the dental practice transition process the right way.