Successful Dental Practice Transitions Begin With Expert Transitions Consultants
Recently, one of our Henry Schein PPT dental transition consultants needed help with the cable signal to his house. When he called his provider, he was passed through an automated system to solve his issue. This reminded him of how frustrating it is when you’re trying to receive help with a product or service and cannot speak with a qualified representative or professional. His experience sparked a spirited conversation among fellow Henry Schein PPT dental practice transitions specialists, leading to an interesting question:
What should your expectation be when you engage a person or company to provide you with dental practice transitions services?
As leaders in the field of dental practice transitions, our own services are designed to exceed our clients’ expectations at every step. This is the kind of professional service you should expect from a transitions consultant:
Your representative must have the education, experience and expertise to provide you with the service for which you engage them. Just because someone says they offer a service does not mean they are qualified to provide it. In fact, they may not actually be providing it. Ask whether the individual personally does the appraisal/financial analysis, draft documentation and representation or if they delegate the services to others. If the individual does not personally provide all these services, that is a red flag, because their ability to understand and represent you during the dental practice transition is greatly diminished.
Clarity in Representation
When engaging someone to sell your practice, you should be sure the person is representing your interests only, not both you and the buyer, or transactional. Dual representation is not just unethical, it legally prohibits the representative to push for what is best for you. Transactional representation means there is no true responsibility to your interests, just those of the transaction. Your interests are not held as paramount, and discussions are not necessarily held in confidence. Protect your interests by finding someone that can represent your interests as a fiduciary.
Shouldn’t you know what your representative looks like? If your representative is not willing to meet with you in person, how can he/she represent your best interests? You should be able to meet and discuss your expectations and needs with your dental practice transitions specialist to know that he/she is committed to you.
If your transitions specialist is sending potential buyers to your office and is not there to assist and answer questions, what are you paying them for? Potential purchasers need to understand what they are buying and why it is a good opportunity for them. It is important for you and your representative to jointly assess and evaluate each potential buyer to ensure a measure of confidence in the buyer’s compatibility with your practice philosophy, patients and staff. This cannot be achieved without the personal “hand-holding” that you should expect.
More questions? Find a trusted Henry Schein PPT Dental Transition Consultant in your area today! Click here for more info.
Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions. A subsidiary of Henry Schein, Inc. they provide expert guidance for selling and buying dental practices, dental practice fees and management, assessing partnership and associate-ship opportunities, and performing dental practice appraisals and valuations.