Have you ever wondered what it will be like to transition your practice? No doubt you have heard stories from mentors or colleagues about the process and perhaps it’s the reason you haven’t even thought of it or had the thought “I’ll cross that bridge when I get there.” But here’s a question, what if you’re on the bridge right now and you don’t even know it?
For over a decade I have helped doctors across the nation improve their practice. I have traveled to 41 states and met doctors with all sorts of ambitions, but in my humble opinion, that majority of them fell into one of two buckets.
- The doctor who waited too long to start thinking of transition and who was now desperately trying to make something happen before they get too tired to continue or worse lose their health, or
- The doctor who has not even begun to think of transition but soon begins to realize, if I don’t sell when I’m at a high, I may not be able to make the return on my investment like I want.
So how do you know when you should start to look. Here are some key factors that assisted my most successful clients in transitioning well.
- They started the process to invite another provider in before they even thought of a transition. And because they did, they got to find the right person for the job. They weren’t desperate for someone to take over quickly or to fit a specific mold. They had agility because they had time on their side.
- They saved for their retirement early. While many doctors I have worked with are running out of steam and low on money to support their retirement, the wisest doctors began saving long before and were working with a professional to assure that they would not be solely dependent on their practice sale to fund their dreams.
- They had a clear vision for what they wanted. Some doctors I know don’t have a vision for their next steps and because of this they wait too long to begin the process of finding a suitable doctor to join them in transitioning. But when you have a vision behind your eyes, you can see how the work you put in now to make the practice desirable to potential buyers will pay off and you operate in purpose instead of “one day.”
So where do you stand? Where are you on your transition timeline? Are you:
The Newbie – I just bought a practice. I’m beginning to dream about my career and will dedicate time to building out my ideal retirement throughout the process.
The Young Gun – I’ve been practicing for 5-10 years now and have a nice sized practice. It may be time to start inviting another doctor in to have flexibility and perhaps find a future business partner.
The Rockstar – I’m at what could be the peak of my career. My use-before date is closer than my born-on date. I have thought a lot of when and how, but I’ve never taken any steps to discover more.
The Legend – I was booming just a few years ago, but I’m seeing some decline in my office and I’m tired of trying to find new ways to market myself. Add to that, a lot of my colleagues are retiring. It’s just a matter of time now.
No matter who you are in this scenario I can tell you that as a business owner, if you don’t have a coach, you are either spending too much time trying to figure out what works, or you are likely depending on the experience of staff to help you grow your business. Summit has a long history of helping practices of all sizes to grow, and you always grow faster with a coach. Newbie, don’t wait too long to find one. Young Guns, same to you, but you are likely in a place where you need to start looking for a doctor to join your practice. Rockstars and Legends, it’s past time to talk with someone about transition. Even if you are still 5-8 years away from taking the plunge, you owe it to yourself to talk with an experienced transition expert to discover the best options for you moving forward.
At Omni, we specialize in helping owners transition their practices into the hands of capable and competent private owners. With 20 years of experience all over the United States, we have helped to transition over 500 practices. What can you do right now to get ahead? Email me at [email protected] to set up a and a short conversation to discover how you can begin to position yourself to be one of more appealing practices on the market in the days, months and years to come. In my time consulting with dentists, I have never had someone complain to me for beginning to think of transition too early, but I have met plenty of doctors who wished they hadn’t started so late. Which doctor do you want to be?
Jon Rutty
Cell 972-679-7282
Email [email protected]
PS – Everyone who emails Jon for a Practice Valuation before the end of the month will receive it 100% FREE. That’s a $1,500 savings. (MG)