Transition Talk

Whether you’ve done your research and you’re ready to kick off your next career chapter, or you’re feeling a little lost in the weeds, a coaching call or a preliminary meeting with a dental transition advisor like NDP can provide both direction and assurance. To maximize your time and gain the most value, Christy and Charles share what to expect and how to prepare for your first meeting with NDP.

Identifying opportunities for improvement can ultimately position your practice in an attractive spot for a buyer down the line. Cain Watters & Associates Partner Judson Crawford joins Christy on this episode to dive into the latest version of the Dental Practice Comparison Report. They’ll discuss the key findings from the nationwide practice data and lay out some guidelines for growing your practice this year.

It’s natural to want to grow your dental practice by renovating or building a new office space. However, this can come at a cost, potentially impacting your overhead, overall practice value and even a future practice transition. In this episode, Christy and Charles show that while it’s okay to jump into this new project, you must consider timing and renovate or build with the overall business in mind.

If you’re a new partner or buyer coming into a practice, making operational changes quickly can potentially shake things up and cause insecurity among the team. But what if the team is overpaid or underpaid? What if you want to adjust the vacation policy or insurance options? What if you don’t want to rehire a team member? Tune in as Charles and Christy discuss how you can make adjustments while being mindful of the team’s perspective.

Announcing a big practice change to your team, like the addition of a new partner or transitioning the business to new ownership, can be a sensitive and pivotal conversation. You will want to ensure your team feels confident and optimistic about the next chapter. In this episode, Charles and Christy walk through tips for determining when to tell your team, what to tell them and how to prepare for that important conversation.

The dental transition landscape is seeing buyers become more diligent and selective with their decisions, causing practices considered “healthy” to have more buyer opportunities during the selling process. But what makes a practice “healthy”? Christy brings on NDP Senior Transition Consultant Morgan Ramsey to discuss the common financial and operational indicators that ultimately show your practice is ready for a transition.

As you consider buying or selling a practice, the first few questions you may ask are, “When and how should I start the planning process?” and “How long does a transition take from start to finish?” The timing from when you start planning to when the practice sale closes can vary, especially with both internal and external factors at play. Christy and NDP Senior Transition Consultant Matt Doyle outline some guidelines to help you create a plan and shed light on the answer for you.

When does it make sense to bring on a transition advisor so that you can maximize the benefits of hiring one in the first place? Is it when you have a concrete practice opportunity to purchase? Is it before you even start the discovery process? The timing, along with your unique situation, can determine the when and if an advisor truly is a good fit for what you need.

When it comes to searching for that dream associateship or position, there’s a little more required than learning about the job responsibilities. Arthur | Marshall’s Rich Gehrke and Kevin Simpson join Christy to share tips for finding your associateship or job opportunity, approaching the interview process and doing the homework to prepare for this significant life decision.

The process of searching for your ideal associate or partner requires more than just a job posting. It requires you to set a clear understanding of what you’re looking for and have the desire to not only craft a compelling offer, but to create a positive experience for the candidate. This process isn’t about having a line of candidates through your door, but rather, it’s about going into it feeling ready to put yourself in the candidate’s shoes. Rich Gehrke and Kevin Simpson, two recruiting experts from the Arthur | Marshall team, join Christy on this episode to share their tips and knowledge to help you find the best person for your practice.