Dentaltown December 2022 - 59

4
" How will my stake be treated? "
It is absolutely key to make sure the partnership is equitable-
no 51/49 splits. The associate must be treated as an executive
from day one.
The end game is for the dental owner to retire and turn over
full control to the new partner, so transparency is key here.
By developing ground rules, such as at what price the practice will
be sold and at what time, the transition will be set up for success.
If done right, all of this planning will help practice staff, patients
and revenue make it through the transition cleanly. If not, you're
likely to end up looking for a new associate.
Conclusion
Some say that negotiation brings out the worst in people.
But if you've saved and planned properly, you'll be in a much
better negotiating position when the time comes to sell your
practice. Treat the practice transition as icing on the cake to
supplement what you've saved and planned for, not the big
payday at the end that makes or breaks your retirement.
If you are not on pace to hit your retirement now, it is time
to consult your team of advisors. Implementing these ideas in
your practice transition makes it so your planning will be well
ahead of the game-meaning you can transition on your terms.
Keep in mind: This is a transition, not merely a transaction.
You've worked too hard building your practice to hurry into
a poorly designed transition. ■
References
1. Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Dentists,
at bls.gov/ooh/healthcare/dentists.htm.
2. ADA Health Policy Institute, COVID-19 Economic Impact on Dental Practices: Week of May
2021, at ADA.org/HPI.
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Dentaltown December 2022

Table of Contents for the Digital Edition of Dentaltown December 2022