How to sell your practice without it impacting your team
Worried about what will happen to your staff when you sell your practice? With Rodericks, everybody is looked after.
When you have made the decision to sell your practice, you want to know that the staff you know and respect will have a positive future. Knowing people have experienced the same transition and have seen the positives in their experience can really help relieve the burden of selling, and the stress that can arise from feeling you are placing your team into the unknown.
Although transfer of undertakings (protection of employment) (TUPE) regulations protect employees and their current contractual terms, it is also important to remember that any form of change can bring worry and with worry comes a decline in motivation and a change in behaviour. Something you do not want occurring when you are selling on the goodwill of your dental practice.
With the sale process requiring sellers to spend a large portion of their time collating documents for due diligence, many find telling their team about the sale is put off. However, it is important to remember that your team are the forefront of your business, the ones driving the goodwill and retaining its reputation. Ensuring your team are fully aware of the changes to their working environment will help them to prepare and adjust, so that the sale completes smoothly and positive working relationships continue.
Rodericks is highly experienced in the process of TUPE and can help to advise and guide sellers through their responsibilities and requirements. With a dedicated HR and acquisitions team on your side, starting the new chapter in your life does not have to be a challenge.
Going through an acquisition – Deborah Jefferson, Rodericks practice manager
‘I was promoted… and I have not looked back since,’ Deborah Jefferson, practice manager at Burnham House Dental Practice, said.
‘Before Rodericks acquired the practice, I was employed as a dental nurse. It was only after the group came in to the equation that I was promoted to practice manager, and I have not looked back since.
‘Though I had my initial reservations, I can safely say that the training is much better with Rodericks, there’s far more support available, and the managerial hierarchy is considerably better organised – not just at board level but on the ground within the practices too. It’s not generic, like some corporate practices, either. The internal policies and procedures may have changed – for the better might I add – but the atmosphere is still very much the same as before for our patients.
‘The actual four-month transition period went extremely smoothly for my team and I as well. Right from the very beginning, it was very clear that the group genuinely cares about its staff as well as its patients.
‘As such, I would advise any practice currently undergoing an acquisition by Rodericks not to worry, because you’re in good hands.’
Going through an acquisition – Richard Stewart, associate
‘I have been able to try new things and progress my career… Rodericks is a great group to work for,’ Richard Stewart, associate at Victoria House Dental Practice, said.
‘A couple of years ago, Rodericks took over the practice I’ve worked at for over 10 years. Since then, I have been able to try new things and progress my career in ways I hadn’t thought about before.
‘I currently mentor two dentists in their respective PLVE years (formerly DFTQ). In addition, alongside my full-time UDA commitments, I am able to spend time with the recruitment team as a recruitment adviser. This role involves interviewing potential new dentists for the group.
‘I have found both these new endeavours to be really rewarding and I am sure there will be more opportunities to come with Rodericks in the future.
‘For anyone who might be facing a similar situation, I would advise that if you can embrace the initial transition stage and all the inevitable changes that come with it, then you’ll discover all kinds of opportunities that you might not have previously considered. Rodericks is a great group to work for.’
If would like an informal chat to discuss your options, all enquiries are handled in the strictest of confidence. Please contact Rebecca on 01604 602491 (option five). Alternatively, visit the website at: www.sellyourdentalpractice.net.