Rodericks explains how to choose a potential buyer that will give you peace of mind after you’ve sold your practice.
When the time comes to sell your practice, it often raises the question – how do you choose between potential buyers? Money is important, but selling your practice sensibly also means choosing a buyer who will have the best interests of your staff and patients at heart.
Putting patients first
Patient retention and the continuing needs of your patient demographic should always play a key role in the selection process of choosing the right buyer.
You may be concerned that patients will leave a practice when it is sold, but if the sale is managed properly this is very unlikely to be the case. What patients require most of all is the knowledge and satisfaction that standards will remain the same, if not higher once the wheel has been passed to someone new.
To guarantee that they hold your patients’ interests at heart it is necessary to speak to potential buyers about any changes they will make to the practice. Do they share your patient-centred ethos? Will they implement new technology? Are they going to make changes to staffing? These can all have a big impact on the patient experience and are well worth discussing.
Will your staff be supported?
Your staff are the lifeblood of the practice and need to be looked after accordingly if the business is to continue to succeed. Selling the practice is likely to cause some disruption regardless of the buyer, and therefore you need to find one who will focus their attentions on ensuring that staff remain content. Furthermore, it is a good opportunity to explore if the new owner will be able to support your staff in their education and ambitions, helping them to achieve their career goals and expand in their roles.
The best way to assess whether these aspects have been considered is by seeing if the potential buyer has any plans in place that will allow staff to develop. These can include anything from the assurance of giving staff the time they require to complete valuable CPD to seeing whether they have any opportunities for staff to advance their careers.
Do they have past experience in buying practices? Can you speak to their staff and see what support they have received? These are important questions to ask so that you can get an idea of a potential buyer’s plans and safeguard the futures of your staff.
Rodericks Dental prides itself in truly understanding the needs of every individual practice. Not only do the team strive to uphold your legacy, but also they help staff to achieve their ambitions through training and education, whilst keeping patients satisfied with excellent care and the implementation of state-of-the-art technology.
Follow your instincts
By choosing a buyer that cares about the needs of your staff and patients your practice is likely to continue to succeed in the future.
For more information, please visit www.sellyourdentalpractice.net.