Summary: In the highly regulated industry of dentistry, political and financial factors are impacting practice transition for retiring dentists. With change comes great responsibility for dentists who are looking to exit their practice, and it’s impacting their personal timeline for practice transition and retirement as uncertainty looms.
Darren Shanahan of Avail Dental Exit Advisory Services who has over 20 years’ experience in the financial industry sector with the majority of that focused on healthcare and dental practices, reports that recent political and financial changes out of the control of practice owners has had a noticeable impact on practice transition for retiring dentists.
“The amount of uncertainty and confusion in the industry around practice valuation and what the true market value for an existing practice from experts in other industries has caused some dentists to pause and re-evaluate their transition plan since new fee schedules and change of government have been witnessed throughout Western Canada over the past few years,” says Shanahan. “We are seeing dentists bring up more concerns about these issues and how they impact their life’s work. They have built a legacy and put significant resources into growing their practice and are afraid that the recent changes may put them at risk.”
While it’s common for retiring dentists to have these concerns, Shanahan details after getting an inside look at 40-50 clinic operations and dental practice financials each year, the most important commodity owners have is giving themselves enough time to get their practice transition set up properly from the start.
“With proper practice transition planning in place, dentists and medical professionals can leverage the current marketplace regardless of what’s going on politically and within the economy. Having a highly qualified and reliable team in your corner naturally alleviates unwanted stress and anxiety for dentists wanting to transition their practice to an associate, new dentist or group.”
Shanahan’s philosophy allows dentists to transition their practice while still maintaining focus on all of the existing responsibilities in their day-to-day life and let a team of experts guide them through the process seamlessly with total confidence in their decision each step of the way regardless of what’s happening politically and economically in the marketplace.
“Although dentists may have differing reasons for leaving their practice or transitioning it to another party, they all voice similar concerns about feeling overwhelmed and anxious about preparing for practice transition – they want to avoid the disaster stories and urban legends about all of the things that could go wrong.”
Having the proper process in place for practice transition and following a proven methodology has never been more important in a political and economic environment filled with uncertainty as it is today. If you’d like to contact Darren Shanahan and the team at Avail Dental Exit Advisory Service to answer your practice transition questions confidentially, give them a call directly at 1-866-Go-Avail (1-866-462-8245) or visit their website AvailDentalAdvice.com.