For every practitioner, there comes a time when they realize it is time to let go of the reins. For me, it was after 48 years of “riding the horse” of a successful, private, fee-for-service general practice. I had an associate I thought would buy the practice. My lease was coming due when I thought he would assume ownership, and I assumed I would continue working for him for a little while. Despite all our mutual planning, the deal fell through. Now, what do I do?
For me, the decision was clear-cut. I did not want to sign another lease and no longer wanted to be the owner of my practice. I love the practice of dentistry and my patients, but I did not want to continue with all the administrative and HR issues. In what now became a very short period, my focus and goal was to sell and move my practice into a nearby colleague’s office. To do so, I clearly defined what I wanted that situation to look like and delineated the parameters:
I did not want to be the bank and “hold paper” upon selling my office. The prospective buyer would need to obtain outside financing.
A DSO was out of the question for several reasons. I did not have an insurance-based practice and did not have the volume that most were looking for in an acquisition. Perhaps the most important reasons were that I did not want to wait for payment nor did I align with their practice model.
I wanted to associate with another fee-for-service provider near my present office to make the transfer more attractive to my patients. Having free parking was undoubtedly a plus when choosing the location.
Their office décor had to be aesthetically pleasing, and the doctor and staff had to be open and welcoming to the idea of incorporating my patients into their practice and welcoming them into their “home.”
The technical aspects of the buyer’s office had to have modern, up-to-date equipment, at least as good as what I had presently.
My staff would be assimilated into the new practice for at least a pre-determined period. I would also “stay on” to facilitate the merger for a prescribed period.
To find such a match, I relied on my local dental supply representative to quietly and proactively “pre-qualify” those potential opportunities. He did so very efficiently. I had prospective buyers sign an NDA and interview, and I ultimately chose the best match for me and the buyer. After a period of mutual adjustment, we happily coexisted, and my patients, too, are happy to maintain a relationship with the person I selected in the manner and style to which they were accustomed.
The bottom-line message is that planning your exit strategy is never too early. Don’t get backed into a corner, as I almost did, without having any alternatives other than continuing the way things were. In the end, I now have a button that reads, “It’s not my problem anymore!”
About the Author
Dr. Glazer is a Fellow and Past President of the Academy of General Dentistry and a former Assistant Clinical Professor in Dentistry at the Albert Einstein College of Medicine, NY. Most recently, he received the Irwin Smigel Prize in Aesthetic Dentistry, presented by the New York University College of Dentistry for “Distinguished Achievement in the Art and Science of Aesthetic Dentistry.” He lectures throughout the United States, Canada, and overseas on dental materials, cosmetic dentistry, forensic dentistry and patient management. He maintains a general practice in Fort Lee, NJ, and is the Deputy Chief Forensic Dental Consultant to the Office of Chief Medical Examiner, City of New York.
