Neil Lloyd, CEO of Dental Partners, explains how the organisation is perfectly positioned to ensure a smooth transition of ownership when the time comes to sell your practice.
When a practice owner finally decides to make the move and sell their practice, the last thing they want is a stressful, drawn-out process. It’s not good for them or for colleagues who have given years of loyal service. Neither is it good for patients who need the reassurance that standards of care will not suffer during or after transition.
At Dental Partners, we go out of our way to ensure a smooth transition of ownership. We focus on acquiring practices with strong local identities and we don’t ask them to change. We understand that practice teams know their clients and their needs best, so we ensure that they stay in control of their clinical decision-making and working practices. What we do is take responsibility for the business and regulatory aspects of the practice, so that the dental team are empowered to concentrate on what they know and do best.
We understand that even though it may be time for the owner to move on, they want to ensure their colleagues retain job security and good career prospects. News that the practice is being sold can be disruptive for the practice team, so we make sure we allay their fears straightaway. Our aspiration to be the ‘Best place to Work’ drives us to maintain both a positive working environment and relationships by engaging our teams and providing opportunities for all team members to train and develop.This positive attitude to professional progression helps practices with recruitment too.
The transaction process goes more smoothly if the vendor is working with an organisation that has knowledge and experience of buying practices. Over the past 18 months Dental Partners has acquired over 30 practices so we know what works best for owners and their teams. We act effectively and can advise on exactly what is required and within what timeframes. The clue is in our name: we regard our relationship with our practices as a ‘partnership’, which means lots of engagement, clinical freedom and celebrating great teams.
Working together in an open and honest partnership that encourages clinical freedom and aligned operational and clinical support from the start smooths the transition of ownership of a practice, minimising stress and maximising the potential for everyone involved.
LinkedIn: Dental Partners UK
YouTube: Dental Partners