More important than the deal is the person in the deal. This mantra is perhaps most appropriate when applied in the context of finding someone to carry on the legacy you have worked so hard to establish. Be patient; don’t sell your practice to the first willing buyer who knocks on your door waving a check. Take the time to meet potential buyers in person, get to know their values, work ethics, and clinical skills. After all, you will promote them to your patients and staff as someone whom you trust and who will continue to provide the level of service they have come to expect.

How do I find the right buyer? Consider these options:

1. Hire an Associate: Hire a recent graduate as an associate and include a future arrangements clause in the employment agreement outlining the plan for the future transition. This will give you, your staff, and your patients a chance to evaluate their clinical skills, personality, and ethics. It will also give the potential buyer a chance to evaluate you and your practice to decide for themselves if the practice is a good fit. Of course, the practice must be busy enough to support a new doctor.Tip: To find an associate who is interested in ownership, post a job with the local dental association, dental school, or other job posting platforms, and be sure to advertise that the job is an associateship leading to partnership/ownership.
2. Post the Practice for Sale: List your practice for sale with the local dental association, dental school, or other platforms. Draft a narrative that paints a positive (but accurate) picture of your practice while avoiding specifics about the practice to maintain confidentiality.
1. Hire a Broker: Brokers are skilled at finding potential buyers for your practice. They typically utilize the same resources and platforms available to you, so consider posting the practice yourself before engaging and paying for a broker.
1. Talk to Friendly Competitors: Reach out to neighboring dentists or a dentist in your local study club whom you trust to keep your discussions confidential. A local dentist may be interested in your patient base, location, equipment, or all of the above. Choose someone whose reputation you know and respect.
1. Do Nothing: This approach is not for everyone and should only be considered when all other options have been exhausted. If you have not found a willing buyer and you are close to retirement, you may consider working a few more years, then closing shop. Make arrangements for your patients’ care to avoid issues with patient abandonment.