At Ziegler Practice Transitions, we believe a successful practice transition requires a plan that is fair to both parties. A practice is a Seller's asset and the price and terms of the transition must be agreeable to the Seller, otherwise he/she wouldn't sell the practice. However, dental practice transitions are not a one-way street. If a deal is so one-sided that it is detrimental to a Buyer, then no Buyers will be interested in acquiring the practice. A transition plan that makes sense for both Buyer and Seller is essential to a successful practice transition.
The traditional approach to practice transitions is for both parties to acquire separate representation and then to have those representatives handle nearly all aspects of the negotiations. The Buyer and Seller are only minimally involved in the process. This is a fundamentally flawed approach for two major (2) reasons:
- The Buyer and Seller need to fully understand what it is that they are agreeing to and that understanding requires active involvement in the negotiations; and
- From the moment negotiations begin, the interests of the Buyer and Seller are placed in direct opposition to one another, yet they are to complete the process with a mutually agreeable plan.
Our approach is entirely different and completely unique. We prefer to work with both the Buyer and Seller together in a fair and neutral manner to quickly and amicably accomplish mutual goals. Transitions are successful when the Buyer and Seller are on the same team. Our clients are actively involved in the negotiations throughout the entire process.
Our job is to listen to what the Buyer and Seller want to accomplish, look at the financial realities of the practice (the Appraisal), suggest a neutral starting point and then guide the Buyer and Seller through their discussions with one another, while advising each side as to the effects and consequences of each suggested alteration. The result is a faster process and a more cost-effective, fair transition plan that both Buyer and Seller agree to and fully understand.