Case Study: Creating a Legacy of Patient Care

In our third real-life story from our eBook, “Making the Case for Small-Market Dentistry,” we explore the journey of an endodontist practicing in a small Midwest town. We’ll call him Dr. Pat. After many years of practicing in and serving his local community, Dr. Pat had his sights set on retirement but wanted to find a way to continue his legacy after selling the practice.

Challenge: A hitch in the plan

While preparing his succession plan, Dr. Pat expressed his desire to keep his current associate in the practice even after his exit (let’s call the associate Max). Dr. Pat valued Max and understood the significance of keeping him on board to maintain patient loyalty, so he opened up the conversation of selling the practice to him.

When he presented the idea to Max, Dr. Pat outlined his long-term vision for the business; he also reassured Max that he would provide the necessary support to make the transition as smooth as possible.

Despite Dr. Pat’s efforts, Max ultimately decided that his own family considerations took precedence and he declined the offer to purchase the practice.

Solution: Buy-in opportunity and transition planning

Dr. Pat was a well-known specialist in his area and was also recognized nationally for his continuing education (CE) courses and exceptional clinical skills. As a result, many practitioners were familiar with his name and are drawn to the opportunity to work with him. His excellent reputation in and out of the office made attracting talented individuals to join his practice easier, and he found a new associate to take over not long after Max declined his offer.

Dr. Pat sought Aprio’s assistance with developing a strategic plan to preserve his legacy after the sale. Our team helped Dr. Pat and his new associate navigate the buy-sell agreements, transition process and guided both doctors in implementing the most appropriate dental-specific financial strategy.

Outcome: A successful transition to building a legacy

Dr. Pat’s vision was realized with Aprio’s Dental Practice Transitions team’s help in designing a transition strategy that allowed his legacy to continue, while empowering the associate smoothly take the reins.

Ultimately, Dr. Pat’s dedication to his work inspired him to sell his practice while assuring the continuation of his legacy. Like many dental practitioners, he deeply valued his patients. Dr. Pat had the desire for their continuous care even after his retirement.

What’s next?

Dentists can increase their chances of a successful transition by being proactive and demonstrating a strong, long-term commitment to their vision, actively building a network, and expanding their practice beyond basic operations.

Aprio’s Dental Practice Transitions team can simplify the transition process and help you achieve optimal outcomes that can position your practice for continued success. Whether you are ready to sell, buy, start a practice, or simply start the conversation, Aprio is here to help. Schedule a consultation with our team today.