Because of this significant impact, every transition has risks associated with it that are unique to each situation, and each must be carefully planned in advance and mitigated. That being said, there are certain fundamental conditions and reasons for a transition that make taking on these risks worthwhile. In most cases, senior doctors can realize an economic windfall significantly higher than what they would have received from the traditional brokered approach, and associates can end up owning a practice worth almost double what they paid for it at the beginning of the buy-in process.

Innovative practices understand that a transition is a business strategy that has at its center the protection, enhancement and full realization of the practice’s value as a business. Best practices around transitions are about knowing when the time is right to leverage this value for maximized success. A transition puts the practice in a state of evolution and flux – it affects the team, patients, ownership, practice image and value.

Transitions are based on successful, established senior doctors integrating an associate into the practice and gradually transferring full or partial ownership over time. Through this approach, excess value that would have gone unnoticed is often uncovered and leveraged, patient needs are met at the highest level, and both doctors reap the economic advantages of dramatically growing the practice. By following a two-part plan that includes optimizing your practice and adding an associate or partner dentist it is possible to grow your practice while working less and earning more.

Mike Elster, National Manager

Mike Elster is the National Manager for Mercer Transitions, a division of Patterson Dental, and has more than 20 years of industry experience. He has coached thousands of dentists on identifying and optimizing their practice growth, and finding opportunities for a successful, win-win transition.

Mike and his team are the “initial diagnosticians” on the Patterson Connect team. He ensures that all initial inquiries about Mercer Transitions services are addressed with an initial phone consultation and works with clients during that first consultation to discover what the vision and goals of the practice owner are, determine if a practice transition is a fit, and if so, what that would look like for the specific needs of the doctor.