In January 2011, I began my 15th year of management consulting and coaching to dental practices on a full-time basis.  So many positive experiences, countless situations and challenges, fortunately lots of success stories, but of course those instances where just when you thought you’d seen it all, something would come along and humble you.

A definite trend in my business is that I have become increasingly involved and spending much more of my time as a facilitator for dental practice transitions. In the Northeast part of the country where I do the majority of my work, I can tell you firsthand that very few dentists are brave enough to start a practice from scratch. The most severe economic downturn since the Great Depression has reinforced that rationale. Even strong well-established practices with marketing dollars to spend are fighting for their fair share of new patients. So for a dentist to secure an equity position in a practice, there are basically two choices: buy an existing practice from a retiring dentist, or buy into a partnership.

It will be my purpose in this series of blog posts to discuss the good, the bad, and the ugly of dental practice transitions. Done well–with incredible attention to every detail–a change of ownership can be profitable and successful. Done poorly–and I’ve seen this far more often than I ever would have imagined–you are talking nightmare. So please take good notes as I try over these next few months to help you avoid preventable, irreparable, costly mistakes that will dash your hopes and ruin your dreams.

Over the years, I have found this subject of practice transitions to be a big mystery to dentists. It would be my pleasure to share information with the dental community at large. As someone who reads my blogs, your endorsement would be most appreciated. Please forward this post to five of your most respected dental colleagues. They can click here and be sure to get some useful information.

Starting next week, I will be publishing an entire series of blog posts devoted exclusively to the topic of dental practice transitions. Whether you are buying a practice or selling a practice or hiring an associate or forming a partnership – these are critical decisions and not actions that you take every day. Over the years, I have found the business side of these kinds of transactions to be a big mystery to the average dentist.

It is my serious desire to share useful information on practice transitions with the dental community at large. As someone who reads my blogs, you could really help me out – and I would be most appreciative – if you would forward this message within your dental network – perhaps to four or five of your peers or colleagues. They can click here to receive ideas and strategies that based on my experience should help them avoid costly mistakes. Thanks for spreading the word.

Over the past three months, in a series of eight blog posts, I have been discussing my ideas and strategies on how to ultimately attract more new patients to your practice using the Internet. For most dentists, creating a website and utilizing social media to grow a practice is still a relatively new concept. No question about it –getting a new patient “the old-fashioned way”– as a referral from an existing patient–is still the gold standard. And we never want to abandon the relationship building that we do with our patients that  encourage those referrals to take place.

But to ignore the power of the Internet, and to not have the opportunity play in that space, is a huge and costly mistake. Every day, thousands and thousands of people do a Google search for a dentist. Every day, people are asking their friends on Facebook about recommendations for all sorts of professionals. Don’t you think that some of these people live in your neighborhood?

So as I close this series for now, I implore you to take action. Immediately! It won’t happen on its own. Hope is not a strategy. Re-read and print out this past series of blog posts. Then lay out and write down a detailed plan with a timeline. A goal without a plan is just a wish. Hire a company to help you build a great website, and then promise to keep adding interesting content. Take a course or two and learn about social media opportunities. Get your staff involved because you can’t possibly do this all by yourself.

It is all about making the commitment. With bacon and eggs, the chicken is just engaged – but the pig is truly committed. So doctors- don’t just dip your toe in the water on this – dive in head first!. The opportunities for significant growth are far too meaningful to ignore. Recognize that your commitment to Internet Marketing must be ongoing. Stay alert–be consistent–be creative – and start to reap the rewards.

P.S. – My next series of posts will be on the subject of dental practice transitions. Over the years, I have found this subject to be a big mystery to dentists. It would be my pleasure to share information with the dental community at large. As someone who reads my blogs, your endorsement would be most appreciated. Please forward this post to five of your most respected dental colleagues. They can click here and be sure to get some useful information.