Inheriting dad's practice

[bisulfite]

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I am very fortunate to have a father who is a dentist with a large practice in a very prime location. I've wanted to become a dentist all of my life, and my dad very much wants me to take over his practice. I'm a bit concerned about a few things though. Firstly, if I took over his practice, would most of his patient base remain intact even though the man they've trusted for decades is being replaced by someone they've never met? Would it be a good idea to make myself known around the office by shadowing my dad, so it's not a drastic change when I, hopefully, take over his practice?

Secondly, if I were to go into a different specialty than my father's, would I have to make major changes to the office to accomodate the needs of my specific line of dentistry?

Thanks in advance.

 

[dentalman]

One: Any practice that you purchase, a certain percentage of patients will leave or prefer their old dentist. It's just human nature to not like change. And let's be honest, would you trust a first year dentist more than one who's been practicing for 20 years? Anyway, although some patients will leave, not all of them will, and your cash flow should be more than sufficient to cover expenses and a salary if it truly is a large practice. I would personally not be concerned about this. Plus, you will begin to build rapport with patients and may draw a younger crowd.

Second: It depends on the specialty, but most likely you would have to make major changes. More important than that, however, you would not have the same patient base, so all of those patients that would have stayed around won't be your patients because they don't need a specialist. It just doesn't make sense for an oral surgeon to buy a endodontist's office. You get the point.

So that brings me to my final point: It sounds like there are so many questions, you should go into dentistry or a specialty only if that is really what you want to do. Of course, having someone as a mentor and to show you the ropes is very valuable. But if your dad is doing pedo and you hate kids, it just won't work out, and he should sell it to someone else (for fair market value ... probably a little better price than you would have paid) and you should follow your own path.

Okay, I'll get off my soapbox now.

 

[dentalman]

Hey, it's my 300th post! I should stop being on this site so much.

 

[scalpel2008]

I am very fortunate to have a father who is a dentist with a large practice in a very prime location. I've wanted to become a dentist all of my life, and my dad very much wants me to take over his practice. I'm a bit concerned about a few things though. Firstly, if I took over his practice, would most of his patient base remain intact even though the man they've trusted for decades is being replaced by someone they've never met? Would it be a good idea to make myself known around the office by shadowing my dad, so it's not a drastic change when I, hopefully, take over his practice?

Secondly, if I were to go into a different specialty than my father's, would I have to make major changes to the office to accomodate the needs of my specific line of dentistry?

Thanks in advance.

have him stick around for a year or so to assist in the transition phase which will allow his patients to trust you knowing he's still around. shadowing can be good and bad. their first and lasting impression of you might be that of a student who can't do procedures today, but all of a sudden in a couple of years is going to be taking over their treatment, as opposed to walking in as Dr. bisulfite Jr.

 

[capisce?]

I am very fortunate to have a father who is a dentist with a large practice in a very prime location. I've wanted to become a dentist all of my life, and my dad very much wants me to take over his practice. I'm a bit concerned about a few things though. Firstly, if I took over his practice, would most of his patient base remain intact even though the man they've trusted for decades is being replaced by someone they've never met? Would it be a good idea to make myself known around the office by shadowing my dad, so it's not a drastic change when I, hopefully, take over his practice?

Secondly, if I were to go into a different specialty than my father's, would I have to make major changes to the office to accomodate the needs of my specific line of dentistry?

Thanks in advance.

Why not ask your dad these question? 😕

 

[bisulfite]

Very limited contact with my dad these days, as I am 10 hours from home and he is constantly working (whoever said dentistry affords an easy life style has surely been misinformed!).

 

[Lesley]

Very limited contact with my dad these days, as I am 10 hours from home and he is constantly working (whoever said dentistry affords an easy life style has surely been misinformed!).

From someone well informed.

Yes, your father's patients will stay. I constantly get asked if my kids are going into dentistry. Their answer is no, but if I were to answer yes, the patients would be delighted. If your father has a loyal patient base, this will translate as a plus for you. His patients will be more patient, trust and feel familiar with you from the beginning.

Shadowing or even hanging around at the front desk, meeting and greeting patients would be a very good idea.

Should you specialize, you may have to make some changes, but you may want to make some anyway depending on how well your father has kept up with technology.

Best wishes and good luck.

 

[Denticized]

Show up around the office and make it clear that you are the boss's child and treat people like crap. That's what I did till I found out that it wasn't my father's practice.

 

[fancymylotus]

I show up to my dads offices, many of his patients know me and know that I'm going to dental school and ask about it, and he tells alot of them about it as well. Assuming I end up in his specialty,he wont have to change the set-up of his practices at all,which would be totally sweet cause he has it all organized out really well.

 

[Tooth]

Anyone who takes over a practice needs to make sure the selling dentist is going to stick around on, at least, a part-time basis for a few years. This is your only hope at keeping the patient base around. Even if it's your dad, you should do this. Many people have this stipulation in their contracts.

 

[dinesh]

I'm in the same position.
What i'm going to do is, when I get the time(maybe from 3rd year) , start hanging around,assisting etc so that the patients get to know me well. Must build up that rapport early Oclock.
Even after you take it over, it'll help having your dad there , initially to guide you along, and make some of those 'hard to please' patients a bit more comfortable.

 

[johntara04]

Anyone who takes over a practice needs to make sure the selling dentist is going to stick around on, at least, a part-time basis for a few years. This is your only hope at keeping the patient base around. Even if it's your dad, you should do this. Many people have this stipulation in their contracts.

It is always nice to have the old doc stick around, but it can suck as well. Most docs will tell you that you probably won't lose too many if any patients when the doc leaves. People are lazy. They like the office, they already have an appt., they don't want to call around looking for someone else. Another thing that might suck is that your dad has his way of doing things and you have yours, but if dad is not around you won't butt heads. So there are good and bad sides to having the previous doc stay/leave.

 

[bisulfite]

The only problem is my dad is getting old. By the time I'm out of dental school he'll be pushin' 70 and probably be getting ready to retire. If he retires before I am finished with my education, then what?

I have shown up around the office and assisted my dad with a few surgeries. His patients seem to have trust in me, because they trust my Dad a lot. Hopefully this will carry over when he's gone.

 

[johntara04]

The only problem is my dad is getting old. By the time I'm out of dental school he'll be pushin' 70 and probably be getting ready to retire. If he retires before I am finished with my education, then what?

I have shown up around the office and assisted my dad with a few surgeries. His patients seem to have trust in me, because they trust my Dad a lot. Hopefully this will carry over when he's gone.

If your dad retired the day you walked in the doors, I would be shocked if you felt the effects of any patients leaving. Don't worry about it. Like I said, when it comes to a lot of the business side of things, you might be glad he is already gone.

 

[Bifid Uvula]

Show up around the office and make it clear that you are the boss's child and treat people like crap. That's what I did till I found out that it wasn't my father's practice.

Best thing I've read in weeks!

 

[capisce?]

Anyone who takes over a practice needs to make sure the selling dentist is going to stick around on, at least, a part-time basis for a few years. This is your only hope at keeping the patient base around. Even if it's your dad, you should do this. Many people have this stipulation in their contracts.

Someone else already said this, but I wanted to elaborate. Usually, you do not want the owner to stick around too long.

First off, people are either going to leave or they are going to stay. With the takeover of any practice, the newcomer has to expect both patient and staff turnover.

If the previous owner sticks around, even though you are the new boss the staff will be loyal to him. It is difficult enough to make changes in a new office, but with the old guy around it will be nearly impossible.

Head over to dentaltown if anyone cares to read more in depth about this. There are a ton of threads from new owners griping about the negative effects of the previous owner sticking around.

 

[setdoc7]

Someone else already said this, but I wanted to elaborate. Usually, you do not want the owner to stick around too long.

First off, people are either going to leave or they are going to stay. With the takeover of any practice, the newcomer has to expect both patient and staff turnover.

If the previous owner sticks around, even though you are the new boss the staff will be loyal to him. It is difficult enough to make changes in a new office, but with the old guy around it will be nearly impossible.

Head over to dentaltown if anyone cares to read more in depth about this. There are a ton of threads from new owners griping about the negative effects of the previous owner sticking around.

How do you guys know so much about practice transition?

 

[johntara04]

How do you guys know so much about practice transition?

We realize that we will one day be dentists, and probably buy a practice and have to deal with all this so talk to you guys, talk to actual dentists that have done this before, listen to what doctors post (dentaltown), etc. At this point in our careers, it is usually best for us to keep our ears open and try to learn everything we can.

 

[HuyetKiem]

I am very fortunate to have a father who is a dentist with a large practice in a very prime location. I've wanted to become a dentist all of my life, and my dad very much wants me to take over his practice. I'm a bit concerned about a few things though. Firstly, if I took over his practice, would most of his patient base remain intact even though the man they've trusted for decades is being replaced by someone they've never met? Would it be a good idea to make myself known around the office by shadowing my dad, so it's not a drastic change when I, hopefully, take over his practice?

.

During my break time or holidays, I usually fly home and work as much as possible at the office. I was introduced by staffs to patients as a doctor-in-training. Before any of the procedure, I usually come in the operatory, talk to patient and pretend to check up on X-rays, instruments, paperworks ... I was allowed to present the treatment plan and payment options to new patients, provide OHI, basic dietary counseling and follow-up call to ortho and denture patients. There are so much to do at the office in order to get patients familiarizing with your face. Start early 😀 😀

 

[capisce?]

How do you guys know so much about practice transition?

When I come out of my residency next year I'm weighing a scratch start-up vs. an associateship.

I've spent literally hours while on call reading dentaltown. There are an excessive number of threads that deal with this situation and about every other type you can imagine.

When you get to this point, you'll feel like a sponge trying to sap it all up.

 

[setdoc7]

When I come out of my residency next year I'm weighing a scratch start-up vs. an associateship.

I've spent literally hours while on call reading dentaltown. There are an excessive number of threads that deal with this situation and about every other type you can imagine.

When you get to this point, you'll feel like a sponge trying to sap it all up.

I would spend less time on dental town and more time developing a business strategy and plan. Dentists are notoriously poor businessmen/women (empirical hearsay...no hard data), but after all, business is business as Trump has taught the country. I would find out what things cost, and how and where I wanted to practice. Dental town rarely has any true horror stories in print, but I have seen plenty of practitioners go belly up over the past 25 years for lack of a good plan. You have spent the last 8-10 years learning how to treat patients. Spend some time learning the business of treating patients. Depending on someone to "show you the ropes" is putting all that hard work into one person's hands.

 

[capisce?]

I would spend less time on dental town and more time developing a business strategy and plan. Dentists are notoriously poor businessmen/women (empirical hearsay...no hard data), but after all, business is business as Trump has taught the country. I would find out what things cost, and how and where I wanted to practice. Dental town rarely has any true horror stories in print, but I have seen plenty of practitioners go belly up over the past 25 years for lack of a good plan. You have spent the last 8-10 years learning how to treat patients. Spend some time learning the business of treating patients. Depending on someone to "show you the ropes" is putting all that hard work into one person's hands.

Yeah, I'm sure you've "seen plenty of practitioners go belly up over the past 25 years" I welcome you to come watch me set up and come back in a few years and tell me how I'm doing.

I'm ~3 years away from my own practice, wtf am I going to make a business plan for now? I have colleague plans and know what it entails. There's no point writing a plan now because it's completely dependent on time-related factors. What's relevant today means nothing tomorrow.

Dentaltown is for the things you can't get in print. If I'm thinking about buying a certain type of chair, all the patterson or schein rep will do is pump me full of how great it is. On DT I can hear from actual practitioners about how it works in the real treatment world. I can read how to handle staff conflicts, or that latest bonding system. I can get somewhat objective info that a rep won't give me. How about what to look for in an associate contract, or pitfalls and traps to avoid. How about office logistics, like never having windows facing south or west due to the sun setting and rise in heat. Or then maybe there's posts on things to look for when contracting your builders and places to save. It's for questions like the original posters, because the first thought would be "hey, letting the owner stay sounds good". DT lets me read from people who have actually gone through that, and allow for the "hey I never thought of that". You can't get that in print or from a catalogue.

I'd ask another dentist who has been through the ropes for some advice. DT is like have a thousand of those at my disposal.

I will be a pediatric dentist and not a financial guy. Thus, I will surround myself with good people, from my OM to my CPA and with investing. You know, the people who are trained to handle that stuff.

Not sure where that post came from 😴

Have you ever even been over to DT. 9 out of 10 of your posts make no sense. Chalk this one up there for the home team.

 

[setdoc7]

You all sound like smart guys, but you come off naive. I am sure you are aware that a formal business education takes about 4 years of college, and those finance guys go on to mega bucks in the business world right out of school. My point is instead of wasting time reading about chairs and bonding agents which will be completely different in +- 3 years, I would invest in some business education like basic accounting, marketing, finance instead of burying your head in nonsense and paying some hi priced guys to give you business/financial advice once you are in practice. It takes time to learn this stuff, and right now you might have some. The window of my office face west, I have a lovely view of Central Park every day. I never worried about that.