Have you ever been in this situation?

Recently, I needed help with the cable signal to my house. In calling to get the problem fixed, I was passed through an automated system to attempt to solve my issue. This process only reminded me how frustrating it is when I try to get help with a product or service and am unable to speak with a qualified representative or professional.

A lot of times we take access to quality advice and direction for granted. Other times the quest for “value” or lower costs seem to trump getting the qualified advice that one needs. Unfortunately, this is something that we see too regularly. This brings up the question, what should your expectation be when you engage a person or company to provide you with transition services?

1. Qualified Expertise:
Your representative must have the education, experience and expertise to provide you with the service for which you engage them. Just because someone says they offer a service does not mean that they are qualified to provide it. In fact, they may not actually be providing it. As it related to transitions, ask whether the individual personally does the financial analysis / cash flow work up to help establish or support pricing a practice. Discuss whether they are familiar with the documentation for the transaction and where the draft documents come from. Find out with whom you will actually be working. If the individual does not personally provide services, their ability to understand and represent you is greatly diminished.

2. Clarity in Representation:
When engaging someone to sell your practice, you should be sure that the person you engage is representing YOUR, not dual party or transactional, interests. Dual representation is not just unethical, but, in Florida, illegal. Transactional representation means there is no true responsibility to your interests, just those of the transaction. Your interests are not held as paramount and discussions with you are not necessarily held in confidence. Further, your “representation” may even refuse to work with other specialists in the industry – how is that really representing you and your interests? Ask for personal, fiduciary responsibility.

3. Face-to-Face Relationships:
Shouldn’t you know what your representative looks like? If your representative is not willing to meet with you personally, how can he/she represent your best interests? You should be able to meet and discuss your expectations and needs with your transition specialist to know that he/she is committed to you.

4. Personal Contact:
If your transition specialist is sending potential buyers to your office and is not there to assist and answer questions, what are you paying them for? Potential purchasers need to understand what they are buying and why it is a good opportunity for them. Further, it is important for your representative to assess and evaluate each potential buyer, with you, in order to insure a measure of confidence in compatibility with your practice philosophy, patients and staff. This cannot be achieved without the personal “hand holding” that you should expect.

5. Supporting Networks:
Does your transition specialist have a network of supporting specialists? You should be given access to the banks that do practice acquisition lending. Your transition specialist should be aware of the current local lending activity and help to guide you to competitive lenders.

You should also expect to have assistance in finding competent accountants and attorneys familiar with dental transactions. Good legal and accounting representation should be expected to assist you in protecting your interests; however, you should not expect your advisors to make business decisions for you. Attorneys should be reasonably local to you and licensed in Florida.

Look at who your transition specialist recommends for professional assistance. The best transition specialists usually work personally, one-on-one, with the leaders in the industry.

Our Commitment to Excellence
At ADS Florida / Henry Schein Professional Practice Transitions we are committed to personal service and representation. We work with dental specific accountants and CPA’s as well as the finest local attorneys that specialize in dental practice transitions. We work with the major lending institutions on a personal level, providing your potential purchaser with the best possible opportunities for financing. Our firm has been in the business for over 40 years and has affiliated with industry’s best, something that no other company can boast.

We pledge our personal service and attention to your practice transition needs with exclusive representation. We will not compromise our business ethics with “loss leaders” and “blind mailings” that suggest a potential buyer for your practice when, in fact, it doesn’t exist. We will meet with you face to face and personally address your issues and concerns and will not send a client to your practice without our presence. We will provide you with the service you expect!

Find out more about our team and services here on our website. No extensive phone trees, buttons or clicking necessary.