In 2011, I transitioned out of ownership of my dental practice after 32 years as a sole proprietor. Cherry Tree Dental of Wisconsin was the purchaser. With their experience, the details and legal negotiations were relatively minimal.
Since 2002, I had desired to find a partner to share the dentistry and purchase up to 50% of my business. Two qualified dentists working with me over the next six years did not lead to a partnership. One left to start a solo practice and the other returned back to school to specialize.
Now it was 2008 and the second associate dentist have moved on. I was back at square one. I listed the entire practice for sale with a national sales broker. I was hoping to sell to an individual and continue to work as their employee. After 3 years, there had been only one viable individual candidate. That sale never went to completion due to the inflexible negotiations of the broker.
The broker now began to push for a sale to a large group practice. I refused to go in that direction. I started to explore the Cherry Tree Dental concept. A sale to Cherry Tree would meet my objectives:
- Job security for my staff
- Continuity for my patients
- Reduced administration
- Continue to practice in the same location, maintaining practice identity
- Security for my family knowing they would not need to deal with a sale if I should die or become disabled
Looking back at the first year with Cherry Tree Dental, I find most every aspect a positive one. My staff is unchanged and should have continued job security. The patients in general did not sense a change in environment nor policy. The objectives of the sale were met.
There were a few business decisions that I would have made differently, however they did not have a direct effect on providing dental treatment. I am adjusting to the fact that I do not need to make as many decisions on a daily basis and this is a good thing.
I recommend considering the options of Cherry Tree Dental for a dentist considering a transition from practice ownership or to a dentist wanting to start a professional career in Wisconsin.Vincent E. Bearjar, DMD