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THINKING BUSINESS
a blog by Chris Barrow

Why you should be careful about keeping the former Owner on when you buy a practice



Maintaining the status quo is no good for business.


That's why, when you buy a dental practice, you should be very careful about inviting the current Owner to stick around for a few recall cycles to oversee the transition of ownership.


I've seen this go wrong so many times over the years.

  • You have paid for the goodwill of the former Owner's patients but they now continue to earn a living from them as an associate;

  • You can bet your bippy that the former Owner will continue to supervise neglect, just like they did in the years leading up to the sale. So eventually you are going to inherit that, and the feedback from the patients that "Dr. Smith never told me that I needed that."

  • The former Owner will become a quiet saboteur - when the team complain to the Owner that you are trying to change everything - the Owner will defend the status quo and, thus, their popularity.

It rarely, if ever, works out well.


Better to let the former Owner go in a celebration of their career, unequivocally become the new broom, and make it totally clear to the team (and the patients) that you are now ready to take the business into the future.


Those who leave will be doing you a favour.






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