Henry Schein Professional Practice Transitions has announced a partnership with The Snyder Group. Together, they have become one of the largest transition firms in the United States with nationwide coverage and representation.
The Snyder Group is a Philadelphia-area based dental practice transition firm that provides services including strategic and financial planning, transition consulting, and practice sales and brokerage.
Leading this partnership is national director of transition services for HSPPT, Dr. Eugene Heller; director of transition services for TSG, Dr. Tom Snyder; and director of transition services for TSG, Charles Costa.
In this article, HSPPT and TSG answer a few questions about this partnership:
What do you think a dentist really needs to know about transitions?
All dentists will leave ownership either by design or default. It is truly never too early to plan and design a transition. The earlier a dentist lays out his or her transition, the sooner he or she can begin "preparing the practice" for transition. These preparation steps not only increase the value of the practice and enhance its salability, but also increase the practice's profits until the transition occurs.
Dentists need to know what a practice valuation does and why they should have it. The ultimate purpose of a current practice valuation is the same as life or disability insurance – to protect one's family. Practice transition consultants do much more than answer the question, "If I want to sell my practice now, how much can I get and how fast can I sell?"
Why choose Henry Schein Professional Practice Transitions/The Snyder Group?
Planning and preparation are vital to any dentist's successful career transition, and to the ongoing practice operations and profitability until that transition happens. Our partnership brings an unmatched nationwide network of regional offices and contacts that offer the most extensive knowledge for dentists on practice transition issues, financing, and nationwide listings.
What would you advise dentists to do if they were interested in a practice transition?
It is more important than ever that dentists deal with experienced and industry-specific dental transition specialists. Dental practice transitions have always been more about goodwill than tangible assets. In reality, a buyer is purchasing the "custodianship" of patient files. This is the most valuable part of any practice transition.
Whether dentists use an unqualified or inexperienced practice transition consultant, or attempt to plan and implement a transition themselves without a professional, most dentists face delays and challenges that range from finding a qualified buyer to finding financing that doesn't require the seller to subordinate or guarantee a buyer's loan. This does not include the potential mistakes made, which ultimately cost dentists tens of thousands of dollars.
What benefits do you see by helping dentists with business information?
There is more to being a dentist than just dealing with people's teeth. Dentists are entrepreneurs and business owners who need to know the ins and outs of running a business. Despite optimal clinical training, the business aspect of their career received minimal emphasis during dental school. Even if a dentist does not use our transition services during his or her practice transition, we hope the information we share will help practitioners make good choices and avoid costly mistakes.
For more information, call (800) 730-8883 or send an e-mail to [email protected].
Dr. Eugene Heller is a 1976 graduate of the Marquette University School of Dentistry. He has been involved in transition consulting since 1985 and left private practice in 1990 to pursue practice management and practice transition consulting on a full-time basis. He has lectured extensively to state dental associations and numerous dental schools. Dr. Heller is the national director of transition services for Henry Schein Professional Practice Transitions.
Dr. Tom Snyder is a speaker, author, and practice transition consultant in strategic planning and practice management. He received his DMD from the University of Pennsylvania's Dental School and MBA from Wharton Business School. Dr. Snyder serves on magazine editorial boards and has a featured column in The Dentist's Network.
Charles Costa served 15 years as EVP of a multi-location, multi-specialty dental group practice. His experiences include business administration and practice sales and acquisitions, as well as lending. His expertise as a director of a regional bank has helped dentists obtain practice purchase loans.
Past DE Issues