DE's Business Lab: When to tell staff practice is for sale

April 20, 2021
Is your practice for sale? Dr. Chris Salierno asks transitions expert William Prescott about when to tell your staff . . . or not.

While every situation is different, dental transitions expert William Prescott, JD, EMBA, has some overall tips for dentists when they put their practice on the market. Dr. Salierno also asks about what's in the best interests of the purchasing dentist.

Prescott says that as a staff member, he'd be insulted if he was not informed that the practice he works for is on the market. But much of this communication does depend on the relationship between the dentist and team. He also says things are a bit different from an associate perspective.

Prescott shares a few examples of when it may not be a good idea to inform the staff. for instance, the selling dentist may not want to risk losing patients and referrals if word gets out the practice is on the market. What if the sale does not go through and word has gotten out? There are times to use caution.

Watch this short video, which is part one of three about selling your dental practice.