Houston Dentistry Magazine Volume 1 Issue 1 - Page 9

By focusing on service, integrity, and advocacy, Watson Brown assures that your transition needs will be handled competently, equitably, and with your best interest as a central priority. Dr. Piazza emphasizes that practice valuation is more than examining the financial records of the practice. “A practice’s true value is composed of many factors, including the location, equipment, staff, patient base, and cash flow, but the main advantage and value of a practice is derived from people and relationships. To truly determine fair market value, you have to evaluate every facet of the practice, both tangible and intangible. When a transition is handled well and the important value of relationships is recognized, patient confidence in the new practice ensures that it will continue to thrive.” The team at Watson Brown encourages dentists to begin planning far in advance of any transition to build a foundation for the best possible outcome. The first step in the planning process is to have your practice appraised. An in-depth analysis of your practice is key to determining whether you are well-positioned for a successful transition. Pre-transition planning can identify areas in the practice that need improvement and allow time to develop and implement strategies that enhance the value of the practice. You may be advised to attract new patients, adjust your fees, evaluate your office lease or real estate options, properly structure associate agreements, or evaluate staff salaries. Conducting an evaluation early will help you determine the most favorable timeline for the transition and proceed with confidence. Watson Brown also helps clients with contingency planning for an unexpected death or disability. Pre-planning for an unexpected death or disability is a preventative measure to ensure that, in such an event, all facets of the sale of your practice will be handled expediently and efficiently to preserve the practice and maintain the practice value. This specific, step-by-step plan protects your family members from shouldering a difficult burden during a highly emotional time and ensures that such matters are being handled competently and according to your wishes. Allies in a Successful Transition You do not have to – and should not – manage the complexities of transition planning alone. There are clearly many considerations involved in total preparedness. However, the single most important step may be to select a team of professional planners known for integrity who are also market leaders with a proven track record in successful dental practice transitions. By focusing on service, integrity, and advocacy, Watson Brown assures that your transition needs will be handled competently, equitably, and with your best interest as a central priority. For more information, call Watson Brown at (469) 222-3200 or visit ADStexas.com. www.houstondentistrymagazine.com | HOUSTON DENTISTRY 9