Covid has impacted the whole planet and every aspect of our lives. Dentistry is not immune from this and feels different in 2021.
Whilst dental practices are now allowed to remain open (and rightly so) in the more recent lockdowns there is still an impact for the profession.
The style of work for dental practice owners has changed with the need to incorporate fallow time, enhanced standard operating procedures, more digital workflows and the complexities of managing a team in the current environment.
At Frank Taylor & Associates we took a stance back in March 2020 that we need to remain in constant contact and communication as we navigated the unfolding crisis.
With so much unknown it was daunting, exciting and challenging but we knew it felt right to share our thoughts and insights to where we saw the market moving. Inevitably we needed to keep updating our thinking and react to how the dental profession behaved.
Incredibly the market for the sale of dental practices was broadly unaffected by the pandemic. There were just a few deals that aborted, of which a couple were unlikely to proceed regardless of Covid. Deals started to complete in September 2020 and currently there is a raft of delayed deals about to complete.
As we start 2021 there are a few things that stand out for us as being key learnings.
- Focus on what you can control.
As individuals we lost a degree of control in 2020 such as freedom of movement including overseas travel and sharing time with family and friends.
However, we can control our local environment and maintain good physical and mental well-being. We can ensure we communicate with those close and important to us. As a busines owner it is important to show true leadership and reinforce your vision, values and a pathway for moving forward.
Dental practice owners also can control how they bounce back and financially recover. The conditions are without doubt challenging, but I have seen many dental practices delivering better financial performance in Q4 2020 than for the same period in 2019. Many practice owners have extended their opening hours to create more capacity to see patients.
- Seek quality not quantity
During times of uncertainty there is a thirst for information. We have certainly seen this with a significant increase in direct approaches for information on the dental practice sales market.
Ensuring you source information from reputable, good quality sources is critical. Particularly when it is information which may inform a big decision, such as selling your dental practice.
- Trust is the most important currency
In times of crisis, we look to those we trust and we have developed good relationships with. This covers your team, customers/patients and service providers. Now is the time to invest in those relationships so they get stronger – those relationships should be a high priority. When an emergency hits you will be grateful to have a support system to carry you through.
- Exceptional customer experience
At Frank Taylor & Associates we deal with major life events – buying or selling a business for many is a once in a lifetime event. We strive to make sure this is a good experience. It is undoubtedly a stressful time, but using our experience of guiding thousands of clients through this process helps to ease the burden.
The Practice Sales Promise provides a framework and code of practice to ensure we stay focused on delivering the best service possible.
Open for business as usual
Since the Lockdown 1.0 back in March 2020 the team at Frank Taylor & Associates have continued to support the dental profession and continue to do so.
In fact, we have expanded the ways to contact us to 19 now – many of these new innovations a direct result of the pandemic and our desire to stay visible and supportive.
We are seeing a sharp increase in the number of dental practice owners looking to sell and we are well placed to provide the support and guidance needed at this important time. Not all dental sales agents are resourced to provide the necessary support needed, but rest assured the team at Frank Taylor & Associates are by your side.