Before You Sell Your Dental Practice: Why It’s Better to Not Let Your Staff Know Prematurely

Dental Practice

As a dental practice owner, you know how important it is to keep your staff informed. After all, they are the lifeblood of your business, and they play a vital role in its success. However, when it comes to selling your practice, you may want to think twice before you tell your staff. 

Selling your dental practice is a big decision, and unfortunately, it’s often one that comes with a lot of stress and uncertainty. You may be tempted to tell your staff before you’ve finalized the sale, but it’s important to remember that it’s usually better to wait until all the details are sorted out.

In this article, we’ll discuss why it’s better not to let your staff know prematurely when you’re selling your dental practice. We’ll talk about the potential risks of informing your staff too early, and how to best handle the transition when the time comes. 

Why You Shouldn’t Tell Your Staff About Selling Your Dental Practice If It’s Not Yet Finalized

1. The Sale Can Disrupt Your Day-to-Day Operations

The sale of a dental practice can be a lengthy and complicated process. During the sale process, there can be a great deal of uncertainty and speculation. This can create an atmosphere of unease and can disrupt the day-to-day operations of your practice. 

Your staff may be concerned about their job security and the future of the practice. This can lead to a decrease in productivity and morale, which can have a negative effect on the overall success of your practice.

2. It Can Create Unnecessary Stress

When selling a practice, there are a lot of unknowns that can cause stress and anxiety for employees. For example, they may worry about their job security and whether they will be able to keep their current salary. They may also worry about the potential changes that could come with a new owner, such as new policies and procedures. This can lead to decreased morale and a lack of focus on their job.

It’s also important to remember that if the sale does not go through, it can be difficult to regain the trust of your staff. If you have told them about a potential sale and then it does not go through, they may feel betrayed and may be less likely to trust you in the future.

3. It Can Impact Your Ability to Negotiate

If you tell your staff about a potential sale, it can impact your ability to negotiate with the buyer. Buyers may be worried that your staff will start to look for other jobs or that they’ll be unhappy with the sale, which could lead to a lower offer or a deal that isn’t as favorable for you.

4. It Can Lead to Unnecessary Rumors

If you tell your staff about a potential sale before it’s finalized, it can lead to unnecessary rumors. Your staff may start to speculate about the sale and the potential changes that could come with it. This can lead to even more confusion and stress, which is not beneficial to your practice.

The Bottom Line: It’s Best to Tell the Big News When You Have a Buying Dentist Ready to Sign the Dotted Line

When it comes to selling your dental practice, it is best to tell the big news when you have a buying dentist ready to sign the dotted line. This is because, in the time between announcing the sale and the final signing of the contract, the buyer may back out if they learn that the staff has been informed.

This could leave you in a difficult position, without a buyer and potentially without staff. Selling a dental practice can be a stressful process, but with the right buyer and the right timing, it can be a smooth and successful transition.

At Ash Dental CPA, we understand that buying a dental practice can be a daunting process. That’s why we are here to help! We can provide you with the guidance and support you need to make an informed decision and ensure the purchase process goes smoothly. Contact us today for more information!