Not every dentist sells the practice to the highest bidder. At first glance, it seems that a practice sale is all about getting the most money. Practice listings only highlight money and the location. However, for many retiring dentists the priority is to find a successor with compatible practice philosophies.
You are a dentist who takes time with each patient and never rushes the treatment. You always have taken a conservative treatment approach. For instance, you will put a tooth on the “watchlist” rather than pushing for immediate treatment. This practice philosophy has earned you the trust of your patients. And when you propose a treatment plan, the patients always accept it.
The bottom line is that you want to sell your practice to a dentist who has the same practice philosophy. You want to be proud of leaving a legacy of providing the highest level of care to your patients. This is more important to you than getting the highest price for your practice. You want a successor with the same philosophy.
In the absence of a compatible practice philosophy, the purchaser will destroy the goodwill of the practice in no time. Having the wrong successor is a horrible thought. It would certainly dampen the enjoyment of your retirement. It is no fun running into old patients who feel that you abandoned them.
To make sure that you get the right fit, you can do your own due diligence on the prospective purchaser such as personality tests to determine the compatibility or getting in touch with dentists who have worked with the prospective purchaser.