Selling Your Practice: How and When to Tell Your Staff

Timing is everything when selling your dental practice, including deciding when to inform your team. Between coordinating financing, managing credentialing with insurance providers, and notifying landlords, impeccable timing is crucial during the sale process. Informing your staff too early or too late can significantly impact the transition and the new owner’s success. 

Wondering when and how to have this crucial conversation? You are not alone. Here’s what you need to know to manage this sensitive process effectively. 

Why Timing Matters 

Your staff plays a critical role in your practice’s success. They are the first faces patients see and the voices they hear when they call. Assistants and hygienists spend the most time with patients during visits and know the inner workings of day-to-day operations. Because of this, the timing of breaking the news to your staff significantly influences the transition process. 

• Too soon, and you risk complications. If staff members find out early, they may start to worry about their job security or the changes a new dentist might make. This could lead to some looking for other positions or unintentionally sharing the news outside the practice, leading to unnecessary speculation among patients or the local community.
• Too late, and it may erode trust. Waiting until the deal is finalized might make staff feel excluded or undervalued, potentially causing resentment toward the new owner. This attitude could disrupt the practice’s dynamic, impact patient experiences, and make onboarding for the buying dentist much more difficult.

When Should You Tell Your Team? 

While the answer may vary depending on each practice, a general rule of thumb is to wait until you have a serious buyer lined up—someone whose offer you’ve accepted, has secured financing and has signed the purchase agreement. This way, the deal is far enough along that you’re certain of the transition, but there’s still enough time to engage your team in the process. 

Your dental broker can offer guidance tailored to your unique situation. For example:

• Small, tight-knit communities may require longer discretion to avoid widespread rumors. 
• Practices with insurance-heavy patient bases might inform staff slightly earlier to help with the credentialing process. 

Ultimately, this decision isn’t an exact science, so consulting with experienced practice brokers can help you strike the right balance. 

How to Break the News 

When you’re ready, call for a team meeting to share the news. Remember that this announcement is a significant moment for everyone, so approach it with clarity, professionalism, and empathy. Here are a few key things to address during the meeting to keep the tone positive and reassuring. 

Start with Reassurance 

• “I value each and every one of you and wanted you to hear this directly from me first rather than an outside source.” 

Explain why confidentiality was crucial up to this point. 

• “There were many moving parts, including loan approvals, insurance setups, and the real estate process, that had to fall into place before I could share this with you.” 

Talk About the Buyer 

Introduce the new dentist to help staff feel confident about the transition and use the buyer’s name often to build familiarity with the new doctor.

• “Dr. [Buyer’s Name] is talented, kind, and eager to continue the patient-focused care we’ve built here together. I feel truly confident in their abilities as both a dentist and an employer.” 

Share some personal details to make the buying dentist relatable. 

• “Dr. [Buyer] graduated from [University] and has been practicing for [X years]. They have a family and love [hobbies].” 

Set Expectations for the Transition 

Provide clarity on what staff can expect moving forward. 

• “Dr. [Buyer] plans to keep as much as possible the same, including employee benefits.” 
• “The sale is expected to finalize on [Date], and Dr. [Buyer] will be formally meeting with all of you on [Date]. They’ll be ready to answer any questions you might have.” 

Ask for their support and flexibility during this time. 

• “I ask you to please be patient with Dr. [Buyer]. Transitioning into a new office is a big step, but with your support and input, I know they’ll do great.” 

Highlight the Positives 

Help your team see the opportunities in this transition. 

• “I have met with Dr. [Buyer] many times and they have assured me that you’ll have the chance to share feedback about what works in the office and what you’d like to see improved.” 
• “Many new owners expand office hours, which could mean additional opportunities for you.” 

Reassure with Your Continued Support 

If you’ll be staying on temporarily, share this with the team for added reassurance. 

• “I’ll be here for a while after the sale to ensure a smooth handoff and to help everyone—staff and patients—adjust to this change.” 

End on a Positive Note 

Thank your team for their dedication and emphasize your confidence in their abilities. 

• “You are an incredible team, and I’m so proud of what we’ve built here together. I know you’ll thrive under Dr. [Buyer’s Name]. Everything will work out great.” 

Keep Communication Open 

Allow staff the opportunity to ask questions, either during the meeting or afterward. Open dialogue helps build trust and sets the stage for a smoother transition. 

The Takeaway 

Telling your staff about the sale of your dental practice can feel like a daunting task, but it’s a pivotal part of ensuring a successful handoff to the new owner. By timing the announcement strategically and presenting it in a positive, reassuring manner, you can help protect your practice’s goodwill and position both your team and the new dentist for success. 

If you want personalized guidance on planning and timing this critical conversation, reach out to us today. Our expertise will help you handle this step with professionalism and care, reducing stress for all involved.