Keeping your dental staff happy during a practice transition to a buyer is a crucial aspect of the transition process. These staff members go a long way towards keeping the look and feel of your business consistent in the eyes of your patients.
Below we discuss some strategies that can be used to manage expectations and retain staff during a practice transition. We also provide suggestions of when and how to make the announcement to your team.
Strategies for Maintaining Morale
Communicate Openly: When the time is right in the transition process it’s important to keep staff members informed and engaged. However, this does not mean a company-wide announcement is needed. You may choose to tell one or two trusted leaders in the office before telling the wider group. Ultimately the staff’s personalities will serve as the guide when you tell them. It’s essential to communicate openly about the reasons for selling your practice, what changes are coming, and how it will impact staff members.
Maintain Staff Compensation and Benefits: One of the key concerns of staff during a transition process is whether their current compensation and benefits will be adjusted. In most cases, the benefits offered by a DSO will be better than what a private owner can provide, and most DSOs seek to ensure your staff never feel like they have ‘lost’ in the transition. When preparing for a transition make sure staff benefits, both formal and informal, are discussed with the potential buyers.
Recognize and Reward Staff: Recognizing and rewarding staff for their hard work and contributions is essential to keeping them happy and motivated. During the practice transition process, take the time to acknowledge their efforts, and consider offering incentives to reward their loyalty and dedication at close.
Maintain a Positive Work Culture: Finally, maintaining a positive work culture during the transition is critical. Foster an environment that is supportive and collaborative, and encourage open communication and teamwork. Be the positive leader. Your team has followed your direction for years, and will continue to use your confidence as a barometer.
When to Make the Announcement
The timing of the announcement can vary depending on your specific circumstances. Generally, it’s best to make the announcement after the legal documents are close to being completed and both parties are comfortable that any “red flags” have been addressed. This minimizes the risk of any surprises or last-minute changes.
You should also consider the timing of the announcement in relation to your staff members’ workloads and schedules. Time the announcement at the end of the day when you can allow sufficient time for questions from the team. It’s also best to not schedule the announcement on a day when the staff will be off the following days.
How to Make the Announcement
First, you should meet with your staff members in person to make the announcement. This shows that you respect and value their contributions to your practice and that you’re willing to take the time to explain the situation in person.
Second, you should be honest and transparent about the reasons for your decision. Emphasizing the positive aspects of the sale can illustrate to your staff that conditions will be just as good, if not better, under the new structure. Be prepared to answer any questions your staff members may have about the sale.
Selling a practice can be a challenging and emotional process, but by carefully considering the timing and approach of the announcement, you can minimize the impact on your staff members and ensure a smooth transition for all parties involved.