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In a previous article for this column, I discussed how important it is in any practice transition to have the seller depart with a feeling of "respect" toward the buyer and with his or her "dignity" intact.
In the normal negotiating situation, both parties strive to obtain as much as possible for themselves. This is only human nature.
In the transition of a professional practice, you must look beyond the immediate need to steer the transaction to the buyer's or seller's favor and attempt to see what the two parties expect to achieve as the end result. The end-result expectation should be a successful transition that leaves the seller feeling like he or she has left the patients and the practice in good, competent hands and the buyer should feel as if he or she has maximized the "goodwill" transfer from the seller.
However, as we all know, there can be pitfalls in the process. Let's take a look at the negotiations in the sale of a dental practice. I'm not recommending that each party shouldn't try to gain the best advantage. What...