Mercer Transitions Program is now offering dentists the opportunity to learn how to identify when their practices are ready for transition, and further, how to go about planning and implementing a transition.
The Michigan Dental Association as endorsed the Mercer Transition Program for all MDA members, and believes Mercer's thorough program is the best for members of all ages and in all stages of their careers to reap the full benefits of transitions.
Transitions are not just for retirement. In fact, a well-planned transition creates a new and exciting period of practice growth and profitability. With an effective transition in the right practice you can:
- Have the lifestyle you want. Take time off and earn the same, or even more income than you did before!
- Achieve economic independence years before you thought you could.
- Create the opportunity to add up to a million dollars to your net worth.
- Rescue yourself from boredom or burnout — structure your transition to reduce your workload and spend your time doing the procedures you love to do best.
The Mercer Transitions Program consists of the following components:
Step One – Education
As a transition candidate (senior dentists and associates), attend the special workshop — Transitions: A 360° Approach to Optimizing your Practice — to become informed about all aspects of a successful transition.
Step Two – Diagnosis
At the workshop, you’ll discuss your goals with a Mercer Transitions Consultant. Your practice may or may not yet be transition-ready. If not, you may choose to work with a Practice Consultant to prime your practice for your transition.
Step Three – Treatment plan
When your practice is transition-ready, Mercer Transitions will analyze your dental practice and prepare a comprehensive transition plan (See Mercer Transitions Services for more detail). This plan includes:
- In-depth analysis of the practice
- Review of your historical financial results
- Projections of various transition scenarios
- Estimate of the fair market value of your practice
Mercer goes beyond the numbers to determine what resources are needed — both financial and otherwise — so that you can realistically achieve your goals.
Step Four – Execution
Mercer's advisors will provide you with documentation to support the entire transaction from the initial associate period (if applicable) to the eventual buy-in.
Step Five – Support
Many Mercer Transitions clients also look to Mercer for support through the transition process. Mercer's consultants have extensive experience in all aspects of practice management and can show your practice techniques to increase practice performance during this critical stage.
Transition Services
Are you ready to go? Start by attending Transitions: A 360° Approach to Optimizing your Practice (required). Then just give us the word, and a dedicated team of transitions professionals will swing into action and make your dream transition a reality.
Mercer's transitions services are totally turnkey and guide you through a complete and successful transition that:
- Perfroms a practice valuation by certified valuation experts using the objective USPAP standards for practice valuation
- Negotiates and establishes all terms of the business agreement
- Develops a practice plan to assure a win-win business strategy for both the practice owner and the associate dentist
- Creates contracts that can be reviewed by your attorney for all phases of the transition, from associateship to partnership
- Offers hands-on coaching to anticipate issues and forge each term of the contract
For more information, visit the Mercer Transition Services Web site, or call (800) 444-4143.
Transition Consultants
Transitions are performed over a series of years to maximize practice value and build a strong relationship between owner and associate. Inevitably, circumstances change, new issues arise, and both parties want to resolve these issues fairly. To help prevent discord from weakening your relationship,Mercer's practice consultants know the business and clinical sides of dental practices and are ready to help you work through these issues together and strengthen the bond of your transition.
For more information, visit: www.merceradvisors.com/services/transitions.php or call (800) 444-4143.
Mercer Advisors Workshops
As a member of the Michigan Dental Association, we invite you to attend a Mercer Advisor educational workshop in your region. Mercer Advisors offers lectures specifically designed to help you plan for retirement, transition, children's education, living comfortably, and managing your portfolio in a volatile market.
Transitions: A 360° Approach to Optimizing your Practice
When: January 22-24, 2010
Speaker: Imtiaz Manji, founder and CEO of ScottsdaleCenter for Dentistry
Where: Mercer Advisors Headquarters, Scottsdale, Arizona
Cost: Dentists: $750 (if you register before Dec. 28, 2009)/$950 after Dec. 28
Team members, associate dentists and spouses: $650 per attendee
CE Credits: 20
Led by Imtiaz Manji, Transitions: A 360° Approach to Optimizing your Practice will show dental practice owners considering any significant change in how to:
- Integrate an associate
- Create a partnership
- Double the value of your practice
- Create an economic windfall for the owner doctor of up to one million dollars in five years or less
Any dentist will gain an abundance of valuable knowledge from this workshop, particularly one who:
- Has a reached saturation and can’t keep up with the success
- Wants an associate to capture the practice’s excess value
- Is retiring or selling all or part of their practice within the next five to ten years
- Was in an unsuccessful associate or partnership arrangement in the past
- Is currently an associate partner and wants to optimize their position
- Is a new dentist who wants to associate and buy all or part of a quality practice
Who should attend this valuable workshop?
- * You. Now is the time to participate – even before you have a new associate on-board.
- * Your associate, if you already have one. (It takes two to make this work)
- * Your office manager or other team member who is instrumental in advancing your goals for the practice
- * Your spouse or significant other. This will affect his or her life, too.
This comprehensive workshop will answer every question you have about transitions—as well as several questions you probably never thought of. Don’t wait to attend this one.
Read what satisfied past participants have to say about their Mercer Advisors workshop experience.
About the Speaker ...
Imtiaz Manji is widely considered the greatest business mind in dentistry today. A visionary and a coach at heart, he has been educating and motivating dentists in North America for more than 25 years, providing systems and strategies that allow them to run profitable businesses while maintaining clinical excellence and a balanced lifestyle.
Imtiaz’s educational workshops combine his diverse background as a businessman, entrepreneur and leadership coach with his sophisticated understanding of what makes a successful dental practice. In addition, his inimitable energy and inspirational approach to life make for a total learning experience that extends far beyond the boundaries of dentistry.
Imtiaz has the unique ability to challenge dentists to envision their ideal life inside and outside the dental practice, and then give them the tangible tools and strategies they need to achieve that ideal. He understands that dentistry is a relationship business and that practitioners care deeply about their patients, and therefore economic success, clinical excellence and pure integrity must go hand in hand. His teaching balances business savvy with an unshakable commitment to doing the right thing because, in the end, dentistry is about providing impeccable patient care with integrity and value.
During his tenure as CEO of Mercer Advisors (now the world’s largest dental practice consulting and transitions firm), Mr. Manji envisioned a postgraduate education center that would make a lasting impact on dentistry and, in December 2006, the ScottsdaleCenter for Dentistry opened its doors. Today Scottsdale Center is home to Spear Education, where Dr. Frank Spear and a first-rate faculty have helped complete Mr. Manji’s dream, and to The Winter Laboratory, where Dr. Robert Winter a team of master ceramists have redefined the dentist-technician relationship and set new standards for quality and communication.