How and When to Tell Your Staff about the Sale of Your Dental Practice

Change of ownership within any business is a significant transition that mandates keeping employees informed. As the team makes up an essential component of the business, you should let them know about the sale of your dental practice but not before the matter has been completely finalized. Although the decision about when and how to tell your staff lies to the owner themselves, it is critical to understand that timing is crucial.

Here’s how to decide how and when to tell your staff about the sale of your dental practice:

When to Inform Your Staff

People and their opinions can differ in this matter. However, it is important to note that informing the staff too early can make them panic, which may result in them leaving to pursue other opportunities. Irrespective of whether the deal of sale goes through or not, the dental practice ends up losing valuable resources. The appropriate time to inform the employees is when you, as the owner, have a serious buyer whose offer has been accepted, their financing has been approved, and the purchase agreement has been signed.

How to Tell Your Staff about the Sale of Your Dental Practice

People and their behaviors vary from situation to situation. Employers understand their staff best, which is why they should take them into consideration regarding the sale of their dental practice. You might even be pleasantly surprised at how well the news is received, as long as the development is portrayed in a positive light. This can be done by stressing how the new owners are friendly, cooperative, understanding, and have a concrete vision for the future of the dental practice.

Conclusion

When informing your staff about the sale of your dental practice, how the news is phrased and when it is announced can make a huge impact. Choosing the correct language and disclosing this information after the plan has been finalized will bring out the best results.

If you are looking to buy a dental practice, get in touch with our team at CTC Associates today.