Friction in dental transitions is my foe.

I was thinking about my competition.  People think of their competition as an enemy… Sometimes having a foe is a good thing.  You probably have a foe in your line of work.  Well, I guess there are two groups of people that are my competition: dental practice brokers/consultants and 100% do it yourselfers.

Transition brokers charge a percentage of the sales price of a practice in order to find and match buyers and seller, and then do valuations and legal work.  That is the same stuff I do.  They certainly seem like competition.

There are some selling dentists that will sell their practices without the help of professionals, with no valuations, with no paperwork… those folks might also seem like my competition… or maybe just my potential clients.  I’m happy to help them as best as I can, and that’s why I have several free or low cost tools and services for that group.

But really I have no external competition.  I don’t do a percentage fee.  My fee is extremely low.  I do offer the same services, plus helping people find partners… but there is a difference.  While the broker needs to convince his clients that transitions are something very complex and hard to do (to justify his 10% commission), I only have to focus on making transitions easier.  If transitions become something the average dentist can do without a broker, then brokers become a niche player… only for deals that are VERY complex.

The only competition I content with is the process of transitioning practices.  That’s the real competition… how to simplify the process and reduce  the cost.  High cost and complex deals create significant friction that can be overcome.  Simplification and one-on-one trust between buyer and seller create grease that minimizes friction.  Lower costs from professionals like dental CPAs and dental attorneys reduce the need for the seller to squeeze every last drop out of his buyer.  Standardized processes make the deal simpler… all which reduces the friction.

Not all friction is bad… Friction is great for keeping your grip on icy sidewalks.  However, in business deals friction leads to a waste of time, effort and money.  So that is why I say friction is my foe.  What is your foe?