The Letter of Introduction

By: Timothy A. Brown, FRI

CEO & Broker of Record

www.roicorp.com

A family member received a letter last year announcing the sale of the dental practice the family had attended for almost 40 years. Our company was not the broker for the selling dentist although we were given the chance to supply a quotation for our service.

I recognized the name of the purchaser because I had met her last spring when she was starting her search for a dental practice. A lovely person with a great attitude. She found the right opportunity for her through one of our competitors and she completed the sale. When I saw the letter announcing her name as the purchaser and the retirement of the previous owner, I was shocked at the terrible quality and the lack of sensitivity. It was one of those traditional “Dear Patient” letters and it was photocopied on low quality paper with a photocopied signature of the outgoing dentist. And the overall message was bland—lacking energy and sincerity. Certainly nothing to make a patient feel ‘good’ about the change. It was also insensitive to long-term, loyal patients who at least commanded the simplicity of striking out the “Dear Patient” and writing in their first name because they were friends with the dentist. An opportunity missed.

I felt obligated to reach out and called the purchaser to say I was disappointed in the letter and that it could have been written and presented in a much better format. She conceded that it was the staff that made all the arrangements and that she just let the process flow. I reminded her that as the new business owner (who is now heavily indebted and invested) that she should take the lead in these matters. I did not reprimand her, but made it clear that our firm would have recommended strongly against the low-energy message and the quality of the mailing.

In addition, the letter announced an open house at the practice and because I had been to that practice a number of years ago, I cautioned her that it was quite small and the facility itself was extremely dated and that I did not think it was the right place to hold a reception. I asked if she renovated since she took over, which might have changed my opinion, and she said no.

That is when I stepped up my game. I said “Dr., cancel this event. We will find a much better facility and we will do a second mailing to the patients announcing that due to overwhelming demand, we had to delay and move the reception to a larger facility.” I offered to host it at my country club in an effort to help her communicate with her patient base that she is a classy individual and that they are worthy of a reception at a nicer facility than a very dated (wood paneling!) 1980s dental office.

She agreed with most of my observations, but decided to let the reception proceed. At the end of the event, she sent a message saying “it went very well today, but Tim I’m really looking forward to the much bigger and better event that you are going to help me plan for the future, post Covid-19.”

I did not sell this practice to the buyer, but I do care about her future success as she enters an exciting new phase of her career in practice ownership. I am passionate and highly dedicated to the Canadian dental industry as a whole.

When considering a brokerage firm to work with, interview them thoroughly and ask how they will support the process before during and AFTER the sale to help you leave a lasting and positive impression on your patients and your legacy.