We’ve talked about two different types of mailers you can utilize on your quest. One focuses on quantity while the other focuses more on personalization. Though there are multiple differences, the theory of what to include is applicable to both.
I obviously really like to use dating analogies because that’s really what searching for the right office is similar to. It’s not realistic to get everything on your list checked off (although I sure did), but there are characteristics you know are important to you in a potential partner.
There are key qualities you are wanting in your future practice. Only you can decide what those are. Now, unlike dating, you can be upfront about qualities you want. I couldn’t tell a girl “Hi, my name is Brian and I want this, this and this. Do you have those? If you do, will you date me?” (Not a recipe for success.)
You can, however, be that upfront in your search. When you send your mailers out, be specific. Do you want a minimum of 4 operatories? Tell them that. Do you want a practice that’s focused on cosmetics (after patient care of course)? Say it.
Have you ever done a white elephant gift exchange? You’re at a party with a dozen other people and you have no idea who is going to end up with the gift you brought. So how do you pick what to bring? You choose something that you would probably like and that you think the majority of people would like as well
The same is true for mailers, no matter what approach you’re focusing on (i.e. mass or targeted). Think about what you would like to see if you were selling your practice. Maybe that’s the smiling face of a young doctor and their family or maybe it’s a fun coffee mug mimicking Michael Scott’s “World’s Best Boss”.
We once had a client who was selling her practice and looking to move to a new state. She started her search for a practice that she could see herself in. She did her research and found nine senior doctors in the area she was interested in.
After noting those nine, she put together gift boxes that were personalized to her and where she lived at the time. She included a handwritten note expressing interest and provided her contact information.
She had seven responses.
Of the nine offices she sent boxes to, seven doctors responded but none of them were the match she was looking for. Don’t get discouraged just yet. One of the doctors recommended a friend of his who was interested in selling. That turned out to be just the match she was looking for.
She has since closed on her deal and is very happy with the office and the success she had using this method to find her seller. Although she sent them out to nine offices and results seemed dismal at one point, it worked. Why? Because it only takes one for it to go right.
Let’s go back to the contents of your mailer. Though you should try and think of what you would like to see, don’t get too hung up on that. Nine out of twelve people at that white elephant party will like the novelty toaster you brought, but there will always be a few who don’t.
It’s not likely that all nine of the doctors liked the jar of nuts our client sent. However, the personalization, sincerity and time speaks louder than the actual contents.
Regardless of which route you choose in your mailers, don’t be afraid to not appeal to everyone. Focus on being authentic and it will resonate with the right sellers. Isn’t that the whole point anyone? Finding a seller you can work with and who’s legacy you want to keep building upon?
Whether you’re going the Capital One route or personalized peanuts, you are still reaching out to the seller. You’re utilizing your searching time more effectively and efficiently than most other doctors in your shoes. Keep your focus on connecting with dentists 80% of the time. Meanwhile, with the remaining 20%, reach out to a broker. It couldn’t hurt, right? Not as long as you do it well…
Evaluating the Seller as much as the Practice
Learn the Recipe to Find a Practice for Sale