Give me just a few minutes and a few paragraphs and I’m going to change your mind about networking. Really!
I know, it’s not everyone’s favorite subject. I even avoid using the word much. Very few of us relish talking to strangers and trying to make friends, acquaintances, or just contacts. But as I’ve mentioned before, this is by far the best way to find a great dental practice for sale—and it’s not particularly close.
But here’s the thing: Networking is good for you, but it’s also good for the dentists you’re networking with.
I tend to talk a lot about this from your perspective and why it’s a good idea for someone looking for a practice to buy. Today, I’ll give you three reasons why selling dentists will be happy you sought them out.
This one will be obvious once I give you a few numbers. Dental transition brokers generally charge the seller about 8-10% of the purchase price of a practice. (Kind of like real estate agents.)
Let’s say a practice sells for an even $1 million. The seller is going to pay that broker $80-100K
The seller is paying this in large part so the broker can do the tough work of finding a great buyer. If you’re that great buyer…no need!
If a dentist is starting to think about retirement and a young, friendly, ambitious dentist comes to her and expresses interest in buying her practice, do you think she’ll be grateful to save $100K? Yeah, I’d say so.
I don’t mean “ego” pejoratively—we all have one! And it’s nice to have it massaged every now and then. When you network with grey-haired dentists, part of what you should be doing is learning from them.
Ultimately, your goal is to find a practice to buy, but it may not be Dentist A that sells you you, but instead it’s their friend or cross-town colleague. In the meantime, you’re getting to know Dentist A, learning everything you can from them, and giving them a chance to impart their wisdom. (And they have plenty. You should be eager for it.) Good for you, good for them!
When you buy a dental practice, you’re buying an institution that someone has spent decades caring for and building. This is literally the selling dentist’s life work! Do you think they care who they sell it to?
Yeah, me too.
Effective networking helps you to find someone whose clinical philosophy and work ethic matches your own, ensuring an effective transition as you step into the role of owner. Once again, it’s good for you, but great for them.
Bottom line: networking to find a practice to buy is the best way for you to find a great practice to buy. And if you’re ever feeling a little nervous about it, just remember that it’s just as good for the grey-haired dentist as it is for you.