Do not—Do. Not.—try try to buy a dental practice without a good attorney. As a dental accountant, I can tell you with confidence that while I’m an important person to have in your corner, a dental-specific attorney is even more vital. Here’s how to choose the right legal guidance.
contact us Work with UsThis is one area where you don’t want to skimp. Here are two things you want to focus on:
The first is obvious: you want a specialist who knows the ropes. Dental transitions have plenty of twists, turns, and potential pitfalls. You want an attorney who has seen it all and won’t get tripped up by some surprise, derailing your deal.
The second is less obvious. Why a flat fee attorney?
The main reason dentists engage an hourly attorney is the belief that you can save some money by not using them very much. Thinking you can keep legal expenses low on your dental practice purchase is, admittedly, tempting. But the odds are against you.
We reached out to the last 10 clients we worked with who also used an hourly attorney and asked how much their final bill was. Their average bill was $9,340. One client’s bill was $18,000! Ouch.
The flat rate attorneys we work with most often have an average fee of $6,900 for everything involved in buying a dental practice. Correctly navigating the legal waters of one of the largest purchases you’re ever likely to make is not where you want to be cheap. And the chances you end up ahead are low.
That said, there are some cases in which an hourly attorney might be better. Practices changing hands under very amicable circumstances with incentives closely aligned could justify choosing an hourly-rate attorney. For example, a father selling a practice to a son, or a partnership with all major terms already in writing might make sense.
If you’re not one of these cases, go with a flat-fee attorney who specializes in dental practice transitions.
Brian Hanks helps dentists navigate the acquisition process, from due diligence through closing on a practice. Contact us to learn more.
A dental practice acquisition has a ton of moving parts. You don’t want to try this without the right help. A good attorney can save you tens or even hundreds of thousands of dollars.
An experienced attorney can help you draft and review the dental purchase agreement.
With so many deal structure options available, your attorney can guide you on the following:
Common transaction term negotiation services include:
Your lawyer can help you with your employment agreements with staff.
Taxes are a big part of what a practice owner keeps their eye on. A good attorney can help you save big bucks on taxes.
When you search for an attorney to handle your dental practice purchase, find one with following attributes:
I’ve been working in dental transitions for well over a decade, and I know many good dental-specific attorneys. I’m happy to suggest one that would fit well for you and your purchase.
The ability to purchase a dental practice is an exciting milestone, but the valuation and acquisition process can be complex. Leave the stress to the professionals—contact our team for a free consultation today!
With decades of experience, we quarterback your practice purchase so you can invest in a thriving business with confidence. Our white-glove service and proven process enable smooth acquisitions on the best possible terms.
Along with your attorney, we’re an indispensable part of your team:
Invest wisely and fulfill your entrepreneurial dream with Dental Buyer Advocates. Let us guide you on the fast track to acquiring your own successful dental practice.
Do you want to learn more about buying a dental practice? Check out our 27-step dental practice acquisition checklist.
Check out our podcast for more practice acquisition advice!
Dental support organizations (DSO) are professional corporations that provide support services to dental practices. DSOs manage non-clinical operations and provide benefits like economies of scale.
Assets include equipment, supplies, patient records, leasehold interests, staff, and intangibles like goodwill. For oral surgery or other dental specialist practices, assets also include specialized equipment.
Value is based on revenue, profit margins, growth potential, brand equity, niches served, and local market forces of supply and demand. Site visits and financial record analysis also inform valuation.
Major intangibles are patient base and referral relationships, reputation, online reviews and ratings, goodwill, and intellectual property like training materials. These contribute significantly to practice value.
Dental investments are interests purchased in dental corporations, joint venture arrangements, DSOs, real estate entities, dental equipment development, and emerging dental technologies.
Whether you’re trying to find a practice or have already closed on one, we provide expert guidance for every aspect of the deal. Click any of the links below to learn more.
It all starts with finding the perfect dental practice for you.
Jenny Stern is a licensed general dentist who practiced for over twelve years and completed a General Practice Residency in 2008. In addition to receiving her real estate certification in 2017, she also has experience with practice transitions and business banking. Read more »
Tara Clarridge is the former business manager of an oral surgery practice that had multiple locations. She has over twenty years experience with everything from payroll to credentialing and is eager to answer any questions you may have. Read more »
Sam Sutton has been very involved in the dental world throughout her life, and will work closely with you to open up your practice. Prior to joining Dental Buyer Advocates, she was a Dental Hygienist and has seen how successful dental practices run. Read more »
Brian Hanks is involved in all deals with the team. Prior to starting Dental Buyer Advocates, he was an accountant and Certified Financial Planner™ at two different dental CPA firms. He will help guide you through the process of buying the right dental practice. Read more »
Brian Tomono is a 24-year dental lending veteran. He brings his experience to your deal to make sure you pay as little as possible to the banks. He assists doctors in negotiations and team building to achieve their dreams of practice ownership. Read more »