Articles

Four Reasons to NOT Use the Seller’s Accountant

First-time dental practice buyers face an important decision around the time they’re closing on their practice: do I use the seller’s accountant or find a new one?  I recommend buyers get a new accountant for the tax and bookkeeping work you’ll need help with as an owner. Here are four reasons why: 1. You want […]

This is How Many Banks You Should Shop for When Getting Your Dental Practice Loan

Some dental practice buyers may get a big head reading the stats that only 0.47% of dental loans go bad. They feel confident their loan is among the safest small business loans on the planet (true!). Maybe these same dentists have run the numbers and get cocky. They see the practice they’re buying will put […]

Three Tips to Effectively Submit a Letter of Intent to a Seller

Submitting a letter of intent is a big step in the dental practice purchase process. At a minimum, it typically starts a negotiation process that can lead to your buying a practice. But ultimately, it’s the offer you hope gets accepted. I talked about what a letter of intent should include in an earlier post. But how […]

Due Diligence Timing in Dental Practice Transitions

Due diligence is really nothing more than understanding what you’re buying. When making a purchase as significant and life-altering as the dental practice where you could potentially be for the next 20+ years, it’s reasonable to assume you’ll get a chance to open the hood and peek under all the rugs. But the timing of due diligence […]

The 2 Types of Dental Practice “Financials” and What They Tell You

One of the key pieces of information you’ll need to get when buying a dental practice is the financials of the practice you want to buy. Ah, the “financials.” What does that word mean anyway? Buying a dental practice can feel like it has a language all its own sometimes. I swear finance people in […]

How to Use Brokers

  I get nervous about dentists who complain to me, “I can’t find a practice to buy and the brokers won’t call me back!” I get nervous because asking that question means they’ve already broken the inviolable rule of practice searches – the best practices are often off-market, and can only be found by networking […]

4 Tips to Use Brokers to Find a Dental Practice for Sale

  Working with dental practice buyers across the entire US, I’ve met and worked with most of the serious brokers. Like any other professional colleagues, we talk. A lot of time, we talk about you. I’ve had my fair share of brokers griping and moaning about specific buyers, which then turns into conversations about buyers […]