Brokers are a great source to find a dental practice for sale. But many buyers have trouble getting a response from brokers when they’re looking for more information on an area or specific practice.
I’ll share one near sure-fire way to get a broker to pay attention to you and get back to you. It’s quick and easy.
Several other factors listed in loan proposals give the impression they are a big deal and need to be compared to choose the best loan. I’ll mention three that are commonly discussed, but that, in my opinion, aren’t important enough to be considered serious factors in your decision.
That first meeting with a seller is vital, and so is the first impression you give them. Making that great first impression will largely come down to the questions you ask, and how well you listen to the answers.
Here are 4 excellent questions to ask to set yourself apart.
Bad brokers are annoying, but you may think the underlying practice is worth dealing with them. If you’re looking at a practice that has that kind of broker involved, I want to give you a tool in your arsenal that you can use to negotiate with.
Both are great ways to make more money, pay off student loans, and build real wealth over your career. So for young dentists the question often comes up: should I build or buy? There’s no shortage of opinions in dental forums, but let me give you my two cents as someone who has spent over a decade helping dentists buy practices.
On average, a dental practice owner in the U.S. makes $414,223 per year.
Now hold on, don’t leave just yet! As with other average numbers we’ve talked about, the answer without context isn’t really an answer at all. So let’s dig into this one. How much can a dental practice owner expect to make?
The average dental practice in the U.S. costs about $520K. But I don’t like national averages here, because it’s misleading for your specific situation and practice. There are just too many other factors in the mix. How many operatories does it have? How many doctors? Is it a specialty practice? What city is it in? Which neighborhood? And so on. You get the idea.
So let’s look at it a different way.
The average dental school grad in 2023 came out of school with a whopping $296,500 in student loan debt. Woof.
In one way, those loans are great! They got you into a great career with high earning potential. On the other hand, we don’t have to pretend that they’re not a huge drag. So how best to get rid of them?
A dental practice ought to look good, right? When someone drives past, they might notice the signage, the landscaping, the general look of the practice. Is it inviting? Is it dingy? These things matter!
But as a prospective buyer, you’re probably young enough to understand something instinctively: as much as the physical look of the practice matters, its online presence matters even more.
When buying a dental practice, you’re going to assemble a team to help you out. As I’ve said elsewhere, the most important member of your team is your dental-specific attorney. Next is your accountant. But there are others as well. A banker, a broker, equipment reps, insurance agents, and possibly some other consultants as well.
With so many people involved, which voices should you turn to first?
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
Sapna Amin worked in a private practice as an associate and went on to become a private practice owner. She also has experience with merging practices with a DSO. She is dedicated to helping other buyers in acquire their dream practice like she did! 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 »
Julie grew up in dental practices and comes from a dental family. Most recently she was the regional manager of three practices in Southern California as well as a dental management consultant in North Carolina for 13 years where she supported solo practitioners and group practices across a wide range of specialties. 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 »
Brian Hanks is an author, advisor, accountant, and certified financial planner specializing in helping dentists buy a dental practice of their own. Brian developed his dental practice acquisition framework to help dentists navigate the complex and overwhelming process. Brian’s book, How to Buy a Dental Practice: Find, Analyze, Negotiate, and Purchase the Right Dental Practice for You, details the basic pitfalls that new dentists often make and lays out a roadmap for a successful acquisition. His consultancy, Dental Buyer Advocates, provides hands-on guidance and expertise for evaluating practices, performing due diligence, negotiating with sellers, closing on a practice, financing, transitioning a practice over from the seller’s management, and much more. Prior to founding Dental Buyer Advocates, Brian served as an accountant and Certified Financial Planner™ at two different dental CPA firms. He is a featured author for Dental Economics, AGD Impact, and DentalTown, and is also a speaker for the Seattle Study Club. Brian has a business management undergrad from BYU, a finance MBA from University of Michigan, and a CFP certification from Northwestern University. He lives in Salt Lake City, Utah with his wife and four kids, and serves dentists nationwide. Read more »