“I want to own my own practice, but is now the right time?” I get this a lot, especially in informal conversations at conferences and the like. for most of you the answer is “absolutely,” while for a few of you, it might be better to wait. Which are you? Let’s break it down. At […]
A few weeks ago I gave you a list of questions to ask the seller during your first meeting. Here’s another one to add to that list: “When are you planning to tell your staff and patients about the transition?” The answer should be something like, “As soon as possible,” or even, “I already have.” If the […]
“I’m considering paying a massive amount of money for this practice, and I want to see the seller’s bank account to know for sure that what they’re telling me they collect is actually true and accurate information. Can I do that?” It’s a great question, in part because the answer is so clear: No. (I love when […]
What if you’re looking at a practice for sale, but you can’t see how much of the production comes from the doctor and how much comes from the hygiene? What if, for whatever reason, you can’t get detailed information about production before you have to make a decision on submitting an LOI? Keep reading to […]
Every business depends on new patients walking through the door and pulling out their wallet when they leave. How will you keep a steady stream of new patients once you’re in control of the dental practice you buy? Since most people do their research online these days, your website is the front lines in your […]
“Want to build some real wealth doing dentistry? GO RURAL.” I have no doubt you’ve heard this before. I see it all the time on dental forums and Facebook groups. But is it true? Maybe. Yes and no. It’s complicated. Okay fine, we should dive into this one. In your search for the right practice […]
Two of the most consequential decisions you’ll ever make in your life are (1) which practice to buy and (2) which person to settle down with. And yes, I’m putting those two things together on purpose. The process of searching for and purchasing a dental practice has more in common with dating and courtship than […]
I’m excited to announce the upcoming release of Season 3 of the Practice Purchased podcast, coming up on April 27th. I’m joined this season by dental lawyer Ashley Garbe Smith with AGSDentalLaw.com. As I’ve said many times before, having a dental-specific lawyer for your transition is vital, and when you listen to my conversations with Ashley, you’ll […]
Location, location, location. Yes, it’s important. I’ve talked around this a bit already, but let’s tackle a common, and specific, question: What if the practice I’m looking at is geographically close to 3 other dental practices? Or 5 other practices? Or…if you’re in Draper, Utah like me … 22 other practices in a two-mile radius?? . Your practice […]
Let’s run through a hypothetical. You’ve found the perfect practice. It has a great staff, good location, healthy client base, the works. It’s even right in your price range … or at least it should be. Unfortunately, this seller has wildly overvalued their practice, and nothing you say seems to be getting through to them. […]