Balance sheet due diligence is not typically a major part of due diligence in a dental practice purchase. But that doesn’t mean it’s not important.
Understanding the balance sheet of the practice you’re buying is a necessary step, though it’s one that rarely turns up any worrying issues.
Luckily, you don’t have to do it.
Eighty percent, that’s the goal.
When you’re buying a dental practice, Your treatment philosophy and that of the seller should match up well—even if it’s not 100%.
Why is that? There are two reasons: one is qualitative, all about what kind of dentist you want to be; the other is mercenary, all about collections.
Eighty percent, that’s the goal.
When you’re buying a dental practice, Your treatment philosophy and that of the seller should match up well—even if it’s not 100%.
Why is that? There are two reasons: one is qualitative, all about what kind of dentist you want to be; the other is mercenary, all about collections.
The question is: “What do I actually say when I’m trying to network?” And like your favorite teacher back in school, I’m going to give you the answer before the test.
Banks aren’t the only ones who can loan you money! If you’re buying a dental practice, it’s possible that the selling dentist could be involved in the loan process as well, as a lender. While it’s less common than a standard bank loan, it could become relevant in your purchase process. If it is, here’s what you need to know.
Let’s talk about sustainability.
No, I don’t mean the environmental buzzword—important though that may be.
I’m talking about personal sustainability. The ability to maintain your life, your work, yourself throughout a long and lucrative career.
So, with that in mind, here’s a piece of general advice for most dentists: don’t shoot for the stars.
Counterintuitive, right? Obviously this one is going to need a breakdown.
In a dental practice transition, you’ll have hired experts for a reason, and they’ll do their expert thing.
But hang on, because you’re an expert, too. Let me explain.
If you’re buying a dental practice, every banker will want to be your lender. You could have multiple lending offers, and choosing between them can seem tricky. Hey, it’s a good problem to have! But you’ll still have to choose, so how do you do it? I’ll share a few thoughts.
If you’re buying a practice, and you’re prepared, you’ll have options when it comes to the bank you choose to do business with. How do you know which one to choose? I’ve got a few thoughts.
For many of us, the word “negotiations” is a little tough. It sounds confrontational, difficult, and kind of scary. It’s not, I promise! At least, it doesn’t have to be. I’ll tell you why.
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 »