Category Archives: Before You Buy

How to Decide Between Two Good Practices

I call it my most bone-headed move in high school. Though, to be fair, the situation was totally unprecedented.  I had not just one, but two, girls ask me to a school dance my junior year of high school.  Having one girl interested was special enough. But two? At the same time?? Unprecedented.  Of course, […]

Ask This About “Own Occupation” Disability Insurance When Buying a Dental Practice

Dental practice buyers are at a disadvantage when buying their disability insurance for one key reason: timing.  Here’s why.  Among the mind-blowing complexity of making the largest purchase a dentist will probably ever make in their life comes this seemingly-minor decision of which disability insurance policy to buy. Only it’s not a minor decision.  Getting […]

Five Steps to Ditch the Fear and Find Your Perfect Practice Today

Take a second and imagine two unique dentists in the same corporate associate job.  They both want to leave their corporate dentistry jobs and buy their dream practice. Both are scared to pull the trigger because they like the benefits their salaries provide, they hear finding a practice is hard, and…aren’t DSOs buying all the […]

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 […]