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.
If you’ve been reading my stuff for a while, you know about the “80/20 rule” already. When looking for a practice to buy, spend 80% of your time networking with other dentists and 20% with brokers.
But I might call it the “79/19 rule,” which just isn’t as catchy. What I mean is that there are other methods for finding a practice, and while they’re usually not as reliably effective, I have seen plenty of cases where it worked out.
If you’re looking for a dental practice to buy, follow my 80/20 rule. It’s pretty simple: When you’re looking for a practice, you should spend 80% of your time networking with other dentists, especially grey-haired ones. That’s where most of my clients find their eventual practices, and it’s usually how you’ll find the best ones (the ones that never even hit the other market.
The other 20% should be spent with brokers, also an excellent resource. You can do that passively, just by checking their websites, or proactively, by connecting with them personally. Connecting with brokers is both easier and trickier than working with other dentists.
Finding a dental practice to buy can be a marathon, and I’ve known many dentists who’ve been frustrated by the effort. But what’s the best way to run a marathon? One step at a time. Let’s talk today about just that first step.
Finding a dental practice to buy can be a marathon, and I’ve known many dentists who’ve been frustrated by the effort. But what’s the best way to run a marathon? One step at a time. Let’s talk today about just that first step.
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.
Of all the questions I get from dentists, the ones around finding a practice to buy are the most common by far.
Every month I’ll put together a list of 20 practices that are worth taking a look at. Here’s how to get it.
Starting the search for a practice to buy can feel like staring over a cliff edge into a black abyss. You don’t know what’s down there, so jumping is scary.
Take the leap now.
Here’s why.
Here are the top 3 three things I look at when I’m helping a client assess a potential practice to buy.
If you’re on the hunt for a great practice to buy, knowing how to look is one thing, but knowing just what you’re looking for? That’s something else entirely.
Here are the top 3 three things I look at when I’m helping a client assess a potential practice to buy.
“Networking” evokes images of schmoozy glad-handing at industry functions, passing out and taking business cards with promises of keeping in touch. And for some people, it *is* that!
That style of networking isn’t invalid, but it is tough for a lot of us, especially the introverts out there.
This is a topic I’ve hit recently, but I continue to get enough questions about it that I wanted to revisit it one more time.
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 »
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 »
Dana Fort practiced general dentistry as an owner while also starting and selling a business that sold products for babies. She has experience in both the selling and transitioning of dental practices as well as mergers and acquisitions. Read more »