The dentist I was talking to argued that starting a practice makes more sense because (I’m paraphrasing here), “Tons of patients loyal to the seller will leave anyway, and I’ll have to build a patient base again. I might as well start from scratch.”
There’s wrong, and then there’s completely, totally wrong. This dentist was the latter.
I know many dentists share this fear, even if they’re not as adamant about it as the doctor in this story. And it’s not a crazy fear! But it is wrong.
Don’t negotiate simply to negotiate—negotiate to find a win-win. Protect yourself well with a dental specific, transitions-focused attorney and accountant, and you’ll be a lot happier both throughout the process and after you own the practice.
I’ve worked with quite a few parent/child dentist families, where the parent is retiring and the child is coming up in the industry and ready to buy the parent’s practice. Seems easy! No adversarial relationships here, right?
I certainly hope so! While some aspects of this type of transition are easier, it also comes with less obvious landmines to avoid.
DSOs seem to be on the rise these days. These investor-owned, multi-practice corporations have deep pockets and lots of bargaining chips when it comes to buying up private practices.
So what do you, the small, private buyer, have to offer a seller? Why would they choose you? Let’s take on a few truths and misconceptions about DSO offers, and why you’re still extremely competitive as a private buyer.
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.
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 […]
Episode 5 of the Practice Purchased Podcast “How to Choose an Accountant to Help Buy a Practice” is now live! Listen to it here. I’d love for you to listen and provide any feedback you have. I also was a guest on one of my favorite dental podcasts, Dentist Money. You can listen to that […]
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 »