This post recaps the three-episode arc from Season 8 of the Practice Purchase Podcast, where we share the real story of Dr. F, an Illinois dentist who went from thinking he had a deal locked in to walking away and finding something even better.
Dr. F thought he had it made. He was working in a large group practice, the owner offered to sell it to him, and it was four minutes from his house.
Then it all fell apart.
What started as a verbal agreement turned into a bait-and-switch. The seller tried to force seller financing, hid the existence of another buyer, and ultimately ghosted Dr. F for a full month before revealing he was moving forward with someone else.
“He thought that he had his offer accepted,, but the seller actually lied about it.” – Dr. Donna Fort
Despite the emotional toll, Dr. F kept his cool, held firm on the valuation, and walked away.
A New Practice, A Better Fit
Instead of scrambling for listings, Dr. F followed the DBA advice to go direct. He and his wife (also a dentist) mailed a personalized letter and family photo to a local fee-for-service practice they admired.
It worked.
The sellers were two partners nearing retirement. They weren’t listed with a broker. And they were thrilled to have found buyers they liked and trusted.
“It was like all of the stars aligned,” said Fort. “Perfect timing, perfect practice, right location.”
The practice had eight operatories, 100 percent fee-for-service patients, healthy overhead, and enough production to support both doctors. The asking price was $2.1 million, exactly what Dental Buyer Advocates’ valuation confirmed as fair.
Navigating the Financing Twist
Everything looked good until the bank financing process hit a snag.
Dr. F’s spouse had a strict employment contract and couldn’t join the practice right away without incurring a serious financial penalty.
“We had to maneuver the bank financing. She couldn’t be a co-borrower, but we kept her on as a guarantor.” – Brian Tomono
The bank required proof that the remaining doctor could replace enough of the seller’s production. Thanks to strong associate support and a creative structure,
A Smooth Close Without a Broker
Because the sellers didn’t use a broker, DBA played a more hands-on role throughout closing. They helped Dr. F coordinate the transition letter, conduct an equipment audit, review charts and scheduling data, and manage all 80 to 100 checklist items involved in ownership prep.
“Sellers don’t always know what to do in these situations,” said Tomono. “We provided samples, helped with the letter, and made sure nothing was overlooked.”
By April 2025, the deal was done. Dr. F had his dream practice — and his spouse would be joining soon after.
Key Takeaways from Dr. F’s Story
1. A verbal “yes” is not a deal.
The seller told Dr. F he accepted the offer, then disappeared. Always get your LOI signed and in writing.
2. Be ready to walk away.
Even though the practice was four minutes from home, Dr. F refused seller financing and held firm on price. That decision saved him from overpaying by $500,000.
3. Direct outreach works.
Brokers are fine, but most great deals come from contacting sellers directly. In this case, a simple letter changed everything.
4. Guarantors can save financing.
Dr. F’s spouse couldn’t be a borrower due to her contract, but she became a guarantor. The bank still approved the deal.
5. The deal’s not done until you close.
Even with a handshake and verbal agreement, things can change. Stick to the process and protect yourself every step of the way.
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