Pre-Work
Find a practice
It all starts here. You need to be ready to own, and find a practice you’re excited about. There will be obstacles along the way, but they can be overcome with the right tools. See helpful tools and resources for this step here.
Your Tasks
- Be ready to own with The Five Things You Need to Be Ready to Own
- Know what your ideal practice looks like
- Build a network of dental professionals
- Find a practice you may want to buy
Our Tasks
- I’m not directly involved in this stage. Most clients engage me as soon as they have a practice in mind!
Phase 1
Practice Purchase AnalysisTM
Together we will take a deep dive look at the practice you are looking at and objectively assess the opportunity. This is one of the biggest, most important career decisions you will make as a dentist, so it’s important to get this right.
Your Tasks
- Send any documents you have on the practice
- Review the Practice Purchase Analysis
- Decide whether to put an offer on the practice
Our Tasks
- Complete the Practice Purchase Analysis ™
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I will create a report to answer 3 main questions:
- Is this a good practice to buy?
- If yes, what is a fair price to pay?
- If I pay that much, how much money will I make?
- Make a recommendation on whether or not to move forward
Letter Of Intent
Here’s where you are going to make an offer to the seller. It is crucial to get this step right to optimally set the stage for a smooth transition to your ownership of the practice.
Your Tasks
- Review and approve the Letter of Intent
- Sign and send the Letter of Intent
Our Tasks
- Draft and review with you the Letter of Intent
- Assist in any negotiations that arise
Phase 2
Bank Financing
After you have an accepted letter of intent, it’s time to secure financing from a bank. You’ll want a dedicated dental lender, but the lending landscape is constantly shifting. I’ll help you navigate the process to the bank with the best deals and terms in your area. See helpful tools and resources for this step here.
Your Tasks
- Be ready to own with The Five Things You Need to Be Ready to Own
- Know what your ideal practice looks like
- Build a network of dental professionals
- Find a practice you may want to buy
Our Tasks
- Introduce you to the right banks
- Upload financial documentation on the practice
- Help you assess, negotiate and select the best loan option
Due Diligence
We’ll dive deep into the target practice and ensure we thoroughly understand what you are purchasing. Good due diligence includes a thorough a review of both reports and in-person due diligence. See helpful tools and resources for this step here.
Your Tasks
- Schedule 2 full days to visit the practice for in-person due diligence
Our Tasks
- Perform financial due diligence
- Review both financial and in-person due diligence with you
Legal Documents
Both you and the seller will have attorneys draft, negotiate and finalize the legal documents that will legally transfer the business to your name. You will also create a legal entity. The most important things that will happen in this step are the protections that will be put in place that you hopefully never use. See helpful tools and resources for this step here.
Your Tasks
- Interview and select a dental attorney
- Work closely with your attorney to negotiate and finalize legal documents
- Sign paperwork to open your business entity
Our Tasks
- Perform financial due diligence
- Review both financial and in-person due diligence with you
Phase 3
Pre-Ownership Checklist
As the closing date gets closer, there is a lot to do to be ready to own a business. I’ll walk you through it and get you as ready as you can be. Some steps are crucial to start as soon as is practical. Others can wait a bit. We’ll work together to make your first days as owner focused more on patients and staff instead of stressing about ownership details. See helpful tools and resources for this step here.
Your Tasks
- Review and begin on the items in the Comprehensive Practice Purchase Checklist™
- Start on insurance credentialing ASAP
- Start on applying for life and disability policies ASAP
- Work closely with the seller on your transition plan
Our Tasks
- Advise you through the Comprehensive Practice Purchase Checklist™
- Introduce you to the best dental CPAs, bookkeepers and payroll companies
- Assist you through the bank closing conditions
Close On Your PRactice
This is what you’ve waited and worked so hard for! You’re going to walk through the doors of a dental practice that you own. There will be a lot going on at this stage, but celebrating can and should be one of them!
Your Tasks
- Sign legal documents
- Sign banking documents
- Ensure working capital funds are accessible
- Celebrate!
Our Tasks
- Help through any last questions or hiccups
- Send final invoice
FAQs
When Is The Best Time To Hire You?
Most dentists engage me when they have a practice in mind to analyze. But you can reach out to me before that process, or anytime you need a second set of eyes to validate the numbers and your decision.
What If I Don't Buy The First Practice I Look At? Do Your Prices Go Up?
No. We’ll look at as many practices as needed to find the right practice for you and the fee never changes.
Do I Have To Hire Both A CPA And You For The Transition?
Nope. Between me and an attorney, you should be good to go. I act as the accountant throughout the transition and will help you transition to a full-time CPA to help with your taxes and bookkeeping once you become an owner.
Do You Need To Be In The Same City As Where I Want To Practice?
I have researched hundreds of practices in all 50 states and fortunately have been able to help clients all over the U.S. without needing to be physically present.
Pricing
My engagement is a flat-fee, regardless of the time it takes to close on your practice. The total fee is $8,500.
$3,500 is due up front as a retainer.
The remaining $5,000 is billed to your business after you own your practice.
There are no penalties to looking at one practice and deciding not to buy. The rate stays the same regardless of how long you take to search for the perfect practice.