Previously we discussed what to ask the seller during your first meeting. Here’s another one to add to that list:
“When are you planning to tell your staff and patients about the transition?”
The answer should be something like, “As soon as possible,” or even, “I already have.” If the seller says they’re putting off telling anyone until the deal is done, encourage them to reconsider.
You need to stand out. And one way to stand out is to look ready to buy now.
Looking ready and looking prepared to the seller and/or broker is key. This article will give you one tool in your toolbelt to maximize the chances that you look the best of all the buyers: a pre-approval letter from a bank.
Account Receivable is the money owed to a practice by its patients, which the patients have not yet paid. Often, the A/R is available to purchase along with the practice itself. The question is, should you buy it?
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.
Several other factors listed in loan proposals give the impression they are a big deal and need to be compared to choose the best loan. I’ll mention three that are commonly discussed, but that, in my opinion, aren’t important enough to be considered serious factors in your decision.
That first meeting with a seller is vital, and so is the first impression you give them. Making that great first impression will largely come down to the questions you ask, and how well you listen to the answers.
Here are 4 excellent questions to ask to set yourself apart.
Bad brokers are annoying, but you may think the underlying practice is worth dealing with them. If you’re looking at a practice that has that kind of broker involved, I want to give you a tool in your arsenal that you can use to negotiate with.
Both are great ways to make more money, pay off student loans, and build real wealth over your career. So for young dentists the question often comes up: should I build or buy? There’s no shortage of opinions in dental forums, but let me give you my two cents as someone who has spent over a decade helping dentists buy practices.
On average, a dental practice owner in the U.S. makes $414,223 per year.
Now hold on, don’t leave just yet! As with other average numbers we’ve talked about, the answer without context isn’t really an answer at all. So let’s dig into this one. How much can a dental practice owner expect to make?
The average dental practice in the U.S. costs about $520K. But I don’t like national averages here, because it’s misleading for your specific situation and practice. There are just too many other factors in the mix. How many operatories does it have? How many doctors? Is it a specialty practice? What city is it in? Which neighborhood? And so on. You get the idea.
So let’s look at it a different way.
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 »
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 »