When buying a dental practice, you’re going to assemble a team to help you out. As I’ve said elsewhere, the most important member of your team is your dental-specific attorney. Next is your accountant. But there are others as well. A banker, a broker, equipment reps, insurance agents, and possibly some other consultants as well.
With so many people involved, which voices should you turn to first?
“Am I buying what I think I’m buying?” If you’re going to spend hundreds of thousands, maybe even millions of dollars buying a dental practice, you should be sure you’re getting the dream office that was advertised to you, and not what used car dealers call a “lemon.” That’s where Initial Due Diligence comes in.
If you’re buying a dental practice, you’ll need to have a few people on your team. I tell dentists the only absolutely vital, must-hire person on your team is your dental-specific attorney—do not attempt to buy a practice without one. The next name on that list, though, is your accountant, who is almost as important.
An underappreciated first step in buying a dental practice? Decide whether you want to buy one at all.
I’m obviously biased, since I’ve spent the last decade-plus helping dentists buy practices, so even I have to back up every once in a while and remind myself: it’s not for everyone!
Keeping patients happy is, no surprise, how you have a successful practice that brings in plenty of cash for you.
If you as a practice owner only do these three things, they’re already in the top 5% of dental practices nationwide in terms of their operations.
I’m a numbers guy. I love spreadsheets, statistics, and the quantitative side of analyzing a practice. But just as important is the qualitative part of the analysis. Sure, it might be a great practice on paper. But that doesn’t necessarily mean it’s good for you.
Here are the top 7 questions I tell dentists to ask themselves about a potential practice to buy.
If you’re a dental associate, your student loans probably look like Mount Kilimanjaro. Yeah, you’ll conquer it eventually, but that’s a heck of a climb to get there. And if you stay in an associate or employee role, that will be one tough summit.
The average dental school grad in 2022 came out of school with just shy of $294,000 in student loan debt. To put it mildly: yikes. And that’s just the average! While some have a bit less, some have twice that amount. Maybe you’re in that boat—if so you’re not alone. A quick google search shows that there are a ton of current and former students worried about how to pay all of that off.
So, how do you do it? How do you pay down those student loans as fast as possible?
Let’s talk about sustainability.
No, I don’t mean the environmental buzzword—important though that may be.
I’m talking about personal sustainability. The ability to maintain your life, your work, yourself throughout a long and lucrative career.
So, with that in mind, here’s a piece of general advice for most dentists: don’t shoot for the stars.
Counterintuitive, right? Obviously this one is going to need a breakdown.
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.
Here are five things you can start on today to be ready to buy your dream practice.
Here are five things you can start on today to be ready to buy your dream practice.
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 »