If you’ve been reading my stuff for a while, you know about the “80/20 rule” already. When looking for a practice to buy, spend 80% of your time networking with other dentists and 20% with brokers.
But I might call it the “79/19 rule,” which just isn’t as catchy. What I mean is that there are other methods for finding a practice, and while they’re usually not as reliably effective, I have seen plenty of cases where it worked out.
Dental society websites
I’ve had several clients who found their practices by perusing the classified sections of state and city dental associations. Those practices weren’t listed elsewhere, because the selling dentists were interested in finding a buyer without involving brokers. So while it’s uncommon, you just might find something great this way.
Dental Supply/Equipment Reps
If your search is zeroed in on a specific city or area, dental equipment reps can be a great resource. They know the area well, and regularly talk with lots of dentists there.
Call around and find out who the Patterson/Schein/Burkhart reps are, then call them directly. Take them to coffee or lunch and get their take on the area, the demographics, PPO providers, etc. Let them know you’re serious about buying, and they might let you know when they hear of a practice going up for sale soon.
Dental attorneys and CPAs
This is the least likely category, so I’ll put it last, but it’s still possible. Adding dental attorneys and CPAs to your network could, in theory, work just like the equipment reps. There are two differences here, though. First, you’re less likely to get as much time out of them. And second, they often work nationwide, so they might not know your specific area as well.
But while you won’t have an hour-long phone conversation with the attorney or CPA (and if you try, you’ll only annoy them), it never hurts to send an email and let them know you’re looking around in their area. They may have just the right contact for you.
Once you’ve found that great practice, you need a great team to help you look under the hood, kick the tires, and run the numbers. That’s where Dental Buyer Advocates comes in. Throw some time on my calendar to introduce yourself and I’ll be happy to help you take your next big career step.
