“Every part of the buying process is important. Everything you say and do will determine if you're able to buy your dream practice at a fair price. We will coach you every step of the way.”
The Process:
Our process is thorough and we can work with you regardless of where you are in the buying process. The 12 main steps are:
-
Decide on a location. City, state, and community.
-
Engage with a dental lender and attain pre approval.
-
Search for practices for sale.
-
Schedule a site visit and meet the seller.
-
Review practice data.
-
Perform due diligence.
-
Submit a Letter of Intent(LOI).
-
Review the Purchase and Sale Agreement (PSA).
-
Begin insurance credentialing.
-
Meet the staff.
-
Close on the sale of the practice.
-
Website Conversion
Our Fees
Our consulting fee is $7,000. $2,400 is due initially and the remaining $4,600 is due upon closing. The consulting fee covers you whether you look at one practice or 10 practices. The final payment of $4,200 can typically be wrapped up in your closing costs so that you don’t have to come out of pocket with the final payment. We do not provide consulting for scratch start-ups but can offer some great recommendations for consultants who do.
If you have already selected practice and just want a second opinion we offer discounted rates.
Email us and describe your situation and we will respond with a quote.
WHAT WE DO FOR YOU:
We prefer that you engage us as soon as possible so that we can work with you through the entire process. However, we also understand that you may have already selected practice and would like a second opinion. We can help either way.
- We can work with you on deciding where to practice. Deciding on where to practice and essentially where you’re going to live is incredibly important and we are glad to share our insights and experiences and hopefully guide you to a place where you’re going to have the dream practice and dream life. Most buyers have a general idea of where they want to live but need help focusing on a specific community. We can provide insight into which community may be best for your long-term practice future.
- Loan Pre-approval. This can be the most stressful and confusing step in the buying process. We have great relationships with the best dental lenders in the U.S and we can help you complete the financial application and decide on which lenders to shop your application too.
- Site Visit Coaching. Before you go on your first site visit, we like to have a coaching call with you so that you ask the right questions and say the right things. We also provide you a checklist of questions and tasks for you to take to your visit. What you say during the site visit can also determine if the seller is willing to sell their practice to you. In competitive markets a seller may have to choose between 3 or 4 buyers. We want to make sure that you are on the top of their list!
- Practice Analytics. Revenue and net income are incredibly important and we do a thorough job of reviewing the financials and projecting net income and cash flow. BUT the financials are only part of the story. We will discuss other practice dynamics such as the seller’s scope of treatment, employee details, future growth of the practice, current website strength, digital presence, Google ranking, advertising, and more. We believe an educated buyer is the best buyer!
- Due diligence. Some brokers and sellers prefer that you submit an LOI before performing the due diligence, but we prefer that the due diligence be performed before you submit an offer. We don’t want you to invest time in practice if you (or we) uncover items in the due diligence that are detrimental to a sale or could alter the price of the offer. It’s almost impossible to renegotiate the price of practice after an offer has been accepted. We provide a worksheet and checklist of items for you to complete during your due diligence. When your due diligence is complete, we will schedule a meeting with you to discuss your findings.
- Letter of Intent (LOI). At this point in time, it would be best for you to have a dental-specific attorney work on the LOI. Many brokers will suggest that you use their letter of intent, but we highly recommend that you work with an attorney. LOIs are not legally binding, but we believe that a good LOI sets up the foundation for the entire transition and a good LOI can save time and money for the next step, which is the Purchase and Sale Agreement (PSA). We are glad to make suggestions regarding price, accounts receivable purchase, and timelines for the LOI for you to present to your attorney.
- Reviewing the Purchase and Sale Agreement (PSA). The PSA is typically provided by the seller, but the seller may ask that your attorney produce the document. Regardless of whose attorney produces the document, we will review and provide suggestions and/or comments.
- Pre Closing Checklist. After you have signed the PSA, we will provide you with a pre-closing checklist with instructions to prepare you for practice ownership.
- Closing Document Review. We review the closing documents with you to ensure accuracy.
- Website Analytics. With 10+ years of experience in dental website development and SEO, we will provide you with an analysis of the current practice website in regards to design, SEO strength, Google Page Rank, and user-friendliness. We can also help convert your website to reflect you as the new owner.