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Obviously, a practice should not be purchased without first studying sufficient data. In general, most mentor-to-ownership relationships focus on general dentistry, but that isn't required. More importantly, they can help you with important tasks, such as finding the right practice/location, proper funding for the purchase, and help you avoid any legal issues along the way. Whether you're wondering how to sell a dental practice or how to buy a dental office, you need the proper guidance to help make the process as smooth and successful as possible. Existing dental practices have established rapport with existing patients and are already a presence within the community.

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Not only can they help you choose a financially viable practice, but they can also help scope out existing practices that have: - A good reputation with the local community. This is what we refer to as the pretax economic earnings, or pretax profit. For example, if you are a big supporter of preventative dentistry, you may not want to purchase a practice that only focuses on more advanced procedures. Let's assume you pay 65% of production for the practice, or $520, 000. We hope you have found our guide to buying a dental practice useful and that you now have the knowledge you need to negotiate the purchase successfully. Over the years, our experience has suggested that most doctors who do not have a plan under way for owning and operating their practice may be jeopardizing thousands of dollars in lost income. But again, the bank is going to make sure that the cash flow of the practice supports those needs along with paying you a good income and all of that. They will help you with all the paperwork and ensure everything is in order. That's $66, 185 annually that you'd need to pay towards that loan. The acquisition process can be overwhelming, but you can set yourself up for success with the right preparation.

As previously mentioned, you need a knowledgeable third party to help determine what the practice is worth and what you should offer, as well as to help you navigate all the legal and financial details. Dentistry is more fun if you have a positive attitude. This is especially true if you are looking into owning a specialty practice. Even if you're already set on which direction to go, it pays to talk to a trusted advisor who knows the dental industry. There are a lot of considerations that go into determining this, including schools and other amenities in the area that impact the quality of life for you and your family. On the other hand, if you're a seasoned dentist looking to expand your practice, you may have a better idea of where to begin. You still have to pay the bills even if you have trouble attracting or keeping patients. According to CPA Sarah Oliver, the key is to plan, prepare and build a partner network you can trust. The good news is, business loan lenders will typically lend 100% of a dental practice loan with no money down, so you don't need to worry about saving for a down payment. In addition to sending patient notification letters (the content of which should be agreed on with the selling dentist), some other tasks you should complete around the time of closing include applying for a tax ID number, opening a business checking account, and transferring any insurance policies requiring contractual agreements for preferred provider status. Truly understanding the other's expectations leads to developing a climate of mutual trust and empowerment for both parties to act upon. So that is what we call good debt to have. Once the seller receives the money, the deal is done, and the announcement letters are sent. According to Dr. Thornock, some other things you want to look at include the following.

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In this article, we will review the benefits and drawbacks of buying a dental practice, but we invite you to explore those of starting a dental practice. Financial risks – purchasing a dental practice is a significant financial commitment. Second, don't get too hung up on the age of the dental equipment. By doing something positive, you have a greater chance for success. When you're done reading the article, you can download the handy Buying a Dental Practice Checklist PDF (below) to keep you organized. Another point, if there is a real estate component tied to the practice you're looking at, obviously building equity in real estate is an investment in itself. Of course, the ideal advisor should specialize in dental practice transitions. This can create security in knowing the practice's historical performance and growth potential. The first option is called a deferred buy-out. I'd be willing to bet good money that you, yes you (and your student loans), can get a practice loan. The acid test in determining how the doctor will handle major commitments is how he or she handles the smaller ones.

If you don't know how to read financials, then we strongly recommend that you work with an attorney or accountant who does. It's an excellent way to ensure that both parties are on the same page and that you're ready to move forward with the purchase. So do it right the first time; otherwise, it could end up being a very costly experience. The person most qualified to appraise a practice has demonstrated the ability to transition practices and meets the needs and expectations of the purchaser as well as the seller. I have little cash and a lot of school debt. So there's definitely a lot of advantages of being able to get some of those profits versus just strictly your salaried income as an employee. For example, a buyer who has a strong need for control might consider buying 100% of a practice.

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How will I know I have the right seller or partner? The seller will be able to give you additional insight into the practice as a whole and provide post-acquisition mentorship. You want to talk to your accountant about these important financial implications of acquiring an existing dental practice. We believe every dentist deserves the best advice and service so doctors can do what they do best, treat their patients. To save money even faster, Sarah recommends focusing less on paying down student loans during this time, in order to build liquid cash faster.

This is where consulting with a dental practice transition specialist can really pay off. The new dentist will generally receive a set salary for the time that they work as an associate. Many skilled salesmen will try to get you in more debt. We've been very educated in that, but what is owning a practice? It's important to know that since the buyer is assuming the overhead responsibility as well as the debt payments, his schedule should be booked first. The many benefits aside, the prospect of navigating the buying process can be daunting for both a first time buyer or an existing business owner. Should I put down some earnest money with my offer to purchase? The buyer may purchase 100 percent of the practice by making a down payment of 20 to 40 percent of the purchase price and having the seller carry back a promissory note for the balance over a seven to ten-year period. In fact, the only reason to be an associate without an equity investment is if, and only if, both you and the host have short-term goals and needs (meaning 12 to 6 months or less).

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At Dental & Medical Counsel, PC, we understand dentists have trouble navigating the legal process. Essentially, as a buyer of a dental practice, you are purchasing a future stream of income. As the one you might eventually buy is the best course of action right out of dental school. Adapt to inherited reputation and dynamics. New relationships can be very rewarding if built properly; they can be devastating if they are not.

Share it with your colleagues. Build Liquidity Faster with the advice of a financial planner who specializes in dentistry. Then the staff could go on to say, "If I were in your shoes I might feel the same way, but I can assure you that once I saw how he treated patients, I felt very good about the new doctor's level of professionalism and competence.

Perhaps you may already know that the value of a practice is really in the mind of the buyer, rather than in the mind of the seller. But it's much more difficult if you choose an area with too many dentists or where insurance companies are too powerful. In fact, I don't think you can't not afford to buy a practice, if that makes sense. "Having an advisor to help not only create a plan, but to help remove the emotions, pull you out of the weeds and give you the confidence that you're doing the right things, in the right order, is essential. You'll want to be there a long time. Currently, buyers of general practices are paying 46 to 70 percent of the most recent 12 months collections. This is die to the fact that some of the fixed expenses stay the same, and as the production increases, the overhead decreases. Some offer-to-purchase agreements furnished by brokers and/or attorneys may contain language which makes it very difficult for the purchaser to get his/her money back if the transaction is not completed.
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