HOW TO BUY A DENTAL PRACTICE

Find, analyze, negotiate, and purchase for the right price.

Only pay printing & shipping.

About The Book

If you’re thinking about buying a dental practice, you must read this book. Thousands of dentists go through the process of buying a dental practice every year.

Did they choose a good practice? Did they buy at the right price? Did they buy at the right time? The stakes are high to get the RIGHT answers to those questions.

Buy the wrong practice and you’re looking at stress, money worries, angry staff and patients, and a frustrated family that doesn’t see you as much as they’d like. Buy the right practice, like many do, and you have the foundation upon which to thrive – happy, relaxed, wealthy and positively impacting the lives of patients and living the life of your dreams. Unfortunately, the process of how to buy a dental practice remains a black box for the majority of buyers.  

How to Buy a Dental Practice walks buyers step-by-step through the process of finding, analyzing, and purchasing a great dental practice.

In this book you’ll find answers to questions like:

  • How do I find a good practice?
  • How do I choose a good accountant and attorney?
  • How can I tell a good practice from a bad one?
  • When is the right time to sign a letter of intent?
  • What can I negotiate besides price?
  • How do I get a bank loan?
  • What do I do after I find a practice to buy?

After reading this book, you will be armed with the specific knowledge and checklists to find, analyze and purchase the right practice for you.

Advice, tips and information are spread across magazines, blogs, online forums and podcasts with no easy way to tell the good advice from the bad. Until now.

What’s inside

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Before You Buy

Your why, your loans, and after school

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Find and Analyze a Practice

Choosing your accountant & attorney, analyze the practice & cash flow, submitting LOI

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Due Diligence

Financial & buyer DD, what to negotiate, bank loans

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Plan & Execute the Purchase

What to do after the LOI is signed, finalizing legal & loans

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Your First Steps as Owner

Hiring financial help, what to change, how to protect yourself, your long term plan

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And more!

Step 1:
Before you buy

Buying a dental practice could be one of the best decisions you ever make. Owning your practice can lead to independence, control over your destiny, and big rewards. However, there’s no doubt running your own practice is both challenging and risky. Before you take on more debt and responsibility, it’s important to fully understand what it takes to be a successful practice owner.

Remember when they taught you all you need to know about buying and owning your own dental practice in dental school?

I didn’t think so.

In one survey only 7% of dentists felt their dental school adequately prepared them from a business standpoint to own their own practice. By comparison, 86.9% felt prepared clinically.

Just because you went to dental school doesn’t mean you’re ready to own your own practice.

Are You Sure You Want to Be an Owner?

Running a business and clinically diagnosing and treating dental work are two different skills. Pretend for a moment you’re Shaquille O’Neal, preparing to make a comeback and play with the Lakers. You head to tryouts, and instead of a basketball the coach hands you a bat, glove and baseball and says, “show us what you can do.”

A lot of newer practice owners feel like they’ve invested an immense amount of time and energy mastering their clinical skills, and then they buy a practice. And it’s like someone handed them baseball gear at a basketball tryout.

There’s no question the most valuable skills you’ll have in your career are clinical skills. Your ability to diagnose and treat dental patients is probably your most financially valuable skill.

The second most valuable skill you’ll have in your career, however, is your ability to run a business. The two skills are very, very different.

Once you buy the practice, you’ll be marketing your services, hiring and managing employees, fixing the operations of the practice to make sure things run smoothly, negotiating with suppliers, reading financial statements, and on and on.

And you’ll be the boss of it all the day you own the practice.

The dentists who are most successful both in terms of money and overall happiness are those that think of themselves as business owners who happen to be dentists, instead of dentists who happen to own a business.

The good news is you don’t have to know or even be good at everything from day one. You can, and should, hire help for some of the key business functions that need to get done. The rewards of ownership are absolutely worth the risk. You’ll have total control over the types of dentistry you do. You’ll have total control over the patients you see. And because you’re taking on more risk and more responsibility, you’ll probably receive a bigger paycheck than if you stay an employee.

But you need to go into the project of buying your dental practice with your eyes open and with the mindset of a business owner.

Shouldn’t I Pay Off My Student Loans First?

Before we go too far, let’s talk about the elephant in most of the conversations I have with newer dentists in the industry. When I bring up buying a practice, the most common phrase I hear when speaking at dental schools and residency programs across the country is:

“I am really interested in owning my own dental practice, but I think I need to pay down my student loans before I buy one.”

 

Chapters

Pages

How to Buy A Dental Practice is a highly-rated, in-depth, step-by-step manual for new and experienced dentists.

The book finds the perfect balance so you’re not overwhelmed – but you get all the information you need.

Best Book On The Subject

This is a fantastic book. I’ve read several on practice finances and being able to evaluate a practice, and I think this is by far the most complete and has the best information. I’ve also listened to Brian’s podcast and would also highly recommend it. There are very very few dental CPA’s out there giving this type of information and I for one greatly appreciate the effort and willingness to share this knowledge. I’d definitely recommend this book.

– Joe

The best book on dental economics I’ve ever read

Ok, I haven’t read that many books about buying and running a dental office but this is way beyond my expectation. It literally covers the entire process of dental office transition and beyond. Even if you are not buying an office, I feel that it would help to understand the components and economics in the dental office that we run everyday.
We are lost in it sometimes and I think the book helps us to regain direction and footing, the basics and beyond. The human underneath I’m writhing the book is very genuine. I like it a lot. I really think that this should be a dental school textbook. It’s a must read for dentists in any stage of their professional life.

– Arthur H

The Best

Of the many dental transition books I’ve read, this is leaps ahead of the rest. Clear, concise, and up to date. Of course other sources have differences of opinions, so be prepared for that. But this book was for sure the most thorough and objective.

– D.S.H.

The book to buy

If you are even considering the idea of buying a practice, BUY THIS BOOK FIRST. And then, CALL BRIAN!

– Diana T.

About the author.

Brian Hanks, MBA, CFP® is an accountant and financial advisor for dentists. Brian has served the dental community at two dental accounting firms where he focused on newer dentists in transition.

He frequently speaks on topics related to dental transitions, leadership, accounting and investments. He resides in the Mountain West and works with dentists across the entire United States.

He has extensive experience working with dental transitions concentrating mainly on working with buyers of dental practices. Brian is passionate about helping dentists develop great, lucrative, and rewarding careers.

Brian Hanks

BECOME A GREAT OWNER.

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