Learn The 8 Steps To
Buy The Right Dental Practice
Use the tools and tips below to get you there.
Print the 1-page Quick Start Guide For All 8 Steps
…or continue reading below.
Where Do You Start?
Click on a step below to learn more:
STEP 01
Find A Practice
Overcome common obstacles with the right tools and find a practice you’re excited about.
Your to do's
- ✓ Know your Perfect Practice Profile
- ✓ Build a network of dental professionals
- ✓ Find a practice you may want to buy
Find the perfect practice
Get The Perfect Practice Profile
STEP 02
Practice Purchase Analysis™
Dive deep into the practice you’re looking at and assess the opportunity objectively.
Learn how to read the numbers. This is one of the biggest, most important career decisions you’ll make as a dentist. It’s important to get this right.
Your To Do's
- ✓ Gather practice documents
- ✓ Complete the Practice Purchase Analysis™
- ✓ Decide whether to put an offer on the practice
RESOURCES TO LEARN MORE
- How to Analyze a Practice for Sale – The Numbers
- How to Analyze a Practice for Sale – The Qualitative Factors
- Dental Practice Prices 2019 – How Much is My Dental Practice Worth?
- 3 Reasons NOT to Buy a Dental Practice from a Multi-Practice Owner
- How the Asset Allocation Works When Buying a Dental Practice
- How to Decide Between Two Good Practices
STEP 03
Letter Of Intent
Here’s where you’re going to make an offer to the seller. It’s time to set the stage and ensure a smooth transition to your ownership of the practice.
Your To Do's
- ✓ Submit the letter of intent
- ✓ Negotiate terms
Buying a Practice is a Big Decision
Brian helps buyers like you through a proven process to get it right.
STEP 04
Bank Financing
After you have an accepted letter of intent, it’s time to secure financing from a bank. Use a dedicated dental lender and remember it’s about more than the rate!
Your To Do's
- ✓ Start the application process with selected banks
- ✓ Negotiated & select the best loan offer
- ✓ Find a practice you may want to buy
RESOURCES TO LEARN MORE
- Five Things You Need to Get a Dental Practice Loan
- Ground Rules to Understand to Get the Best Loans
- How to Choose a Dental Lender
- The Math Banks Use to Assess You as a Dental Practice Buyer
- This Is How Many Banks You Should Shop For When Getting Your Dental Practice Loan
- How to Compare Two Dental Practice Loans
STEP 05
Due Diligence
Dive deep into the target practice and ensure you understand what you are purchasing. Good due diligence includes a review of both reports and the practice.
Your to do's
- ✓ Visit the practice for in-person due diligence
- ✓ Complete financial due diligence
THERE ARE 77 QUESTIONS YOU MUST ANSWER...
…Before you can feel confident you’re purchasing the right dental practice. I’ve answered every one of them for you in this free cheatsheet.
Additional Resources
- Five Things You Need To Be Ready To Own
- How Financial Due Diligence Works
- Due Diligence Timing
- 7 Tips for an Effective Due Diligence Visit
STEP 06
Legal Documents
Both you and the seller will have attorneys draft. Negotiate and finalize the legal documents that will legally transfer the business to your name.
You will also create a legal entity. The most important things that will happen in this step are the protections you put in place which you will hopefully never use.
Your To Do's
- ✓ Select a dental attorney
- ✓ Open your business entity
- ✓ Negotiate and finalize legal documents
Want an easy way to remember all 8 steps?
Get the 1-page Quick Start Guide for All 8 Steps
STEP 07
Pre-Ownership Checklist
As the closing date gets closer, there is a lot to do to be ready to own a business. Some steps are crucial to start as soon as is practical. Others can wait a bit.
As the closing date gets closer, there is a lot to do to be ready to own a business. Some steps are crucial to start as soon as is practical. Others can wait a bit.
Your to do's
- ✓ Complete items in the Comprehensive Practice Purchase Checklist™
- ✓ Insurance credentialing
- ✓ Applying for life and disability policies
download the checkList
Get The Comprehensive Practice Purchase Checklist (it’s free!)
STEP 08
Close On Your Practice
This is what you’ve waited and worked so hard for! You’re going to walk through the doors of a dental practice that you own. There will be a lot going on at this stage, but celebrating can and should be one of them!
Your To Do's
- ✓ Sign legal documents
- ✓ Sign banking documents
- ✓ Ensure working capital funds are accessible
- ✓ Celebrate!
Resources to Learn More
let's talk
Purchasing a dental practice is a big decision. Ask me any question you’d like.
