I found a practice to buy…now what?

When you are buying a new home, a home inspection is helpful to ensure that you fully understand the things you don’t have the expertise to evaluate. When buying your dental “home” the same principles apply. You get the facts and figures from the broker or buyer but what about the things you can’t see. That’s where a seasoned dental buyer representative comes in.

How do you find the right buyer representative?

Look for a representative with experience specifically in the dental field and someone who has a background in this specialized service. A representative with a strong understanding of dental practice valuation, financing, geographic region and industry standards is key.

Check references and review the representative’s past transactions. A representative with a proven track record will have the experience and network of professionals needed to guide you
effectively.

Ensure that the representative has clear communication skills and is responsive to your needs. They should be able to explain complex terms and processes in a way that makes sense to you.

Dental transactions can be sensitive. Ensure that the representative values confidentiality and will protect your interests throughout the transaction.

What services will a buyer representative provide?

Dental buyer reps often have access to a wide network of practice brokers. They take the time to understand the buyer’s
needs and preferences and then help them search for practices that match those criteria.

Before purchasing, the buyer representative can help evaluate the practice. This includes reviewing financial statements, conducting a cash flow analysis and performing a deep dive into the practice management software. This provides the buyer with the information needed to identify potential liabilities or risks.

After the sale, a dental buyer representative may help with the transition process, ensuring that the new owner has the support they need to successfully take over the practice, including staff management, patient retention strategies, and operational advice.

A dental buyer representative is an invaluable resource for anyone looking to purchase a dental practice. From helping find the right practice to facilitating the transition, these professionals offer expert guidance and support throughout the entire process.

Working with a dental buyer rep ensures that you have someone on your side, helping you navigate the complexities of dental practice acquisitions and ensuring that you make an informed and successful investment in your future.