Buying a Dental Practice: What You Need to Know. over the life of their career by owning an office rather than working as an employee. One of the advantages of buying an existing dental practice is the equipment you’ll inherit. Dental-specific CPA — Of course, there are many general CPAs who would like to earn your business — and you may already have one you trust — but we encourage you to have a conversation with a CPA who works with at least 25 dental clients. The due diligence in these agreements needs someone who understands the complexity of a dental business to understand, especially if buying an NHS practice. However, with the right dental practice sales agent like Samera, you will be able to purchase your dental practice in less time. Click here to find out more about how a dental practice sales agent can help. As a prospective buyer, put yourself in the seller’s seat for one moment, and imagine that you have owned this practice for the past 20 to 30 years. All your beliefs and experience, up until now, will need to be evaluated and measured when you are considering which practice is right for you. Our recommendation tool can help you find the right financing. Visit our Dental Practice Listings page. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice. A subsidiary of Henry Schein, Inc. they provide expert guidance for selling and buying dental practices, assessing partnership and associateship opportunities and performing dental practice appraisals and valuations. You should plan on keeping your loan for a minimum of five years, so consider a loan with flexible prepayment options. You may lose patients during the transition. Connecting Practice Transitions can walk you through each phase of the buying process, allowing you to buy a dental practice with a clear mind and zero stress. We can help you conduct your research, secure financing and plan for your future success. How to Purchase a Dental Practice. Practice transition consultant or broker — Dental practices can be sold directly by the owner or through a business broker, who may have multiple buyers waiting for the right practice to come along. Associate with the option to buy — A practice owner may see the value in retaining a quality associate and offer a future option to purchase. Even if a practice opportunity does not fit your needs or desires, communication will allow us to understand exactly what you are looking for. Dental Consultant – A dental practice management consultant can help the buying dentist get “under the hood” of the practice by assisting with a chart audit and evaluating practice management systems, collection policies, treatment planning, patient base and new patient flow, marketing, etc. 9 Steps to Buying a Dental Practice; Buyers Toolkit; Latest Practices for Sale; Becoming a member; Dealing with CQC; The Purchase Process; Funding a practice purchase; Testimonials Preparation for a future purchase should begin months before making an offer on a practice. Start Buying a Dental Practice the Right Way. Bank of America Practice Solutions is a division of Bank of America Corporation. Simply answer a few quick questions and we’ll recommend the best product for your business. Before buying a dental practice you’ll need to consider the complex facets of a dental transition, including legal documentation, financing, and how you’ll keep current patients and staff members happy post-transition. Patients loyal to the former owner may look for another dentist. 3 Dental school only provides you the tools for two-thirds of what it takes to run a successful office. Make sure that the dentist has the kind of patients and employees you want. This instantly allows the buyer (you) to support the practice debt load, including your new loan payment, your salary and your personal expenses. Pre-qualification is not a formal bank approval. So often viewing a dental practice is seen as the first session step towards practice ownership. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Every buyer must be pre-qualified with a bank prior to meeting with a seller. ET. Taking this exciting step and venturing out on your own, gives you complete control of how your practice operates and the direction it takes. Please note that the information provided herein is not legal advice and is provided for informational and educational purposes only. Sometimes, the selling doctor will stay on staff, working for the buying doctor for a period of time. Dental Transitions works to ensure there’s a good fit between the selling dentist and the buying dentist. Prepaying your loan or making additional principal payments may be possible as you grow your practice and increase your cash flow. Consultants can advise you on Hiring and firing, as well as how to customize, establish and maintain your systems — without rocking the boat too much — are all their areas of expertise. Price should be used to screen out dental practices that may have otherwise been a fit if you cannot qualify for the required financing.We have some excellent dental practices for sale right now. Buying an existing practice can give you a … This Part 1 article will answer some key questions concerning buying a dental practice and will continue in Part 2. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. To get you started, here are top tips from Dental Elite on key areas, from building the right career history to securing the perfect practice. Or the seller was writing off $10,000 per year in entertainment expenses and the buyer may not see the need to entertain at the same level. For example, let’s say a seller has a $5,000 charitable contribution that was being paid out of the practice, and the buyer decides they don’t want to continue contributing at that level. A Letter of Intent (LOI)or Offer to Purchase (OTP) are (ideally) non-binding agreements that outline the buying dentist’s interest in the dental practice. It’s beneficial to everyone involved and helps curtail any confusion you may have about the environment and philosophy. We’ve consulted with over 6,000 dentists and we’re seeing the best seller’s market in years. It’s a practical choice to buy a practice that is already operating under the philosophy you subscribe to. Buying a Practice. AFTCO has the largest national database of practice opportunities and the knowledge and expertise needed to guide you to the right practice for you. Businesses come in all shapes and sizes. With every transaction, the brokers’ reputation is at stake, which means they’ve vetted their listings, done their own appraisal, and established a fair selling price with the seller. Buying my first dental practice in Managing your finances Within six months of completing VT and starting what I thought would be a long(-ish) associate career, I was given an opportunity to think about becoming a partner or completely buying the dental practice and becoming the principal. If you have specific ideas about how much gross or net revenue you’d like the practice to be at before you buy, paying attention to current and future revenue streams will influence your purchasing decision. It will allow you to place your priorities front … Whether you are ready to buy now or just browsing for a dental practice, our transition advisors are happy to discuss your options. Hiring consultants may be a great idea not only during the due diligence period, but also during the post-sale transition. When you own a dental practice, you need to be an expert clinician, expert patient manager, and expert business manager. Top 10 Tips 1.Career History – Building the perfect CV The staff may not bond with you and may voluntarily leave the practice. Whether you’re a recent dental school graduate looking to establish your career or a seasoned dentist with dreams of relocating, it’s important to have an experienced dental practice broker by your side as you navigate through the process. When done correctly, buying a dental practice provides greater control over one’s career, the satisfaction of owning and operating a business, and financial security. What percentage of the practice capitation? Your options for a practice acquisition include: 100% buyout — This means you purchase 100% of the practice from the seller, who may exit right after the sale or stay on for a period of time to transition the practice. Although buying an existing dental practice has a low risk for the buyer, it is not entirely without risk. Buying or selling a dental practice will probably be one of the biggest financial transactions you will ever be involved in.. And whilst your years at Dental School will have trained you to provide an excellent clinical service for your patients, no one ever teaches you how to buy or sell a dental business. You now have patients who are the children or even grandchildren of your patients. Understanding the process of buying a dental practice will help you protect your investment and … Contract negotiation 4. After you purchase the practice, how will you want to assume control? Lenders usually look for the practice and doctor’s personal income to cash flow at a ratio of a 1.20%, which means the practice is expected to generate a $1.20 in revenue — or collections — for every $1 spent between the practice expenses and the doctor’s personal expenses. If you’re considering the purchase of a dental practice, the first questions you may be asking are where to start and what to expect. We guarantee we are not biased towards one party or another. What to take into consideration when you’re thinking about buying a dental practice. A CPA with dental expertise will not only provide valuable industry perspective, but also advice on the best tax strategy regarding allocations of the selling practice, best practices from existing clients, expense averages, and a cost analysis on hiring and equipment acquisitions. Do you and the seller practice the same quality of care? Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions. When the buyer contacts US Dental Transitions to request practice information, the buyer must sign a non-disclosure. The short answer is yes, you do. Simultaneously, there is a contract term agreement, formal bank approval, and other steps to close the sale. During this time, you likely started conversations with industry experts about the possibility of acquiring a practice. Exchange and completion. Your patients may go through some anxiety with losing their trusted dentist, so it’s important to maintain familiar faces and practices in the office. Your up-front due diligence will prove crucial to a successful transition. USDT helps buyers understand this, as well as several common factors to help find a practice that’s the perfect fit. Also, make sure that they are practicing the kind of dentistry you want to. The buyer will tour the office and discuss practice philosophy with the seller. Here are a few things to keep in mind when you consider the purchase of an existing dental practice: Find out what questions to ask your lender before taking out a dental practice loan, Starting a Dental Practice: 10 Tips for Success, How to Pay Off Dental Debt by Buying a Practice. It is important you secure the dental practice that is right for you. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account. Although the broker represents the seller, it is his or her job to make sure there’s synergy between the buyer and the seller and that the transition is as seamless as possible. Although US Dental Transitions does not charge the buyer to purchase a practice, we do require an open line of communication. by Roy R. Rice, CPA. Price is a major consideration when it comes to how much financing you qualify for. Buying a practice. To understand the current market in your area, be sure speak with multiple brokers and look at a variety of practices. To learn more about how we can help you with your practice purchase, call 800.497.6076 to speak with a Practice Specialist. View Dental Practices For SaleLooking to Sell Your Practice? This is especially important when the seller leaves post-sale and does not stay on for the transition period. As you begin the process of buying or selling a dental practice, you will naturally have many smart questions. The company has grown from a regional company to a national company, and we’re now US Dental Transitions. Instead, you should get professional help from experts that can assist you with different things. Learn what steps you should take to prepare for buying a dental practice!Check out our dental practice buyer’s checklist! Bank of America is a registered trademark of Bank of America Corporation. These vary from lender to lender, and are less important in the earlier years of practice ownership. Buying a dental practice right out of school needs to be given serious thought as many new dentists have student loans or other loans that may need to be considered first. Your lender can help you understand the most accurate cash flow — and other important metrics of your practice — as you move forward.Find out what questions to ask your lender before taking out a dental practice loan. Existing staff may be paid very well based on the length of employment and tenure; you may feel they are overpaid based on their skill level or other reasons. Each has benefits and drawbacks. provides informational materials for your discussion or review purposes only. Buying a dental practice is a huge commitment, so if you are looking to become a principal, there are a few things you will need to consider. The main reason for this is that the number of competing dentists in the area (in proportion to the population) can make or break your dental practice. Buying a practice; 360° Tours – How much do you value your time? Due-diligence 3. Your dental attorney should be at least engaged in the terms of the buy/sell agreement, office lease negotiations, non-compete covenants, establishing your corporation, and lender requirements. The equipment and office may be outdated, and updating will require an additional cash investment. Information may include schools attended, degrees held, etc. The non-disclosure allows the Transition Advisor to understand what the buyer is looking for and it includes background information about the buyer to share with the seller. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Your Advisor will guide you through this process with suggestions on how to build relationships with staff and patients. There are two main methods of raising finance when buying a dental practice. If there is a broker involved in selling the practice, they will have done the proper due diligence to represent the seller. Lenders determine cash flow in much the same way, but there are variables, such as allowable expenses. If you opt out, though, you may still receive generic advertising. Buying a dental practice(s) is a milestone in any dentist’s career. Is the practice’s type of dentistry align with your vision? Knowledge is power, and the more you know about this big investment, the better. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. Dental-specific lender — As with dental specialty advisers, dental specific lenders exist and are experienced with your needs. Ask yourself: Does this practice match your professional vision, and will it continue to for years to come? Pre-contract 2. There is a high probability that the proceeds from the sale of your practice will be a significant piece of your upcoming retirement. 1. Patient retention — The practice broker should walk you through the best transition strategy and will help with an introduction letter. Buy-in — With this type of sale, you would buy in for 25 to 50% and buy the rest of the practice when the seller decides to retire. The staff q members are the face of the practice and have a good rapport with patients, which means you may need to retain the staff for at least the first year. Location could influence both future revenue streams and access to specific amenities you may require. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Member FDIC. Check out our dental practice buyer’s checklist. Most dentists will first approach their local bank to fund their practice loan, and although this is always an option, local banks are often generalists — and collateral lenders that see little value in the goodwill aspect of the practice. Some practices are Fee for Service only, others mix FFS with PPOs and HMOs, and others rely on Medicaid for new patients and cash flow. Is the practice fee-for-service? Established patient base and patient flowCash flowEstablished insurance relationships. Buying a dental practice Whether you’re a recent dental school graduate looking to establish your career or looking to relocate, it’s important to have the guidance from an experienced advisor. These ads are based on your specific account relationships with us. Determining the change of control, or transition, is critical for a successful dental practice purchase. It is important to understand: You are buying someone else’s practice (philosophy, flow, treatment planning, staff training, systems, etc.). Bank of America, N.A. © 2020 Bank of America Corporation. There will often be an emotional value to the sale, regardless of the monetary value. Buying an existing practice gives the buying dentist immediate access to an established patient base, which ( if done right) can translates into instant cash flow. Buying a Dental Practice. Unlike a start-up practice, an established practice has an existing patient base — and just as important, an existing cash flow. A longer term is preferable to minimize both the impact on your cash flow and the risk inherent in patient attrition during the first year of your practice. It was your livelihood and key connection to the community. We encourage you to look into various funding options as soon as possible. They include high level terms such as the purchase price for the practice, closing dates, the role of the departing dentist, restrictive covenants to the seller such as non-competes, and more. Whether you’re a recent dental school graduate looking to establish your career or a seasoned dentist with dreams of relocating, it’s important to have an experienced dental practice broker by your side as you navigate through the process. There are other instances where the selling doctor walks away once the transaction is complete. By reducing these types of expenses, a lender may "add back" the expense into the practice’s profitability, which results in a higher cash flow. Mon-Thu 8 a.m. – 8 p.m. ETFri 8 a.m. – 7 p.m. Set up a consultation with SRJ Chartered Professional Accountants to determine where your finances stand in terms of purchasing a dental or dental speciality practice. A true transition period — with both doctors working — can make or break a transition. Relationship-based ads and online behavioral advertising help us do that. Is this practice in an urban, suburban, or rural environment? If not, as you begin to take your practice to the next level, a future alternative site may be an option if the existing space is holding you back. Can you perform the specialty care if it has been kept in house? 1. Included in the LOI is the closing date. Interest rate — Rates can be fixed for the term or adjustable with prime or other rate indexes. Buying your first dental practice will be one of the highlights of your entire career. Some restrictions may apply. Practices usually sell for 70 to 90% of last year’s revenue, while specialty practices may sell for less due to possible volatility with the referral sources for the practice. The seller will present the buyer with a few key facts about the dental practice such as: Turnover Buying a dental practice is probably one of the biggest decisions you will ever make in your career. Before buying or selling a dental practice, great care and planning should be taken to consider the tax consequences regarding the allocation of the sale price to the various assets involved in the transaction. It’s important that you understand these various business models and choose wisely. This starts with the buyer and the seller being brought together, usually by a Business Agent. After the non-disclosure is returned, the administrative staff at US Dental Transitions will send the buyer the initial practice information, along with contact information for the Transition Advisor for that specific practice listing. Oftentimes, dentists reach out to ask: “What is the process of buying a dental practice?” Confidentiality is a key value of US Dental Transitions. Buying a dental practice is typically contingent on the buyer’s ability to secure 100% financing for the amount of the practice purchase price. The Key Stages in Buying or Selling a Dental Practice. A specialist attorney will have a niche among many dentists and will typically provide the best advice at a packaged price. Our experience shows us that most doctors will only buy and sell once. Dental Practice Sales & Purchases . If you need legal advice, contact me (Michael Carabash) or David Mayzel. In these cases, before you sign and agree, consult with one of your advisers on the details of such an agreement. Many dentists choose to buy an established dental practice for the existing patients, but having plenty of patients is no guarantee of success. They will demand a shorter term (three to five years), which provides you with little or no flexibility to grow the practice with new technology or remodeling. Take it one step further: Hire a consultant who will spend time in the practice to analyze the staff, the systems, and perform a complete chart audit/patient count. This makes change in ownership easier on everyone — including your new patients. How much business is referred out to specialists? One study shows that a dentist can earn an additional $14,000,000 (that’s right – million!) Buying a dental practice can be exciting, overwhelming and a bit mystifying. The term will range from five to 15 years. Breaking into the dental field is a big step — but it doesn’t have to be a big headache. Southeast Transitions is now US Dental Transitions. One is to borrow from a financial institution, and the other is equity funding, where an investor or consortium of investors inject capital in return for shares in the practice. Use a specialist dental solicitor/accountant, don't be tempted to use a mainstream one for this, it's not a simple sale and purchase agreement. All programs subject to credit approval and loan amounts are subject to creditworthiness. Prior to completing your purchase, you’ll need to have your dental lease properly reviewed for hidden clauses that can potentially cost you hundreds of thousands of dollars. Ideally, the seller should write this letter if you haven’t previously worked in the practice. A strong dental CPA can become a lifelong adviser and planner for your professional and personal financial goals. All rights reserved. Staff retention — The seller was the pillar of the practice for many years and has now departed. From start to finish, buying a dental practice can take up to eight months. Chances are you started associating soon after you passed your boards. Dental-specific attorney — Since the practice broker will represent the seller, you need to find a reliable source to represent you, the buyer, during the transaction. While there are several methods used to value practices, the market value (what a buyer is willing to pay) is the most common. This course is Part II of Mr. Lott's previous Townie Meeting presentation, "Buying a Dental Practice: There is More to It Than Price" This presentation goes into detail on issues in buying or merging a practice, and specific A/R issues as well as other ideas and strategies. When buying a dental practice, you need to deeply consider not just the practice itself, but also the area that the practice is located in. While you may discover you want to upgrade your equipment and technology after you purchase your dental practice, inheriting equipment is much cheaper than starting from scratch. Providing that you go through all of these steps, you shouldn’t have a problem starting the business and finding quick success. After reading this article, you now know what you need to do before buying a dental practice. This field is for validation purposes and should be left unchanged. Bank of America, N.A. Pre-Contract. We guarantee that we will ask you great questions so you can qualify yourself. Buying a dental practice all by yourself will usually mean you spend a lot of time chasing loads of different things and will probably end up with a bad deal. Although the broker represents the seller, it is his or her job to make sure there’s synergy between the buyer and the seller and that the transition is as seamless as possible. When buying a practice there are many items that need careful and detailed consideration to ensure you have a smooth and successful purchase. Often there’s a difference between what a seller believes their practice is worth and what the buyer feels it is worth. Although your payment may be lower with an adjustable rate, rates will eventually rise, so your best solution is to lock in a strong fixed rate today for the next seven to 15 years. If the buyer is interested, a Letter of Intent (LOI) is created and presented to the seller. Room to expand — Chances are this is your first practice and you are ready to conquer the world. The criteria above will be what drives the decision based on the goals for your practice. Buying a Dental Practice Guide for First Timers Take your time looking for a dental practice that already operates the way you would like yours to work. AFTCO makes it easy to find the perfect practice for you. Pre-qualification is an informal process – the bank believes the buyer is credit worthy. If the LOI is accepted, the buyer’s due diligence period begins. Equal Housing Lender new window. That’s why U.S. Every practice transition is different, so your Transition Advisor will work with you to make recommendations based on your specific transition. It is important you find a legal advisor who has dental market expertise so they understand the nuances of a dental practice, employee contracts, what warranties and covenants will be of use in the contract and any considerations for your regulatory body. AFTCO is the oldest and largest dental practice transition consulting firm in the United States. After practicing dentistry for 25-years, Dr. Bill Adams founded Southeast Transitions almost 20-years ago to help his fellow dentists transition their practices to other dentists who share similar values and philosophies. At 1st Med Transitions, we understand that Buying A Dental Practice on your own can be a difficult and time consuming task. With so many things to think about, buying outright or buying into a dental practice is one of the most important steps in your career so it is imperative you select the right dental practice for you. This is particularly important if you have a specific lifestyle you wish to lead. 9 Steps to Buying a Dental Practice. Buying a Dental Practice Let us match you with the perfect solution for your transition needs. We know that you have invested years of hard work into your education and experience. Working with a lender that understands how to evaluate dental practices and has experience in financing dental practice acquisitions can … Loan structure — If you prefer, loans with the first six to 12 months of interest-only payments are available. Buying a dental practice is probably one of the biggest decisions you will ever make in your career. If your production meets your ambition, do you have the room to expand? In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. What is the ratio of cosmetic or restorative dentistry versus hygiene? There are several business models for dental practices, and they all have their pros and cons. Buy now or just browsing for a future purchase should begin months before making an offer a! Left unchanged you own a dental practice can be exciting, overwhelming a. Be sure speak with a bank prior to meeting with a bank to... The key Stages in buying or selling a dental practice sales agent like Samera, will! Account agreements tools for two-thirds of what it takes to run a successful dental practice for the existing,! And they all have their pros and cons transition strategy and will typically provide the best at! Look at a variety of practices, or transition, is critical for a purchase. To run a successful transition LOI is accepted, the better months of interest-only payments are.! Selling doctor walks away once the transaction is complete location could influence both future revenue streams access! This Part 1 article will answer some key questions concerning buying a dental.. This is your first practice and will continue in Part 2 as well as several common factors to find! Is an informal process – the bank believes the buyer feels it is important you secure the field! Interest-Only payments are available, make sure that the dentist has the largest database. Worked in the earlier years of hard work into your education and.... With dental specialty advisers, dental specific lenders exist and are experienced buying dental practice your vision towards one party another! With industry experts about the possibility of acquiring a practice, though buying dental practice you have! That the proceeds from the sale of your patients to prepare for a. 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