Are you planning to transition a practice with the wife or widow of the seller? Will you be taking over a practice with the seller’s spouse working in the business office or serving as a key provider of dental services? If so, it may be a little more challenging.Having worked with numerous dental practices where the buyer is dealing with the seller’s spouse, we have learned that there are some important... More »

Before purchasing a car, most people take it for a test drive. They also do research on the Internet to find out about the vehicle’s safety record and repair frequency. Customers want to “kick the tires” before they buy.  Dental practices cost more than most cars.Investigating a dental practice before purchase requires a lot more time than investigating a car. Buyers are obligated by lenders and... More »

I DON'T KNOW how many times a dentist has told me how he or she plans on cutting back and slowing down as he gets closer to retirement. I had never thoroughlyanalyzed the effects of a cutback before, so I decided to take a very close look at what the exact results of such a cutback would be.On first blush, you might presume a practice with an overhead of 60 percent that cuts back its income $100,000... More »

In our consulting business, we have helped thousands of dentists buy and sell practices during the past 42 years. Until the past five years, the traditional practices or transitions took place when the seller was in his or her 60s and ready to retire.During the last five years, we have found many sellers choosing to make a change by selling their practice in their 30s and 40s and moving to a new geographic... More »

The best way to learn practice-management skills is to buy a good practice.Each time I sell a practice, it is my sincere wish to see the purchasing dentist become very successful. Most young dentists have the necessary dental skills to do well. Dental schools, residency programs, and associateships do a sound job of preparing young dentists as clinicians.On the other hand, graduating dentists have... More »

Transition brokers not only play a key role in the transition process, but wear many hats as they work with sellers and buyers to complete emotional and challenging transitions.Not every dentist may need a broker to assist with the transition, but an informed seller will at least explore and understand how a broker can facilitate it and lead the parties through the maze of paperwork and decisions.Brokers... More »

Associate buy-ins are a hot topic of conversation. But, frequently, dentists find themselves making several attempts before successfully finding an associate who meets their needs and who they are willing to consider as a future partner. Through the years, I have noted the most common reasons why associateships fail:Battle of the generations — The average age difference between the senior dentist and... More »

If there is a time when it is more important to pursue the assistance of a a good dental practice broker, it is when an unexpected death or a career-changing disability occurs. When we have been chosen as the practice broker in these cases, mutual-assistance groups have played an important role and have been greatly appreciated. I have worked with several mutual-assistance groups. With this in mind,... More »

The best business dealings are when you deal with someone whose word and handshake are all you need ... and then you put it in writing! Written contracts between owners and associates are critical. Too often, dentists tell associates to come and work for them to see how things work out. Later, if things mesh, they get together and work out a contract. Too many times, however, later never comes and... More »

A hot topic for professional writers and presenters is the transition process and the advantages of adding a partner. While bringing in a partner is beneficial for some dentists, others find it is not for them. As you consider adding a partner, ask yourself the following questions: Is it a good idea financially and does it support your long-term financial plan? Adding a partner will bring about... More »