This polite opening can set the tone for the visit. You may be thinking this question does not pertain to the office you are interested in because they are not spending anything on advertising. Some buyers have said this meeting can seem somewhat like a first date.
Our firm can help you with the financial aspects and planning you need to start out on solid footing. "They set you up for success from the start, " said Doublestein. These are important questions you need to ask yourself when looking to buy a dental practice. Purchasing a dental practice is a big decision, don't go at it alone. Cash flow —Your lender will want to see a forecast of cash flow for at least five years. Ask smart questions. If you're only asking this to butter up the seller, you'll (rightly) come off as phony. In most life situations, people use specialists to help them obtain the help they need. The seller may own the building and not want to include that in the deal. Today, if you are a dentist and do not own all or part of a practice, the question is not Why?, but Why not? Questions to ask when buying dental practice in canada. Is the current dentist going to stay onboard? "Someone like that might want to pay a premium for a practice that's thriving, " Doublestein said.
Ben has a keen understanding of the correct financing products and services that best suit the borrower's needs and is a connector for clients to find other dedicated professionals who specialize in the healthcare industry including CPAs, attorneys, appraisers, consultants, insurance brokers and more. The process of searching for and purchasing a dental practice has more in common with dating and courtship than you might think. The first meeting is a time for you to figure out whether you feel good about moving forward. Some specific questions you can include in the discussion might be: This is another open-ended question giving the seller the opportunity to tell you why he or she is selling the practice. It's a good idea to assess not only your cash flow, Stalcup said, but also your professional experience and personal strengths and weaknesses. It's not an easy decision to come by because there are a lot of variables to consider. Our attorneys at Dental & Medical Counsel have that experience. It's all there you just have to look for it! If you are looking to evolve your dentistry to include wellness services, would this dental practice be able to accommodate that? Again, it puts the seller on the defensive, and makes you look overly aggressive and eager to get the "better" end of an agreement. Is the location of the dental practice conducive to your practice goals and work/life balance? 9 Questions Purchase Dental Practice | Dental Practice | PMA. Growth potential — Assume you analyzed several years of a potential practice's production reports and saw that the majority of perio and endo services have been referred out. Other questions that need to be answered by evaluating the financial documents include: - Is the office lease such that the practice is profitable? As always, try to put yourself in the seller's shoes.
The seller must have done something right or you would not be considering purchasing the practice. Practices with under-developed hygiene departments give you the opportunity to increase the profitability of the practice by shifting hygiene work to a hygienist, thereby allowing you to focus on higher-margin dental work. At the least, many buyers/tenants negotiate a first right of refusal, where the buyer has the first right to purchase the property before it is sold to a third party. The interview with the seller is by far one of the most important things in the due diligence process. If you're starting a new practice, you'll need solutions to help you with all these tasks. Generally, the purchase price is a function of two things: goodwill, which is based on a percentage of the practice revenue, and the fair market value of the physical assets. From general dentistry to pediatric to endodontic to periodontic, it is important to know what type of dental work is performed at the practice you are interested in buying. Questions to ask when buying dental practice at home. Before choosing which dental practice broker you want to trust with one of the largest financial transactions in your life, you'll want to make sure they pass all your tests. Some software programs will integrate these, others require a third-party system.
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