The Practice Purchased Podcast

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When you submit your letter of intent on a dental practice there's more included than just the price. The best buyers know the right areas to include and negotiate, and how to setup the LOI perfectly to allow both sides to win in the right way. 

Listen to this episode to also learn two common pitfalls that trip up the average buyer, and exactly how to avoid them. 

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How do you know when the right time is to submit an LOI? How important is it to get right if it's non-binding? 

Learn a few common broker's tricks that take advantage of psychology and the average buyer's lack of knowledge to get you to pay just a liiiiiittle bit more for dental practices, and how to counteract them. 

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How much money are you going to make if you buy the dental practice you're considering? There's a way to calculate that number. You'll need to know how to calculate patient attrition and understand which expenses are likely to go up and which expenses will go down with you as the new owner. 

Listen to this episode to learn how to calculate your cash flow to know how much you'll be able to pay yourself, and how soon you'll be able to achieve your financial goals...and get those student loans paid off!

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If you've decided a dental practice for sale is a good one to buy, how do you know how much its really worth? How will you assess a seller's or broker's price for a practice to know if it's fair or if you're getting ripped off?

There's a secret to how valuations really work. Listen to this episode to learn the tips and tricks only the pros understand about dental practice valuations.

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There's more to a practice than the numbers. Analyzing the qualitative aspects of the dental practice you're considering buying is harder to fit in a spreadsheet, but arguably more important. 

Listen to this episode to learn the most important aspects to analyze when buying your dental practice. 

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You don't need to become an accounting and tax return expert to understand the basics of analyzing the numbers of a practice. When you ask for "financials", do you know what you'll get? Besides the financial side, do you know what other reports to request and what to look for?

In this episode, I'll discuss the most crucial numbers to review and how to rank them in order of importance. 

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The attorney is the second crucial team member that is a MUST to hire to buy a dental practice. Do you know what to expect from a good dental attorney? Do you know the best way to tell a good one from a bad one? Want to know how much you're going to pay? 

A good attorney will perform three crucial tasks. Additionally, the best attorneys will act as a buffer to make sure your interests are aggressively protected while you preserve a great relationship with the seller. Listen to this episode to learn all the crucial details.

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Choosing an accountant is one of two essential people to help get you into the right dental practice. But how do you know who to choose? How much are you going to pay them? What do they DO anyway?

The best dental accountants out there are focused on transitions like yours. They have a process that matches the needs you have at this critical time in your career. They'll help you make sense of the financial side of the deal, and provide key coaching and insight on the numbers of a practice you're considering buying.

Listen to this episode to learn what to ask and what to expect!

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Previously, we talked about the most common way dentists try to find practices for sale (brokers) but it's NOT the best. If you spend 20% of your search time with brokers, this episode talks about exactly where you should spend the other 80% of your time - other dentists. The best practices are often off-market. And the only way to find those good practices for sale is to have a robust network of other dentists who know, and like you. And...who know you're looking for a practice to buy. 

 

This could be the most valuable podcast in the whole season. Which also means it's the hardest and most likely to be ignored. If you do what I recommend in this episode, everything else about the practice purchase process will be easier.

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Fun fact: Brokers don't want to talk to you. Harsh? Yes, but true! But there's more to the story than just that. In this episode, I'll talk about how to think about your relationship with a broker: how to contact them, what they want from you, and how best to use them.