The Practice Purchased Podcast

s1e14 - Exactly How to Get the Best Rates and Terms from Banks

One of the scariest parts of buying a dental practice is getting a practice loan. Make the best of the necessity of going into debt and learn how to get the very BEST dental loan to buy your dental practice. 

There is a right way to approach banks. You need to know which banks to approach, how many to approach and how to negotiate to ensure you get the best rate and terms. Listen to this episode to learn how.

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s1e13 - 3 Tips Using Psychology To Make Sure Your LOI Is Accepted

The best buyers know that submitting a successful letter of intent when buying a dental practice involves as much psychology as it does numbers. 

Listen to this episode to learn three tricks that take advantage of simple psychology to maximize the chances that your LOI is the one accepted buy a seller. 

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s1e12 - Negotiate This In Your LOI (and Ignore These 3 Things)

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. 

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s1e11 - When to Submit an LOI & 2 Common Negotiation Pitfalls to Avoid

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 liiiiiitle bit more for dental practices, and how to counteract them. 

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s1e10 - How To Calculate How Much Money You'll Make As An Owner

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!

See more episodes, full show notes, blog posts, and more at brianhanks.com.

s1e9 - How to Value a Practice (and know if you're being overcharged)

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. 

See more episodes, full show notes, blog posts, and more at brianhanks.com

s1e8 - How to Analyze a Practice For Sale: The Qualitative Aspects

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. 

See more episodes, full show notes, blog posts, and more at brianhanks.com  

s1e7 - How to Analyze a Practice For Sale: The Numbers

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. 

See more episodes, full show notes, blog posts, and more at brianhanks.com  

s1e6 - How to Choose an Attorney to Help Buy a Practice

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.

See more episodes, full show notes, blog posts, and more at brianhanks.com  

s1e5 - How to Choose an Accountant to Help Buy a Practice

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!

See more episodes, full show notes, blog posts, and more at brianhanks.com