You’ve reached a point where it’s time to go out on your own and become an entrepreneur.
Most dentists before you have come to this very same point in their professional careers. In our experience, most don’t find it as difficult as they assumed it would be. The key is to set your self up for success. Check out our information below to help you get a start.
Don’t forget to reserve your copy of our latest publication, being released soon:
“From Search to Ownership – A Practical Guide to Purchasing Your First Dental Practice”.
Five things you should have on your “Success-List”
- Become pre-qualified for financing. It’s an easy process, costs nothing, you have no obligation to the lender and most importantly its provides you with insight as to what you can reasonably afford.
- Determine a geographic radius of where you want to practice – searching without knowing is a waste of your time and others’ time.
- When possible, purchase a practice before you purchase a home
- Update your resume or curriculum vitae – sellers often want to know who is looking at their highly sensitive information. They are sharing information with you. It’s considered polite to provide a little background to the sellers about who you are. It helps build rapport and is a good conversation starter when you meet with a seller.
- From Search to Ownership – A Practical Guide to Purchasing Your First Dental Practice. Reserve Your Copy Now
A Word On Confidentiality
We understand that taking a step towards practice ownership is a big one. Most buyers are anxious about starting a search because they fear word will spread that they’re looking for different opportunities.
Your priority is to do what is best for you. Please note, we treat your search as confidential.
Keep in mind that just as you are likely to want to keep your search for a practice confidential, our clients, Practice Sellers, want to keep their practice sale confidential as well. If you decide to look at practices we have available, we will have you read, sign and submit a confidentiality agreement.
The confidentiality agreement specifies that you won’t disclose your knowledge that a particular practice is for sale. You should not share the information we provide to you with anyone other than a hired professional such as an attorney, accountant or practice consultant/advisor. It is assumed that you’ll share the practice data with at least one lender you contact for the purpose of obtaining a loan.
To put it in your own perspective, if you’re searching for a practice and you don’t disclose that information to an employer (for obvious reasons) but a “friend” happens to tell someone that knows your employer, how could that affect you?
Don’t pay a fee to have a broker help you find a practice.
Jim Kasper Associates has no fees to buyers. Once you’ve identified a practice you like, we suggest hiring an independent advisor who has experience with dental practice transitions.
Scenario: You’re looking for a home to buy. You decide to call a real estate agent but they insist that you pay them $5,000 to help you find a home. Would you pay them? Of course not.
It’s no different when looking for a practice to buy. Many practice brokers not only charge fees to Buyer’s but charge Seller’s as well. This can be a conflict of interest. (Refer to Dual Representation).
Your best bet is to look for a practice on your own listed by a reputable practice broker. When you have identified one that you like, hire a trusted advisor such as an accountant or attorney who can provide sound and impartial advice.
Scenario: If you were in an automobile accident requiring the services of an attorney, would you hire the same attorney that represents the other driver as well? We doubt it.
The same common sense applies to a broker, accountant or attorney when looking for a practice to purchase. A broker, attorney or accountant who represents and/or obtains a fee from a buyer as well as a seller does not have your priorities at the forefront.