Here are a couple of advises from our team to you as a buyer:
As a buyer you very likely have reservations and uncertainties about starting your own office. You may wonder if you have the clinical experience, reliable staff members, office management skills, and the right office to make your career soar. Are you ready to take the necessary steps towards owning your own dental office – to have the pride of ownership, financial freedom, and personal creativity?
If you are committed to the prospect of owning your own dental clinic, we would like to help you find a dental office that matches your interests, needs, and resources. With over twenty years of experience in practice sales and financing, our team at LCF Practice Sales has the knowledge, experience, and resources to help you find a dental practice that best fulfills your aspirations. In practice, we place our client’s confidentiality and an uncompromising code of ethics above all else.
Mindset is the most important criteria:
As a buyer, it is important to understand that the road to achieving your dream of a successful office is never the easiest route. What differentiates you (the successful business owner), from others who quit halfway, will be your unwavering determination to overcome challenges you encounter, and your ability to see obstacles as opportunities for growth instead of road blocks. Although there may not be an absolutely “perfect dental practice” with the perfect location, staff and patient pool, if you know what your strengths and weaknesses are, what you want and do not want in a practice, and what you can or cannot work with, you will find a practice that is “perfect” for you. We at LCF Practice Sales can help you navigate the way to finding the “perfect practice”.
It is not all about the price:
Contrary to popular belief, the process of finding a good practice for yourself should not be dominated by a specific price you have in mind. The old saying, “time is money” is relevant here. For every week, month, year it takes you to find a practice at the price you wanted, there is the cost of foregone opportunities. Consider what you could have earned during a prolonged search if you had had the office all along. Most good practices are in high demand with many competitors. So if you find the right office, we suggest that you offer a fair or competitive price to maintain the seller’s goodwill, referrals etc… Most of what you are paying for in a dental practice is goodwill which translates into referrals, staff transferals and marketing techniques and other aspects of the transaction that you will benefit from. So if you are not buying a shell, stay on the seller’s good side. It may benefit you more than you think. Look at the whole picture and don’t let minor details ruin a deal that is mutually beneficial for you and the seller.
The due diligence is yours:
While we recommend that you get an attorney to review the contract, a consultant to help with chart auditing, an equipment specialist to inspect equipment etc., the “due diligence” is ultimately yours. Review the documents and financials of practice for yourself. Your attorney and consultant will give the safest advice from their professional point of view. They most likely will not go out on a limb to help you make a decision and may not be able to see the entire picture the way you do. They may be liable for their advise, and ultimately, they will not benefit from the rewards of your practice. Also, some attorneys, accountants, consultants, and other professionals request commissions and referral fees which can create conflicts of interest that may jeopardize the transaction. So you have to weigh the risks and benefits for yourself. The due diligence is yours!
What differentiates you from other buyers:
Put yourself in the sellers’ shoes: what differentiates one buyer from another? You have to show the seller that you are a serious buyer. You can do that by having a good resume, all your financials lined up, and by presenting a fair offer. Last but not least, show the seller that you are a reasonable person who is accommodating and easy to work with. Remember that nobody wants to be involved in a large transaction of often long duration with someone who is difficult to work with.
LCF Practice Sales is here to help:
LCF Practice Sales is here to bridge the gap between you and the seller. We handle all the confidential information and will not present them to either party until we know that both the buyer and the seller are motivated and serious about finalizing the transaction. We will show you practices that you could possibility be interested in, help you write up an offer based on your terms and conditions, negotiate an agreement between you and the seller, set up appointments for office inspections, take care of loan documents and help close escrow.
Our services are free for you:
Unless otherwise noted, our services are usually offered at no upfront cost to buyers!