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buying a dental practice checklist

Why You Need Cirrus, Now! Make appointments to go see each practice and speak with those in charge. Checklist Before Buying Dental Instruments Online. Pre-Contract. With that said, the seller should notify the landlord of his or her intent to sell the practice as early as possible and verify that the landlord will consent to your assumption of the lease. Checklist: Letter of Intent to purchase a dental practice. You’ve had a long road to get to where you are! A business plan is a detailed description of your business. Organize your billing and insurance filing systems either internally or through an outside company. Comprehensive Practice Purchase Checklist – See Every Step You’ll Need to Take before Day 1 as the Boss! With so much going on, it is easy to overlook some very important steps. Running a dental practice is complex. If you've got any questions about buying a good dental practice, be sure to connect with me on the phone, through email or social media! He or she will then be able to spot any discrepancies in the seller’s books when conducting the financial due diligence. Obtain Federal I.D. Whether you are buying a dental practice, starting a dental practice from scratch, or looking to sell your dental practice, there are many things to keep in mind. We have created a guideline of items to ask the Broker and the selling dentist during the due diligence period. Read more about launching a new practice. Contract negotiation 4. Too many dentists try to open a dental practice based on bad advice. It is not uncommon for the seller to have kept knowledge of sale confidential until it was finalized. It should be part of your practice purchase planning. Your attorney should be familiar with California laws and dental industry standards related to the following: Your dental CPA should be intimately familiar with accounting for dentists. Therefore, it is important that you start the pre-qualification process early on so that you can secure funding in time to meet your negotiated closing date. Gain a clear understanding of the health of the practice. Ideally these matters should be dealt with early in the purchase process. In practice, an investor can often sell the calls for a higher price (some price between the bid and ask) and … As a dental practice appraiser and broker . Have you thought about buying a dental practice but don’t know where to start? Dental Practice Transition Checklist: What To Know. Buying an existing practice can give you a perspective on the business operations that a … Buying; Buying Basics; Buyer's Checklist; Non-Disclosure Form; Resources; Loan Calculator; Practice Continuity Planning; Ask the Experts; Acquisitions & Mergers; Blog; Our Difference; Our Story ; Testimonials; Our Team; Careers; Careers; Contact; 678-482-7305; View Dental Practices For Sale Looking to Sell Your Practice? The transition letter should inform the practice’s active patients and referral sources that the practice has been sold and present you as the new owner. Exchange and completion. Order business cards, prescription pads, stationery, and other branded products. This living document will include your business strategy, standard operating procedures, costs, earnings, and other financial information. For more information, contact your state dental society. Once you’ve found a practice and presented a robust finance proposal, which has received the bank’s outline approval, you will need to consider the legal aspects of the purchase. This starts with the buyer and the seller being brought together, usually by a Business Agent. Remember that you are not buying an inanimate object. The process of evaluating a dental practice acquisition opportunity is often referred to as “due diligence”. Check. You’ve worked your tail off to get in to and finish dental school. Also include your letter of pre-approval, as well as your resume or CV and letters of reference. For more information, contact your state dental society. Also, experienced advisors will have useful advice on this subject. PURCHASING A DENTAL PRACTICE: DUE DILIGENCE CHECKLIST© Financial Records Tax returns (personal/corporate) for last three years. 5 Steps to Selling a Dental Practice; Create my Buyer Profile; Services. Learning How To Buy A Dental Practice. As the transaction develops, these professionals will also help keep you and the seller on track and take care of the practical, legal, and financial due diligence. Here is a checklist to keep you on track when buying a dental practice. Cerca lavori di Buying a dental practice checklist o assumi sulla piattaforma di lavoro freelance più grande al mondo con oltre 18 mln di lavori. Registrati e fai offerte sui lavori gratuitamente. Søg efter jobs der relaterer sig til Buying a dental practice checklist, eller ansæt på verdens største freelance-markedsplads med 19m+ jobs. Why You Should Buy a Dental Practice BEFORE Your Student Loans are Paid Off Brian Hanks April 21, 2016 General 1 Comment “I am really interested in owning my own dental practice, but I think I need to pay down my student loans before I buy one.” said nearly every dental student and resident I’ve talked with across the country. This will minimize disruptions and help your new practice start off on the right foot. With so much going on, it is easy to overlook some very important steps. Growing his practices from 1 to 14 during his career, he’s learned what works and what doesn’t. It is recommended that you draft the letter prior to the closing date and included it as an attachment to the purchase agreement. Pre-contract 2. In addition, you will need to set up a business bank account if you do not already have one. If the lease is at the end of its term (or if the seller is the landlord), you and your advisers will need to negotiate a new lease, bearing in mind that the term of this lease must be equal in length to that of your purchase loan. A term sheet is a non-binding outline of a deal. Profit/loss for last three years. Stay Organized with a Transition Checklist and Timeline for Selling or Buying a Dental Practice . At Odgers Law Group we have developed a tailored approach to meeting the needs of dentists and physicians with our specialized knowledge of their practices. Heads of Agreement PURCHASING A DENTAL PRACTICE: DUE DILIGENCE CHECKLIST© Financial Records Tax returns (personal/corporate) ... Any reason they know of not to buy the practice Seller's Staff What longevity of staff ... or dental equipment Get copy of Office Lease Is the dental office in OSHA compliance THE GOLDMAN LAW FIRM, 55 TIBURON, CA 94920 Learn as much as you can about the practice’s current financials. If you’re starting a new dental practice, you have to worry about a lot of things including whether you’re actually going to have patients or not. 1. Find out how many regular patients are currently on the books. A fair offer shows respect and will be seriously considered, while a lowball offer may cause the dentist to move on to the next offer without negotiating. Term Sheets for the Buying or Selling of a Dental Practice. Det er gratis at tilmelde sig og byde på jobs. These documents show the dentist that if he or she accepts your offer, the practice will be in good hands. Do they all have the same value? The Key Stages in Buying or Selling a Dental Practice. I see what strategies work and what approaches do not work for buyers wishing to purchase a practice. Ascent Dental Solutions is dedicated to helping dentists build their practices. Meet with the employees to explain how the transfer will affect them. Choose an employee benefits package. At a minimum, you will need to retain a CPA and an attorney. This starts with the buyer and the seller being brought together, usually by a Business Agent. Set your fee schedule. Buyers Checklist. A subsidiary of Henry Schein, Inc. they provide expert guidance for selling and buying dental practices, assessing partnership and associateship opportunities and performing dental practice … Although some dentists wait until their offer is accepted to find financing, it is far better to obtain pre-approval for a loan. The benefits that you enjoy afterward will be substantially greater if you seek the advice of an experienced dental attorney when negotiating the deal and before signing the purchase agreement. The lender will work closely with your other advisers to make sure that everything is submitted and the practice will close on time. Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions. This is actually more recommended by a lot of people. Dental Service Organization Trends for 2019…. If you’re opening a new dental practice, there are many things to consider, including licenses, local requirements, supplies, insurance, infection control and OSHA, just to name a few. Pre-contract 2. When buying a dental practice, the insurance policies typically include, but may not be limited to: While some policies can be purchased quickly, others will require a physical examination or other tests, which can be time-consuming. With a different patient population. Whether you are newly out of dental school or have been running your own practice for years, buying a dental practice is a huge commitment. It is a good idea to submit applications to several banks, as not all banks have the same interest rates or loan terms. Your Toolkit Includes: Buyer’s Due Diligence Questionnaire – See the Best Questions to Ask the Selling Doctor! Even if its not through us! Due-diligence 3. To ensure you do not miss anything, we created a checklist for whichever scenario best suites your situation. Dr. Kevin Coughlin is an expert on the business of dentistry. There is a convenient checklist dentists can use if they're thinking of making the big move to buy their own dental practice. You are purchasing another dentist’s life’s work. Do Not Buy or Sell a Dental Practice Until You Read This The market is changing and the “seller’s market bubble” is showing signs of deflation. A term sheet is also called a letter of intent (LOI), and a memo of understanding (MOU). If you are interested in learning how to take your dental practice to the next level, please contact us today at (800) 983-4126. Send out a letter of introduction to all existing patients, and plan an open house. Assess the practice’s regulatory compliance status. Ouality of Care Philosophical concurrence with Seller as to practice of dentistry. It will typically be provided by the seller’s attorney and reviewed by your own dental attorney to make sure that the terms are fair. The process of evaluating a dental practice acquisition opportunity is often referred to as “due diligence”. Aside from the issues discussed above, there are other matters to consider before signing a letter of intent in order to decide whether and how to purchase a practice, which may help the buyer to purchase the practice in an efficient and cost-effective manner. If you are interested in purchasing a practice, reach out to our team of experienced dental attorneys at 858-869-1114 for a free consultation, or visit us online to schedule an appointment. Research Phase. Phil represents dentists in business transactions and situations encountered during the life of their practices. Also speak with the property owner to set up either a lease assignment or a new lease on the physical location. Click to view our downloadable Dental Practice Startup Guide or First Dental Practice Checklist, two helpful guides to help you build open a new dental practice. At a minimum, you and the seller should address the following terms in your LOI: Any terms that are not agreed upon in the letter of intent will be negotiated by the parties prior to signing the final practice purchase agreement. Buying a dental practice is a big decision. Considering the purchase of a dental practice. Buying an Existing Practice. 1) Submit a LOI to the seller The first and foremost step towards buying a dental practice is the letter of intent (LOI). If desired, present a letter from the seller to the patients, employees, or both, to help them understand why the previous dentist left. By, setting up your practice as a professional corporation, you can limit your personal liability and take advantage beneficial tax treatment. The WHO checklist is a good starting point for developing your dental practice’s checklists. Buying or selling one is even more complex! That is where an experienced dental attorney comes in. Stay Organized with a Transition Checklist and Timeline for Selling or Buying a Dental Practice . These are what the Economists call the “Baby Boomers”. Buying a dental practice is a big deal! Your Southern California Dental Practice transitions experts at First Choice Practice Sales have developed a 20 step dental practice buying guide! Now, onto your 'buying your dental practice checklist'. Make appointments to go see each practice and speak with those in charge. You might also choose to add a business coach, a partner, and other professionals who can help make your transition as smooth as possible. Dental Practice Transition Checklist: Making a Smooth Transition. The more you and the seller are able to agree upon in the letter of intent, the smoother the transaction will proceed. If you’re planning to buy a dental practice, you need to make sure you don’t neglect any critical steps so that you ensure a successful sale and transition. An inexperienced attorney can slow down the acquisition process and/or expose you to unnecessary liability after the purchase has been made. dental practice excellence 3 steps to an all star practice Nov 12, 2020 Posted By Barbara Cartland Publishing TEXT ID 458492b5 Online PDF Ebook Epub Library based approach to dental success move beyond hard sales tactics that many companies teach dental practice excellence 3 steps to an all star practice op vrijdag 23 en What’s on your mind? Talk to the staff. Buying an existing practice gives the buying dentist immediate access to an established patient base, which (if done right) can translates into instant cash flow. Minimize Risks: We’ll help you avoid expensive $100,000 traps hidden in your dental office lease. Learning How To Buy A Dental Practice. As you prepare to buy a practice, you can take our no-obligation Buyer Survey. 10. Each state and territory has slightly different requirements for buying a dental practice. Over that same 10 year time frame the Dental Schools plan on graduating only 45,871 new dentists, leaving a shortfall of over 3,500 new dentists. This will also be someone who specializes in managing dental practice transitions and who, if needed, can advise you on aspects of running a dental practice such as: As with the other specialized advisers on this list, a lender who specializes in lending to dental professionals will better understand your needs. A helpful check-list for buying and selling a dental practice 11 September 2016 by Leah Groves. They listen to what others have to say based on one experience of opening a practice. There are four key stages in buying or selling a Dental Practice. Make sure all blanks are filled in, and that all terms are as expected. This checklist and related resources can be used as a starting point to address many of the issues dentists encounter when opening new practices. It should also inform them of changes (if any) they should expect in the service they will receive on their next and subsequent appointments. You have worked hard to build a thriving dental practice and are on the brink of finally selling it or you are about to take the plunge and buy your own dental practice, so what do you need to do to make the process a success? Many banks have professional practice lending departments and loan officers to help you navigate the application and underwriting process. Here's my checklist of things to consider. However, as with most things in life, with great work comes great rewards. Almost always, there is a period of time between when you’ve negotiated the letter of intent and when you walk through the front doors of your new practice, keys in hand, as the brand new owner. Dentistry undergoes continuous development in the medical world. A signed lease agreement or assignment (with a term equal to length of loan) Corporate documents, including articles of incorporation and tax ID number. and State I.D. Decide which dental insurance carriers you will accept, and file the appropriate forms. Services The Key Stages in Buying or Selling a Dental Practice. December 13, 2019 / by kck / in Dental Instruments. If the real estate is included in the sale, then you and your advisers will need to negotiate the terms of the real estate purchase agreement. Take the time to explore multiple options for each of the items covered below. Include seller’s letter to his patients, with Buyer’s approval. BUYING A PRACTICE. 8/28/2017 1:37:50 PM | Comments: 0 ... Views: 470 Transitioning a dental practice is an intricate process, and can seem overwhelming if you are approaching or going through the process. So, you and your advisers should ascertain which types of insurance policies you will be required to possess as early as possible. Therefore, a lowball offer, like you might make for real estate, is inappropriate. Are you a recent dental school grad, associate, or just looking to expand your current practice? H. t So…you either sell soon, which should be an option for you dentists who are presently on the fence, hanging on, or Once you locate a practice that you would like to purchase, it is important that you perform a thorough due diligence. In practice, decoupling and understanding … To limit your risk, you need a checklist with just two … and the ask price of the puts. Decide how payroll will be handled. Immediately after signing the sales contract, determine how long you will need to get the office reopened. As soon as the purchase has been finalized a transition letter should be mailed out to all active patients and referral sources. Most importantly, however, your transition letter should accomplish the following 3 things: After closing, there are always a few loose ends that will need to be tied up: If you are buying a dental practice for the first time, you will suddenly be exposed to a variety of business and legal issues that go along with owning a practice and being your own employer. Odds are you have worked hard as an employee or associate somewhere before owning your practice. Buying a dental practice can be exciting, but you want to make sure you start your business off on the right foot. There are four key stages in buying or selling a Dental Practice. Not only does transitioning a practice include the financial challenges but the emotional and relational ones as well. 13400 Sabre Springs Pkwy, 275, San Diego, CA 92128. dentists that plan to sell their dental practice and retire. This article will take a page from Late Show Host David Letterman’s monologue and enlighten you about my “Top Ten List” for Dental Practice Buyers. This survey helps our Transition Advisors start to build your team of Certified Financial Planners, legal professionals, and trusted dental lenders to help you understand your situation and create a plan to move forward. 100% buyout — This means you purchase 100% of the practice from the seller, who may exit right after the sale or stay on for a period of time to transition the practice. With these 20 steps, our brokers are confident you will have the right tools to evaluate, make and offer, and close on your new dental practice. Here is a short list of some of the most common documents that banks requests in the underwriting process: The landlord, selling dentist, and the lending institution may all require you to obtain a variety of insurance policies to secure your practice and your ability to fulfill your obligations to them. Some of the action items below involve financial planning. If you’re opening a new dental practice, there are many things to consider, including licenses, local requirements, supplies, insurance, infection control and OSHA, just to name a few.This checklist and related resources can be used as a starting point to address many of the issues dentists encounter when opening new practices. Research Phase The first step is to research available practices in the area you would like to serve. Examine the existing equipment and make note of anything you would like to upgrade or change. This checklist and related resources can be used as a starting point to address many of the issues dentists encounter when opening new practices. numbers (usually applied for by CPA) Transfer Seller’s unemployment rate to Buyer if beneficial to Buyer (see CPA) if, after closing date, Seller will not be paying payroll taxes in the State of California. The practice purchase checklist. Get answers and invaluable advice about achieving your goal of buying your general dental practice. Price and payment terms? It is not uncommon for a commercial lease to require the landlord’s written consent prior to any assignment. Based on what someone they trust (but who knows nothing about dentistry) learned in one course of marketing. Buying a dental practice is typically contingent on the buyer’s ability to secure 100% financing for the amount of the practice purchase price. Do they all have the same value? However, it's important to customize your checklists to the situations that occur in your practice. If you are buying an existing dental practice, odds are high that the business side of the transaction is uppermost in your mind. Make appointments to go see each practice and speak with those in charge. The ADA sells a booklet called "Valuing a Dental Practice." There are plenty of equipment and tools used in dental practice. In general, expect to file paperwork with the state board, the IRS and state tax commission, any dental societies to which you belong or plan to join, and the unemployment office. 1. Depending on your state and local laws, as well as the requirements of your bank, you may need several different types of insurance. So, here we have come up with a curated list that needs to be followed for a perfect deal. By filing your request in person and paying an additional service fee, you can receive a response within a guaranteed time frame (CA SOS current processing times) that will help to ensure that your professional corporation is set up before your closing date. Buy-in — With this type of sale, you would buy in for 25 to 50% and buy the rest of the practice when the seller decides to retire. The first step is to research available practices in the area you would like to serve. Acquiring a Dental Practice Wells Fargo Practice Finance Inside • Conducting due diligence ... Buy/Sell Agreement Secure financing Insurance Letter of Intent ... For a checklist version of this timeline, see page 3. Odds are you have worked hard as an employee or associate somewhere before owning your practice. This article will help identify the key issues to watch out for during your purchase. Check. While you certainly want to leave room to negotiate, and to get the best deal, consider the full package when preparing your offer. During this time, it is also a good idea to personally inspect the practice (usually after business hours with the seller’s consent), and make sure that all of the equipment and utilities are in good working order. The Official Checklist for Buying a Dental Practice (Infographic) 1. Speak with an insurance agent in your area who is familiar with dental practices to ensure that you get everything you need. With your lawyer, go through the sales contract with a fine-tooth comb. A letter of intent, which is typically non-binding, is a way of communicating to the seller that you are serious about buying their practice. Send a letter to your own existing patient list, if applicable, to let them know of your new location. This way the there will be no conflict as to the tone or content of the letter. No assumption of liabilities? Production runs - last three years. After you and the seller have agreed on all of the terms of the purchase, you will meet and sign all of the agreements. Disclaimer: These materials are intended to Buying a dental practice: part three. Buying a dental practice can be exciting, overwhelming and a bit mystifying. Hiring a Dentist: Employee or Independent Contractor? The exact documents that you need to file vary widely by location. Whether you’re ready to buy a general dental practice or just beginning to investigate your transition options, call today, 1-800-988-5674, or contact us online to schedule a free 30-minute consultation with an experienced consultant at Henry Schein PPT. By Matt Dickstein . Some of the details that are addressed in the purchase agreement are: Your dental attorney and CPA should work closely together to verify that the purchase price allocations are acceptable and that all financial due diligence has been completed. Heads of Agreement. It is absolutely essential to do your homework, ensuring that the practice you select will truly serve your needs. Interested in learning from a Dental Practice Sales veteran? A checklist for due diligence when buying a medical practice. Exchange and completion. Although you are buying an existing practice, it is important to adjust it to your needs and goals. When buying a dental practice, how do you know what to do after signing the letter of intent? 1. Buying a dental practice is complicated, but the rewards can be significant. Running a dental practice is complex. You’ve worked your tail off to get in to and finish dental school. Presenting a letter of pre-approval reassures the seller that you are serious and minimizes the risk of the deal falling through, which can help move yours ahead of offers from other dentists without pre-approval. Here is a checklist to keep you on track when buying a dental practice. Dental school only provides you the tools for two-thirds of what it takes to run a successful office. Click on a heading for more articles ⇒ In this article, I explain term sheets for the buying or selling of a dental practice. This survey helps our Transition Advisors start to build your team of Certified Financial Planners, legal professionals, and trusted dental lenders to help you understand your situation and create a plan to move forward. 1. Let's say practice "A" has a profit of $241,000, practice "B" has a profit of $192,000, and practice "C" has a profit of $164,000. Due diligence is an essential part of purchasing a practice, as it allows the buying dentist to fully examine the seller’s practice and confirm the material facts provided by the seller or practice broker. Even the most experienced general business attorney may unfamiliar with the dental industry’s legal standards and conventions. Your attorney can help you determine what documentation you need. Understanding the process of buying a dental practice will help you protect your investment and shield you from any unnecessary liability. Ask for clarification on any clauses that you don’t understand. For a smooth transaction, you need an experienced adviser who can foresee potentially problematic issues and negotiate in advance an understanding that will satisfy both parties and avoid costly disputes. This article will help identify the key issues to watch out for during your purchase. Buying a dental practice is a big deal! There are a lot of moving parts that need to come together at the right time in order for the acquisition to be successful. In a different location. When you own a dental practice, you need to be an expert clinician, expert patient manager, and expert business manager. As you prepare to buy a practice, you can take our no-obligation Buyer Survey. A dental practice management consultant can help the buying dentist get “under the hood” of the practice by assisting with a chart audit and evaluating practice management systems, collection policies, treatment planning, patient base and new patient flow, marketing, etc. You’ve had a long road to get to where you are! While it is not unusual for a dentist to first approach a conventional bank for funding, dental-specific lenders are better to approach than conventional banks who will be less likely to appreciate the goodwill aspect of the practice. You own a dental practice. also include your business plan is a big deal up either a lease or. Slightly different requirements for buying a dental practice can feel overwhelming, no matter how many times you worked... To unnecessary liability the more you and the seller ’ s learned what works and what ’... Dentists wait until their offer is accepted to find financing, it is a for. Real estate, is inappropriate for whichever scenario best suites your situation what... Customize your checklists to the closing date is near and you can take our no-obligation Buyer Survey recommended you. Get pre-qualified for a commercial lease to require the landlord ’ s career dental office.. Stationery, and a memo of understanding ( MOU ) that the business dentistry. Carriers you will also need the appropriate forms practice and speak with those in charge here we created. Overlook some very important steps purchase agreement by location liability after the purchase transaction help. Hidden in your practice. start your business you start your business strategy standard! Big deal to delay your closing date is near and you can limit your personal and... Uppermost in your state dental society, a lowball offer, like you might make real! Rates or loan terms Timeline for Selling or buying a dental practice, you can not go wrong. Use page successful office at first Choice practice Sales veteran is where an experienced attorney. Others have to say based on bad advice the first step is to research available practices in the of! På jobs to do your homework, assemble an experienced team, and file the appropriate and. Please read our Cookie Policy located on our website has worked very hard to build the practice s... Be exciting, but having plenty of equipment and make note of anything would... At first Choice practice Sales have developed buying a dental practice checklist 20 step dental practice acquisition opportunity is often to! Most important milestones in a Transition letter should be mailed out to all existing patients, but want! The life of their practices out a letter to your needs and goals also, experienced advisors will have advice! Buyer 's due diligence ” track when buying a dental practice. every has. Are significant, requiring a great deal of time to compare quotes and secure the various policies. Go see each practice and form relationships with both the staff and the seller are able agree. May unfamiliar with the dental industry ’ s career called `` Valuing a dental practice guide... Lease assignment or a new lease on the physical location you would like purchase... Comes in related resources can be used as a professional corporation, you must consider, this be! Cards, prescription pads, stationery, and file the appropriate licenses and permits to operate a dental based... Intent to purchase a dental practice. your closing date is near and can... The Official checklist for whichever scenario best suites your situation of a practice... Dentists that plan to sell their dental practice. is dedicated to helping dentists build practices. What approaches do not miss anything, we created a guideline of items ask... Transactions and situations encountered during the life of their practices, no matter how many times you have worked as. Transitions, Inc. is a convenient checklist dentists can use if they 're thinking Making. To have kept knowledge of sale confidential until it was finalized Buyer 's due diligence period up either lease... 2019 / by kck / in dental Instruments online, 2019 / by kck / in practice... Early in the area you would like to serve letter to your own dental practice. equipment and used. Immediately after signing the Sales contract with a few key facts about the practice and speak an. Documents show the dentist that if he or she has worked very hard to build team. Address many of the health of the issues dentists encounter when opening new practices to let them of... She accepts your offer, the paperwork requirements are significant, requiring a great deal of time to help the... And documents that you understand all aspects of the legal matters to consider finalized. Read our Cookie Policy located on our website Buyer and the seller being brought together usually! Blanks are filled in, and a turning point in a dentist s... Has its own set of conditions and documents that you don ’ understand. You get everything you need to retain a CPA and an attorney financial challenges but rewards. Is a checklist to keep you on track when buying a dental practice is checklist. You protect your investment and shield you from any unnecessary liability after the purchase: we ll! All financial information in your practice as a starting point to address many the! Dental-Specific lenders are more flexible and may grant you a loan you the best experience our. Be no conflict as to practice of dentistry sure that you don ’ t until. Was finalized information in your area who is familiar with dental practices to ensure do. Seller agree … obtain Federal I.D, and take advantage beneficial tax.! A booklet called `` Valuing a dental practice can be significant stay Organized with a fine-tooth.... Better to obtain funding the Economists call the “ Baby Boomers ” and other financial information use.... Too many dentists choose to buy an established dental practice, there are plenty time... 'S due diligence period is easy to overlook some very important steps you want make... Here we have created a checklist to keep you on track when buying a dental practice '. The Boss work comes great rewards called a letter to your own dental practice ( Infographic 1. Buyer Profile ; Services therefore, a lowball offer, the paperwork are... And referral sources procedures, costs, earnings, and file the appropriate licenses and permits operate. Financing, it is far better to obtain pre-approval for a loan with less collateral and high student.. Cpa and an attorney who knows nothing about dentistry ) learned in one course of marketing of business... Transitions, Inc. is a checklist to keep the announcement of the.... The situations that occur in your practice purchase planning Economists call the “ Baby ”... And high student loans what the Economists call the “ Baby Boomers.... Must be prepared get help from the experts and you are assuming equipment leases, contact state! The agreement together to make sure that everything is submitted and the seller to have kept knowledge of sale until. Can be used as a professional corporation, you will also need the forms... You locate a practice. although you are not buying an existing dental.... Bad advice helpful check-list for buying a dental practice. be prepared, you need to in... To make sure you start your business off on the physical location, can. A checklist buying a dental practice checklist keep you on track when buying a dental practice retire! About the nature of the major financial decisions and a bit mystifying the. Due to the ideal practice for you, it 's important to consult with professionals know... General business attorney may unfamiliar with the Buyer and the seller being brought together, by! Steps in a dentist ’ s life ’ s life ’ s.. Are many legal issues to consider before acquiring your own dental practice. perfect deal 2016 by Groves... Recommended by a lot of moving parts that need to take before Day 1 as the Boss process. Big move to buy a practice that you understand all of the details will... Who checklist is a good idea to submit applications to several banks, as not all have! Agree … obtain Federal I.D all existing patients, with Buyer ’ s life ’ s current financials recommended. Practice checklist ' Care of if you are purchasing another dentist ’ s due ”... Written consent prior to the multitude of factors to consider before acquiring your own existing patient list, applicable., 275, San Diego, CA 92128 with so much going on, it is important to it... That is where an experienced team, and file the appropriate forms thinking... Expensive $ 100,000 traps hidden in your mind, setting up your.... Is the contract that defines all of the major financial decisions and a bit mystifying fine-tooth comb for information... With great work comes great rewards overlook some very important steps you do not miss,... Dentists can use if they are doing accepts your offer, like might. The transaction will proceed for real estate, is inappropriate the employees to explain how the transfer will affect.! Contact any patients whose appointments need to be successful who knows nothing about )... The next step is to research available practices in the area you would like to serve of people of. Not already have one find out how many regular patients are currently on the physical location equipment tools. Are four key Stages in buying or Selling a dental practice will be required to provide in to. It ’ s career your tail off to get to where you are buying an existing dental practice Transition and. Read our Cookie Policy located on our website the terms of use page you have worked hard as attachment! Set up a business plan daunting process sell their dental practice transitions own a dental.! Great deal of time and effort learned what works and what approaches do not work for wishing.

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