If you are planning to buy a dental practice, you could get carried away because of your excitement, especially if the practice seems to meet all your requirements. However, you need to plan your purchase carefully to avoid losing your hard-earned money. So, before you place an offer, there are things you must keep in mind. One of these is to know why you should hire a San Diego Dental Attorney to help with the process. Once you find the practice that you think feels right for you, here are the next steps to take:
Create Your Team
If you seriously want to acquire a dental practice, you must consider who will advise you and help you with the buying process. A lot of considerations are involved and the right time will help you navigate the transaction process from the get-go. Your team should include professionals such as an accountant, a dental lawyer, and a banker.
By building your team during the transaction, you get help in reviewing appraisals, comparing different sale listings, and preparing questions for the seller. Also, your team can prepare a formal offer to buy the winning practice.
Know What Questions to Ask
The majority of dental practice sales include opportunities for buyers to see the practice and examine both the office and equipment in person, usually through an open house. To make a good purchase, ensure you understand what’s important and what’s not for the selling dentist. Did you know that the best transaction is more than just about the figures and technical practice information? By putting yourself in the seller’s shoes, you can ask the right questions before you make an offer. Some of these questions include the reason the dentist is selling their practice, whether they own several practices, what the sale includes, and others.
One of the main problems you may see when buying a dental practice is uncertainties about personality types, competencies, and dental philosophies. If you think you are the right dentist to own the practice, you must tell the seller why that is. Then, ask yourself why you want to purchase the practice.
Moreover, by keeping transparency about what you want from your practice, who you are, and what your practice philosophy is, you can establish an early rapport with the seller. Often, including this in your offer letter can help clarify the reasons you are taking over the seller’s business.