In a lot of ways, reviewing a purchase and sales agreement is similar to dating someone; as you’re going through the process of a dental practice transition, you’re looking through everything with due diligence and trying to ensure you’ve found a good match will set you up for a happy future!

Rob Montgomery, lawyer and founder of Robert H. Montgomery, III, Esquire P.C. was on the show— and he has several tips and tricks that can help you out when it comes to breaking down the specifics of these negotiations and agreements. Continue reading below to learn a few of his secrets to negotiating purchase and sale agreements, and feel free to SUBSCRIBE to our podcast channel Dental Unscripted.

Get Your Lawyer Involved

It goes without saying that your lawyer is a valuable asset and a close ally when it comes to drafting up all of the paperwork and sifting through the fine details of this process. It’s worth noting that this protects both the seller of the practice as well as the buyer; believe it or not, both parties need a lot of protection from risk.

Not to mention, your lawyer has the experience and expertise necessary to navigate these documents and ensuring that you’re comfortable with the terms, hopefully getting your money’s worth for their services. While it’s important for clients to always “have their head in the game” and remain focused and involved, according to Rob, it’s more efficient to let the expert work their magic handling the documents and road mapping, to get the ball rolling. Many times on these transactions and deals time is of the essence.

Clear Communication Is Key

While it’s valuable for clients to stay diligent and engaged, it’s important to be mindful of how this involvement is channeled into communication lanes. Sending those one-sentence emails, open-ended questions, or long-winded narratives might not always be in your best interest when it comes to getting things done quickly and effectively. It’s all about finding that “happy medium” according to Rob, when it comes to involvement and communication. And if this involves a good old-fashioned scheduled phone call, that’s perfectly okay if you have a lot of things on the docket.

Don’t Neglect the Details & Stay Driven

When you become a practice owner, you can’t just be a dentist! You have to assume the business person posture — both of these components are equally important. With that in mind, there are going to be a lot of things to take into consideration, both by you and those you’ve surrounded yourself with to assist you.

The nature of a dental transition is the “business of goodwill and patience” among other things, according to Rob. By doing what you can to ensure everything crucial on your end is squared away, and by staying driven throughout the potential ups and downs of the process, at the end of the day, the deal will get done in the most favorable terms.

Rob Montgomery and host Michael Dinsio go more in-depth about these subjects and more while discussing some of the things they’ve encountered from their own personal experiences. So be sure to check out the more episodes on the podcast if you’re curious to hear more from Michael Dinsio on “Buying a Dental Practice!”

About Next Level Consultants

Here at Next Level Consultants, we’re thrilled to provide you with the means to successfully buy, manage, and bolster your new dental practice. Under the leadership of Mike Dinsio and Paula Quinn, our knowledgeable team is ready to step in and assist you with everything you’ll need to know and execute in order to thrive! To learn more about what we can do for you and your practice, don’t hesitate to get in touch with us today.