Rob Montgomery, lawyer and founder of Robert H. Montgomery, III, Esquire P.C. was on the Dental Unscripted Podcast and he pointed out a few tips that can really help you out when it comes to breaking down the specifics of these dental acquisition negotiations. Continue reading below to learn a few of his key points to negotiating a purchase and sale agreement. ALSO don’t forget to FOLLOW and SUBSCRIBE to our podcast channel Dental Unscripted.

GetTING A Lawyer Involved IN NEGOTIATIONS

It goes without saying that your lawyer is a valuable asset and a close ally when it comes to drafting up all of the agreements and paperwork when buying a dental practice. The lawyer will sift through the fine details and make sure wording is just right. It’s important to note that their work protects both the seller of the practice as well as the buyer; believe it or not, both parties need protection from the risk involved in a dental practice acquisition.

Not to mention, a dental specific lawyer has the experience and expertise needed to easily navigate these documents ensuring that you’re comfortable with the terms of the purchase. While it’s important for clients to always “have their head in the game” and remain focused and involved, according to Rob, it’s much more efficient to let the expert (dental specific lawyer) “work their magic” and handle the specifics in the purchase and sale agreement. This get’s the ball rolling faster and helps move the process along more smoothly. Many times on these transactions time is of the essence. Getting too rigid and too particular can sometimes kill a deal after getting to this stage in the game.

Clear Communication Is Key

While it’s valuable for clients to stay diligent and engaged, it’s also important to be mindful of how expected involvement can be channeled into communication lanes. Sending those one off emails with open-ended questions, or long-winded narratives might do not always make that client relationship experience ideal. When it comes to getting things done quickly and effectively, it’s all about finding that “happy medium” of communication according to Rob. A good old-fashioned scheduled phone is perfectly okay if you have a lot of things on the docket to discuss. But itemizing concerns and streamlining communication works best for both parties in order to move details forward on transactions.

Don’t Neglect the Details & Stay Driven

When you become a practice owner, you can’t just be a dentist anymore! You have to start assuming the business person mentality! Both dental clinician and business oriented leader are both equally important components. With that in mind, there are will be a lot of things to consider throughout a dental practice transition, both by you and those you’re surrounding yourself with to assist you in that transaction. After all it is a business transaction!

The nature of a dental transition is the “goodwill and patience in the process” among other things. By doing what you can to ensure everything crucial on your end is squared away, and by staying focused regardless of road bumps throughout the process. At the end of the day, the deal will get done in the most favorable terms for both parties if you have a god team behind you.

Rob Montgomery and host Michael Dinsio go more in-depth about this subject and more while discussing some of the things they’ve seen and encountered from their own personal experiences after doing so many transactions. So be sure to check out the more of this episode on the podcast! If you’re curious to hear more from Michael Dinsio on “Buying a Dental Practice!” tune in to our Dental Unscripted archives where Michael goes step by step through the entire dental acquisition process.

About Next Level Consultants

NEXT LEVEL CONSULTANTS would be honored and thrilled to provide you with the support and expertise to successfully buy, manage, or bolster your dental practice.

Under the leadership of Mike Dinsio and Paula Quinn, their all-star team is ready to step in and assist you at any step along the way. To learn more about what we can do for you and your practice, don’t hesitate to get in touch with us today.