If you’re gearing up to purchase a dental practice, you might have questions and concerns about such an endeavor. Fortunately, purchasing a dental practice can be a fairly straightforward process if you have the details figured out and know who to talk with. That said, here are some tips to help you navigate the process and ensure that you and your new practice hit the ground running.

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If you’ve always pictured yourself as the owner of your own practice, your dream might seem far off in the distance; especially if you’re neck-deep in student debt and have no idea where to start! But there’s no reason to panic, as your dream can still be made into reality—and perhaps much sooner than you think! Keep reading to learn more about five financial must-do’s to consider before purchasing your first dental practice so that you’re set up for long-term success.

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When it comes to buying a dental practice, everyone wants the deal to close as quickly as possible. Whether you’re the seller or the buyer both parties would like a smooth transition. A common phrase in business circles is time kills deals. Something that often gets overlooked is putting together a proper purchase and sales agreement.

After the negotiating conversations, buyers and sellers simply don’t have the energy or ability to parse out another complicated document. Buyers typically construct a Letter of Intent just to get to the negotiating table. Then there are negotiations.  Then at the end of a deal a legally binding document must be created where both parties are happy and in agreement. In reality, this is one of the most important things you can utilize as a buyer to hedge protections that you deserve in good faith. (more…)