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Next Level’s “BIG Guide” to Buying a Dental Practice
November 27, 2023
Next Level’s “BIG Guide”
#buying #dental practice #due diligence #valuation #dental transition #practice acquisition
What to Look Out For When Buying a Dental Practice
How do you properly evaluate a dental practice that you want to purchase without having any past experience in ownership or acquisitions?
You want to be a practice owner and you’re looking to buy, so you likely have many questions bouncing around in your head. Is this practice profitable? How do you make the transition process a smooth one? What makes a practice a good one to purchase? You’ve got the experience and background being a dentist, but stepping into a high stakes business transactions can probably feel like a fish out of water. If this sounds like your situation this blogpost is for you.
Next Level Consultants has helped many dentists through the process of buying a dental practice. Working as a Buyers Representative we provide a peace of mind when making those tough decisions every step of the way. Nonetheless, this guide will also help as you look at and evaluate dental practices now or in the future. Don’t hesitate to get someone to represent you. Sometimes, you just need a professional who’s been through the process before. They will look out for your best interest in the deal. They typically seen hundreds of deals and know what to look out for along the way.
What to Look for When Buying a Dental Practice
You’re ready to start the process of acquiring a dental practice. But where do you begin? One of the first steps to consider is the practice’s finances. You’ll want to closely examine the practice’s financial position and details, such as cash flow. The last thing you want when buying a dental practice is to find yourself in the red. But how do you begin reviewing the financial side of an acquisition? Well, here’s where to start…
Dental Acquisition: Purchase & Sale Agreement with Rob Montgomery
February 5, 2023
Listen to This Episode Here!
In a lot of ways, a purchase and sales agreement is similar to dating; as you’re going through the process, you’re looking through everything with due diligence and trying to ensure that you’ve found a good match and that you’re set up for a happy future! That may seem like a very technical breakdown, but this is what Rob Montgomery, lawyer and founder of Robert H. Montgomery, III, Esquire P.C. thinks—and he has several tips and tricks that can help you out when it comes to breaking down the specifics of these agreements and setting things up for success. Continue reading below to learn a few of his secrets to winning purchase agreements, or feel free to check out his recent appearance on the latest episode of Dental Acquisition Unscripted.
The Art of Due Diligence with Art Wiederman
November 29, 2022
Listen to this Episode Here!
Every step you take when buying a dental practice is important, but one of the most significant happens after you’ve sent your LOI to the seller—due diligence. Art Wiederman, the guest on Episode 14 of the Dental Acquisition Unscripted Podcast, is an expert on this particular subject. He is the Dental Division Director at a CPA firm called Eide Bailly and has over 38 years of experience helping dentists get answers to the most important questions when purchasing. To get a brief overview of everything he and Mike talk about, keep reading. Or, you can listen to the entire podcast right now on YouTube, Spotify, or Apple!
Tips for Successfully Purchasing a Dental Practice
January 19, 2022
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.
5 Financial Must-Do’s Before Purchasing a Dental Practice
December 19, 2021
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.
Why You Always Need a Purchase & Sales Agreement When Buying a Dental Practice
November 12, 2021
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…)
How to Get Funding to Buy a Dental Practice
August 26, 2021
Unless you have a particularly rich and generous uncle, chances are that you’re going to need a loan in order to buy a dental practice. While banks are being a little more stringent these days due to COVID woes, they are lending, and knowing a few things ahead of time can help make the process of getting the funding you need (relatively) headache-free. Here are 3 tips to secure funding for buying a dental practice. (more…)
Top 5 Things to Know When Buying a Dental Practice
July 6, 2021
Needless to say, buying a dental practice is complicated. Our mission at Next Level Consultants is to make it as easy as possible, which we do by giving prospective buyers access to a team of experts who have worked with hundreds of dentists and successfully purchased countless practices. While there is certainly a lot to consider, here are 5 of the most important things to keep in mind when buying a dental practice. (more…)
Updating or Building a New Dental Practice, 12 Questions to Ask Your Contractor
June 11, 2021
After you make the decision to become a practice owner, there are a million questions to answer. One of the biggest questions is, “Am I going to buy an existing practice or build a new dental practice?” Regardless of which option you choose, you will most likely find yourself speaking to a contractor in the near future, maybe to do a renovation, expansion, or a dental practice startup.
Here are the 12 questions you definitely need to ask contractors before deciding to work with them when exploring your options as a new dental practice owner.
Tips for Managing Your Team When Acquiring a Dental Practice
May 12, 2021
When you purchase a dental practice, you aren’t just responsible for the building and equipment, but you also have a big role to play in making sure that new and existing team members come together smoothly. This can be a delicate process and quite difficult to navigate on your own, but there are a few tips you can follow to make everyone’s lives a lot easier.
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