Teachergive Sale 2023

Teachergive Sale 2023

3 Questions to Ask a Dental Practice Broker before You Buy

>> Dec 17, 2011

When shopping dental practice sales, there's a lot more to consider than when you're buying a house. This is going to be your livelihood, so you need to know the right questions to ask before talking money to avoid getting stuck with a dead end practice.

1. Ask for detailed financial information.
There are a lot of numbers your lender is going to want to see before they give you a loan. This data will also give you an idea of the health of the practice. Ask for at least the previous four years of records including income by month, taxes, rent, payroll, benefits, utilities, and contributions to retirement plans. You'll also want to see current accounts payable and receivable and owed vacation time. The
dental practice broker should have all this information ready by the time they list the practice.

2. Are equipment and systems up to date?
Asking prices in
dental practice sales ought to take into account the age of equipment as well as the cost of replacing it with up-to-date models. Likewise, if the charting system and other software are outmoded, you need to factor in the cost of replacing them and training staff on new systems and equipment. Ask your dental practice broker for records on the equipment and programs so you can determine how soon you'll need to update them.

3. Will there be continuity with customer base, prices, and staff?
Taking over a practice is hard enough without having to rebuild from the ground up. If the current owner has tapered off hours before retirement, it may take time to rebuild your clientele. If you need to raise prices immediately to get them up to market levels, you'll have difficulty retaining patients who don't have a relationship with you. If the staff all leave with the current owner, who's going to train your new employees, not to mention the new owner?

Ask these questions early so you don't waste your time on needless negotiation. Hopefully these questions will help you avoid investing in a practice that will be more stress than it's worth.

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