To begin the process of purchasing a dental practice, you’ll need to find a dental practice for sale that suits your personal and professional needs, for example, selecting a practice in an area that you want to live in and the community in which you want to practice dentistry. Additionally, evaluating your competition in the surrounding area helps to understand what other practices you will be competing against.
Once you find a practice you are interested in buying, and you have been pre-approved for a “dental practice” loan, you’ll submit an LOI (Letter of Intent) to a practice broker, which establishes some preliminary terms of agreement and an “intent to purchase.” The value of the practice can then be established by acquiring an independent valuation in addition to the broker’s assessment.
We then assist you through the due diligence process. This process allows you to inspect the office’s inner workings and see in detail what’s going on within the practice you are planning to purchase. From the due diligence process, you will have a clear understanding of what the practice you are planning to purchase is worth. After you’ve determined the practice’s true profit margin and its condition, negotiations can begin to take shape, and the “Purchase Sale Agreement” is negotiated and written up by lawyers. Finally, both parties agree and sign the agreement, and you become the proud owner of a dental practice.
