Finding your Ideal Practice (A guide for new buyers)

Drew Phillips, CPA | CFO Advisor   You have waited a long time to realize your dreams of practice ownership. You have read everything you can get your hands on, listened to countless podcasts, met with mentors and dental classmates that have already taken the plunge into ownership, all to hopefully gain a leg up in the buying process. The more you read and listen the more you begin to realize there is to learn and the feeling of being overwhelmed or uneasy about the buying process may...Read More

Pitfalls of Buying a Satellite Office from a Multi-Office Practice

As we’ve written here before, we rarely encourage doctors to buy multiple offices.  The reason for this is the number of failures we’ve seen in the added offices.  And eventually these failing satellite offices go back on the market while the multi-office practice owner retreats to her/his strong “home base” office.  Deal-seekers, this is a good way to get a discounted office, but there’s a reason the price is likely low.  Here’s what to look for:   1.Financial...Read More

The Ultimate Sophistication is…..

Pop Quiz Doc. What was it Da Vinci Said About Sophistication? Well, I can’t give you the answer just yet, but let me preface it. Compare these two doctors: Alright, here’s the answer to our little quiz: The ultimate sophistication is simplicity – Mr. Leo DV My examples above aren’t made up. The data is clear. Those doctors with a simple financial structure and healthy practice progress toward financial independence faster. And, doctors that keep it simple, tend to have less stress....Read More

The Ugly Truth About Buying and Selling Dental Practices

This article isn’t going to make some dental practice brokers happy.  But the story needs to be told so that the consumer has better information. Some, but not all, banks offer undisclosed “incentives” to brokers to steer clients to them. This incentive is typically around 1% of the loan amount.  $1MM loan = $10,000 check to the broker.  Therefore, brokers have little incentive to encourage Buyers to shop banks for loans, which Buyers should.  Nor do brokers disclose that they...Read More

4 Recommendations in Financing Your Way from Associate to Owner

If owning your own practice is a professional goal of yours, one of the tasks you are likely to encounter is securing the capital to do so.  There are many possible options to finance a practice acquisition, whether buying an existing one or starting one from scratch.  However, the three most common methods are: Bank Financing- Conventional & SBA loans Private Money Loans (family/friends/hard money) Seller “Carry Back” Financing- Selling practitioner offers to extend the loan to...Read More
WordPress Image Lightbox