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Buying A Dental Practice
Purchasing a dental practice or expanding through mergers and satellites is an exciting opportunity for any dental professional. Your search for the ideal dental practice is the culmination of years of education, training, and planning. We are here to help you realize your vision.
Legacy Practice Transitions can assist you with all facets of buying a dental practice including locating practices with sellers whose needs complement your needs as a buyer. As dental transitions consultants, our team goes beyond “brokering” the purchase of a dental practice. As consultants, we help guide you through the transition process and foster a non-adversarial environment to protect the goodwill of your purchase. We have become one of the most successful and well-respected dental transition experts by focusing on our clients’ needs and goals. Enlisting the help of Legacy Practice Transitions ensures a fair and equitable transition process for both parties.
A Process of Fairness – The Legacy Way
Purchasing a practice is an intricate process that can take months or even years to complete.
Through years of experience and countless transitions, the team at Legacy Practice Transitions has developed processes to help expedite locating the ideal dental practice to buy. We are extremely effective at structuring fair terms to promote a successful dental practice transition.
When you work with our team, our sole mission is to help you accomplish your dream of owning a dental practice. As experts in the industry, we developed a unique process of fair and equitable representation that focuses on a logical and efficient strategy. The needs of the buyer and seller take precedence while we structure a path forward that culminates in a successful transition. Working as consultants, we go beyond the average services of a traditional dental practice broker, by placing a priority on making sure both parties achieve their goals. Well-matched buyers and sellers are motivated to find a common ground. We work from a position of trust between both parties and promote transparent communication.
Accomplish your goals faster, smarter, and with less duress through Legacy Practice Transitions’ policy of fair and equitable nonadversarial representation. Legacy specializes in the process of Objectives Based Transitions (OBT)™ which aligns the objectives and goals of practice buyers and sellers to achieve the best possible professional, personal, and financial outcomes.
Success is accomplished when both buyer and seller win to a degree that could not have been accomplished without the practice transition process.
Buying a Dental Practice
When doctors inquire about purchasing a dental practice, we begin by asking about your immediate needs and future goals. Understanding your current needs and future goals helps us to align you with an opportunity that can meet or exceed your expectations in both categories.
We want to align you with a seller who has a similar practice philosophy, one in which the opportunity of the seller addresses your needs. A dental practice transition is determined to be a success when both the buyer and seller win to a degree that would not have been accomplished without the transition process.
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Benefits of an Established Dental Practice
Younger doctors often seek our advice on whether to purchase an existing practice or do a start-up. Although there is no right or wrong answer, we have highlighted a few of the benefits of buying an established practice below:
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- Existing patient base and skilled staff provide the best opportunity for effective growth and immediate earning potential.
- A history of financial performance helps to set expectations that your financial needs will be met.
- Maintain the practice’s reputation and goodwill in the community.
- Established practices have basic systems and processes in place for staff and patients.
Legacy Practice Transitions Has a Variety of Dental Practice Transition Programs to Meet Your Needs
Legacy Practice Transitions uses time-tested programs to help you achieve your goal of ownership. Whether you desire clinical or business mentorship, immediate solo ownership, or a committed associateship that provides security of future ownership, Legacy can align you with the right opportunity to meet your needs.
Pre-Sale Program, Immediate or Deferred
The Pre-Sale program is a great opportunity for a buyer to obtain clinical experience, enhance their business skills while working with an experienced doctor, and gain immediate equity in the purchase of a practice. Whether the practice transition is immediate or deferred, we can discuss the benefits of both programs and determine which suits your needs and skillset best. The benefits of working alongside a seasoned doctor are invaluable. This will allow the new doctor to gain trust with the team, patients, and referral sources, all potentially without the burden of debt service for the first several years. The Pre-Sale Program benefits all parties to transfer the goodwill in a seamless manner.
Committed Associateships
Associateships can be successful if expectations and realities are aligned from the beginning. Through financial and contractual commitment, alignment of needs, proper due diligence, a plan, and correct implementation, associateships can be extremely beneficial to both parties. Committed associateships allow younger doctors to integrate into a practice and begin building relationships without the pressure of running a practice or the weight of debt service.
Shareholder and Partnership Agreements
Legacy Practice Transitions has valuable knowledge and a great understanding when it comes to creating and reviewing “partnership” agreements. As experienced dental consultants, you can trust us when we say that there are many benefits to purchasing a practice through this type of agreement if it meets the needs of all parties involved. One of the benefits as a purchaser is to essentially join the practice initially with pre-tax dollars, as opposed to buying it with after-tax dollars. A typical Shareholder Agreement will address four very important areas for a positive personal and professional relationship: provider compensation, management considerations, termination options, and stock redemption. If you’re looking to enter into this type of agreement with another dentist, talk to us first to make sure that your business interests are aligned for a long-term successful dental partnership.
Practice Merger Agreements
Merging two offices can have a positive impact for the buyer and seller when done correctly. We call this “mergernomics”. A merger naturally eliminates the potential of aggressive competitors from moving into that office, increases your market share, and maximizes your profits by investing in what you know best – dentistry! When planning to merge practices, it’s important to have representation that can successfully blend two practices and achieve everyone’s goals.
Buying A Specialty Dental Practice
Specialists spend years developing a name in the community along with close personal relationships with referring dentists. The process of transferring that reputation to a successor must be carefully planned. The purchaser must be willing to learn the nuances of running and maintaining a successful specialty practice. Legacy can help align your goal of practice ownership with a specialist in your area. Some of the specialty dental practices we can help with are:
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- Oral and Maxillofacial Surgery
- Orthodontic
- Pediatric
- Endodontic
- Prosthodontic
- Periodontic
Talk to Legacy Practice Transitions Today
Start the confidential conversation today. Locating the right opportunity doesn’t always happen overnight, so having this conversation today allows you to be prepared when your ideal practice becomes available. Talk to Legacy Practice Transitions to see how we can make the dream of owning your own dental practice a reality.
