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Dental Practice Mergers
Many dental mergers begin with an unsolicited offer from either the buyer or seller. Without expert consultation, dental professionals may quickly find themselves struggling to navigate the complexity of dental practice mergers. Due diligence includes distance between practices, considerations of barriers, evaluation, insurance participation, fee schedule alignment, tax implications, staff retention, provider expectations post-sale, and deal structure. Dental practice mergers often become problematic when one or both parties aren’t properly advised on the benefits, structure, integration strategies, and overall execution needed. Legacy Practice Transitions consultants are solely focused on facilitating the process of selling, buying, and merging dental practices. When you partner with the specialists at Legacy Practice Transitions to help with a dental practice merger, we create a plan to achieve your goals and needs early in the process. We tailor custom dental practice transition plans that are mutually beneficial to the buyer and seller.
Your Goal is Our Passion
Like all big decisions, merging your dental practice with another trusted dentist or acquiring other dental practices opens the path toward your future goals. The desire to grow your dental practice helps secure and protect your financial viability. The team at Legacy Practice Transitions provides services that are built on trust and confidence that all parties involved want a fair and equitable solution. Our goals are to serve your best interest. Our process provides the resources, expertise, guidance, and diligence to create a smooth dental practice transition.
Smart Dental Practice Mergers Start with A Plan
The first stage of a successful dental practice merger is the discovery process. What are your goals? Some clients are seeking to fulfill a vision of growth. Other doctors want to achieve a better work-life balance by reducing management and clinical responsibilities while ensuring that their team and patients are given the level of service and treatment that they have become accustomed to.
Every dentist has a unique and special practice philosophy and culture. As your practice consultant, we take this into account and focus on the details to ensure a smooth merger transition. Your dental practice is a unique business model. Your practice value is worth far more than your tangible assets. In fact, 70-90% of a dental practice’s value is intangible assets including active patients, geographic location, goodwill, and professional reputation. There are sound business and financial reasons other dentists are interested in merging with you. It rarely has to do with the equipment in the operatories and furniture in the lobby. For a dentist that is looking for a practice merger, decisions should not fixate on tangible assets.
Many of your operational expenses are fixed, therefore when a practice merger occurs there are minimal increases in variable expenses while the profitability increases significantly. Practice mergers can greatly benefit both parties involved with a potential increase in profits of 15-50+%. Many practice owners resort to additional marketing and practice management consulting to increase revenue and margin. Although these services can be beneficial to the practice owner, we see higher rates of return on practice mergers. Our experience in finding the ideal partners and facilitating the transitions will expedite the process so all parties can accomplish the goals they have set forth.
When you’re looking to grow your financial future, aligning with the right partner focuses on the planning stage. Legacy Practice Transitions listens to your goals and you helps realize the best plan to ensure that your merger is handled properly.
Contact Legacy Practice to Get Started
It’s time to start thinking about practice mergers, and Legacy Practice Transitions can help. Our team has decades of experience in the dental industry and has facilitated thousands of successful dental transitions including practice mergers. Contact us today to learn more.
