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What Dental Practice Buyers Want

Whether you’re hoping to sell your practice ASAP or just planning ahead, you have probably thought about the person who will eventually take over. 

After all, that person will hopefully care for your patients for years to come. 

Have you considered what they want from your practice — and what you can do to make your practice more attractive to them? 

Through my work with ADA Practice Transitions™ (ADAPT), I’ve worked with hundreds of prospective buyers. Some are just out of dental school while others have been planning a purchase for years. 

When you get down to it, they all want the same thing: a financially sound practice where they can do the type of dentistry that excites them and keeps them engaged.

However, that can be a bit nebulous. So how can you demonstrate that your practice will allow a buyer to succeed? 

Think about the story that your practice tells a potential buyer. What does a buyer see or infer when they look at your practice, from the physical office to the financials? By looking through a buyer’s eyes, you can begin to identify things that need a bit of sprucing up. Consider how your practice stacks up on these 5 key attributes. 

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Topics: selling a practice, Real Talk

Listen: The Value of Mentorship to Ownership

I was honored to be a recent guest on The Dental Brief Podcast. Host Patrick Chavoustie and I covered a lot in just 15 minutes, including:

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Topics: podcasts

The Most Popular Practice Transitions Advice from 2021

Posted by Bree Simmers on 12/20/21 8:15 AM

When ADAPT launched nationally in late 2020, we were optimistic about 2021. And while it has been a challenging year on so many levels, we have loved helping so many dentists set goals — and reach them. In fact, we’re now working with over 5,500 dentists, with practices in all 50 states. 

And just this month, ADAPT was recognized with a Chicago Innovation Award as one of the most innovative companies coming out of Chicago!

We often hear that our resources (such as this blog and the Student Resource Center) are helpful along the journey. If you’re thinking about pursuing your own transition in 2022, start by downloading our roadmaps:

The Complete Guide to Buying a Practice

The Complete Guide to Selling a Practice

Then take a look at some of our most-viewed posts. (And subscribe to the blog to make sure you don’t miss the next one!)

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Practice Profile: Mentorship & Financing in Top-Rated Community

Posted by Betsy Krekling, ADA Advisor on 12/17/21 8:45 AM

Check out this beautifully maintained, 4-op office with a friendly staff – located in what USA Today ranked as the second best city to live in the United States.

The retiring seller is willing to mentor and assist with financing to help an ambitious buyer succeed!

This 4-operatory practice has built an excellent reputation in the community, providing general dentistry in a relaxed setting with advanced technology. Currently operating four days a week, you can expand the schedule to grow your bottom line.

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Topics: practice profiles

What Went Wrong: I Tried to Sell My Practice to My Child

For many, dentistry is a family business. Children grow up helping around the office and eventually work side-by-side with their parents, ultimately taking over. Handing a practice over to an adult child can be exhilarating and rewarding. Unfortunately, it doesn’t always go quite as planned. 

Let’s look at a few scenarios where these parent-to-child practice transitions failed. I’ll then offer tips on avoiding some common pitfalls.

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Topics: what went wrong, Real Talk

Practice Profile: Build a Lucrative Career in a Family-Friendly Area

Posted by Betsy Krekling, ADA Advisor on 12/10/21 7:30 AM

Discover what small town practice owners have already experienced: little competition, high patient volume, and low overhead. All while living in a popular vacation area, working the hours you want, and growing this practice as much as you desire!

Check out this fast-paced, 5-operatory practice that could easily grow to support two doctors with a steady flow of new patients. All oral surgery, endo, dentures, ortho, and perio surgery are currently referred out, giving you the opportunity to add services.

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Topics: practice profiles

No Stupid Questions: What Do I Need for a Practice Valuation?

Posted by Betsy Krekling, ADA Advisor on 12/8/21 7:45 AM

Once again, Chris Mayer of The Heimat Group is answering your questions on practice valuations. Check out his previous No Stupid Questions answers: 

Why (and when) should I get a practice valuation?
What are the three approaches to dental practice valuation?
How does someone determine what my practice is worth?

This time, we asked Chris which documents a professional valuator needs to conduct a valuation.  

Chris responds:

To help your practice valuator determine an accurate estimate, you will need to show detailed practice information.

Typically, a valuation professional will want to see:

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Topics: Real Talk, No Stupid Questions, practice valuation

Practice Profile: Build Your Dental Career with Top-Tier Tech and Training

Posted by Betsy Krekling, ADA Advisor on 12/3/21 8:15 AM

Join this practice for the best of everything: a well-established, beautiful office with all the amenities, state-of-the-art technology, and the opportunity for mentorship.

New grads are welcome! The senior doctors are willing to train and teach, as long as you’re interested in equity partnership within three or four years. This is a fabulous opportunity to learn while you establish yourself in a welcoming dental home. The owner asks is that you be willing to learn, become a part of the community, and have an entrepreneur’s spirit.

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Topics: practice profiles

More Than Meets the Eye: How Associate Pay Can Vary

Of course you love doing dentistry. And everyone is even happier when the pay is appropriate for the work that is done!

Yet I hear from far too many associates who don’t really understand how their pay is calculated — and owners who haven’t fully thought through how much their associates’ pay can vary.

It’s pretty easy to understand a straight salary, which is common for those working in public health, academia, or government agencies. 

It gets more complicated for those paid in whole or in part based on some percentage of their overall productivity in the office — which is the more common scenario for dentists employed in private practice or DSOs. In these cases, pay is typically based on total production, billable production, or total collections.

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Topics: "find an associateship", Real Talk, More than Meets the Eye

Comparing Two Cosmetic Practices: More than Meets the Eye

Five years into his dental career, Dr. Jerry has a very clear vision of his ideal practice. He has perfected his skills and is ready to buy. He knows he wants to stick to high-end cosmetic procedures. And he does NOT want to be beholden to any insurance companies for payment.

Now comes the hard part: finding the right practice. Since Dr. Jerry and his wife plan to relocate across the country to be near her family, he must rely on numbers to decide which practices are worth pursuing during his limited visit time.

Right now, he is torn between two practices.

Let’s look at some of the variable expenses against Dental Economics industry benchmarks to see what we can learn about these practices and which one may be a better fit for Dr. Jerry’s vision:

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Topics: Real Talk, More than Meets the Eye

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