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This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists.

Today’s Transition Tale comes from our friend and 2020 New Dentist Committee Vice Chair Dr. Daniel Hall. He wants to share his learnings with other dentists so hopefully they can find the right fit, the first time.

Dr. Hall got in touch with ADA Practice Transitions because he believes that ADAPT, a service created by the ADA, could have helped alleviate many of the obstacles he found during his journey to practice ownership.

You have always pictured yourself as the owner of your own practice, but right now, you are up to your eyeballs in student debt and you simply have no idea where to start. If this resonates with you, let me assure you that you CAN be an owner — and you easily do it within 5 years of graduation. You can even begin preparing before graduation by following these (relatively) easy steps.  

The first step in your buy-a-practice plan should be talking to (at least) three different banks. Finding the right lender is crucial, as they can make or break your transaction. 

The strength of your application and the practice stats will dictate how much you are able to borrow, so engage the lenders early in the process. They will also advise you on what you can do to strengthen your application so that when you find the perfect practice, you’re more likely to put your name on the building.  

Across the board, dental lenders agree on some key things you can do to prepare yourself for a purchase.

Dr. Charles Schmidt’s practice was booked out for weeks. Just as several local dentists were retiring, the Lancaster, New Hampshire area was growing. Both Dr. Schmidt and his associate were busy and getting busier!

Dr. Schmidt needed to hire another associate to keep up with this growth. But he wanted someone who would fit into the practice and the town. After all, this small-town practice is built on relationships, with a close-knit, down-to-earth team. His ideal hire would understand small-town life and be eager to build patient relationships while becoming part of the local community.

With the help of ADA Practice Transitions (ADAPT), he found just the right person.