Acquiring an existing dental practice can offer a lot of advantages over establishing a brand new practice. For one thing, you already have an established patient base rather than having to build up a new pool of patients over time. For another, many of the practice’s policies and procedures are already established and running, saving you time and effort. And if you’re the one selling your practice, there are many practical reasons why you would choose to do so.
However, whether you are the buyer or seller in such a transaction, the sale of a dental practice can be a complicated transaction. As the buyer, there are a lot of factors to look for when determining the health and value of a dental practice. As the seller, there are some very important steps to take to ensure you get the maximum value for your practice. As with any complex business process, it helps to have a guide to help you make the right decisions.
Getting a Legal Expert’s Perspective
Enter Bryan L. Elwood. Bryan is a legal professional with extensive experience advising dental support organizations, large dental practice groups, individual dentists, and other health care providers in a variety of corporate and regulatory matters, including buying and selling dental practices. Brian is an expert whose guidance has helped many dentists during the complex and challenging process of buying or selling their established dental practices.
During our conversation, Bryan shared many of the important metrics buyers should look for to determine whether an established practice is the right fit for their needs, and he shared sensible steps sellers can take to show the value of their business to potential buyers. He pointed out often-overlooked issues and considerations that both buyers and sellers should be aware of, and he offered advice on where to turn for assistance if you’re looking to buy or sell a dental practice.
In this episode of The Progressive Dentist Podcast, Bryan spoke some of the thornier aspects of buying or selling a practice, including common pitfalls to avoid as well as important steps to take to protect yourself legally, whether you are the buyer or the seller in such a transaction. Please visit www.theprogressivedentist.com for my discussion with Bryan Elwood and for many other informative and value-driven episodes of the show like this one.