• Obtaining and reviewing the data/appraisal from the selling dentist (agent) and an on-site visit.

• Determining if the practice is the right fit.

• Negotiating the purchase price and terms.

• Executing an earnest money agreement.

• Due diligence, obtainment of financing and document preparation.
   Closing and funding. 

Most often the selling dentist remains with the practice to provide post-closing transition of the staff and patients to you, the purchasing dentist. Typically this time period ranges from one to six months. Longer. However, this is a very, very key point that must be thoroughly vetted and decided pre-closing. The key point is that you have sole discretion of when the selling dentist should leave, or if necessary, how long the selling dentist may contractually remain. 

Today’s lending market is advantageous since there are banks that specialize in dental practice transactions (that we routinely work with), and interest rates are at all-time lows (making it affordable for the purchaser). In general, the seller finances a small portion of the practice. Most often it makes sense that the seller “retain continuing incentives post-closing” or if the seller wishes to obtain tax advantages through gain deferral. 

Over the past 30 years, we of course have heard horror stories of transactions that have simply “gone bad.” While a broker cannot guarantee a successful transaction, there are many, many issues that are complex and require multifaceted expertise. That is why we strongly recommend a team approach that can successfully address issues concerning price, value, transaction structure, legal documentation, professional accountability, taxation, and your emotional wellbeing. The asset you are acquiring will be one of the most important and consequential decisions of your life. With that importance, you should not act alone and take chances to save a few dollars. We understand this and do everything possible to protect your interest by providing fair and competent transition assistance. 

Typically each party (seller and purchaser) pay their own broker or representative. Fees for purchaser representation vary by organization, state and transaction size. We provide a discount of our fees to DDR Dental Trust members (if you are a member call for a quote). Legal fees for legal document preparation are separate and typically cost $2,500 to $3,500 per transaction. 

Because of our legal and accounting backgrounds, we believe that we should only represent one side of the transaction. That way our loyalties and fiduciary obligations remain clear and uncompromised.