Online lenders, on the other hand, usually have higher annual percentage rates — on average anywhere between 7% and over 90% for a term loan — but the application and approval processes are generally easier. Are there options to renew the lease? There may be additional costs associated, and you'll definitely want to know that. You wouldn't head to the car dealership without knowing what you want. With respect to employees, inquire about the number of years each employee has been employed by the practice. While sellers typically desire to allocate a significant amount of the price to goodwill (in order to benefit from capital gains treatment), buyers prefer to allocate the price to certain other assets, as buyers must wait 15 years to reap the full benefit of the tax deduction arising from the cost attributed to goodwill. Questions to Ask Your CPA When Buying a Dental Practice. In the first 25 years of our company's history, dating back to 1993, 100 percent of our transitions were from one solo practitioner or partnership to another.
You also have some questions to ask, but do not want to come across as a police detective questioning a witness. What is your preferred way for me to initiate contact? Some buyers have said this meeting can seem somewhat like a first date. Clear your mind and know exactly why you are asking the question and what response you want to hear. These are important questions you need to ask yourself when looking to buy a dental practice. But if the owner is expanding, make sure to have a conversation about how patients will be recruited and allocated. Charts where the patient has not had a visit in the last 18 months should be excluded since it is questionable if the individual is still a patient—and even if they are, they hold little value because of their infrequent visits. What's the culture like in the office? Rather, the average wait time for treatment may be a better indicator of the practice's true demand for services. We turned to two experts for advice on how to successfully purchase a dental practice. Prepare my quarterly IRS reports? Buying his retiring neighbor's dental practice allowed him and his partner to achieve both goals.
Whatever your reason, if you want to know how to buy a dental practice, we're here to help. You want one who is dependable and with whom you have good communication. Your goal at the interview is to obtain important information for your evaluation of the practice while at the same time, creating a favorable impression so the seller wants you to be the buyer. What is the valuation of the practice? What type of transitions do you mostly perform? What do you do when multiple options look about the same on paper? We have the experience to help set up new business ventures as well as structuring the purchase of an existing business. Buying a dental practice can be one of the most important milestones in a dentist's career. Am I required to work for any period after closing? If you're starting a new practice, you'll need solutions to help you with all these tasks.
Specifically, pay attention to the following elements of a practice when you make an in-person visit: Before you finalize a purchase, make sure you analyze the breakdown of services currently offered. Is the seller willing to be a resource for you? When you acquire a dental practice, you inevitably have to make certain changes to set the business up for success.
What type of opportunities are there for growth via increasing new patient numbers or keeping additional procedures in-house? When you ask the question, "To what do you contribute the success of the practice, " you are being sincere. Does the practice seller share the same quality of care philosophy as you? However, depending on the practice, you may have to make significant changes to the staff, facility, and operational systems to be successful.
Instead of trying to cut corners, embrace the effort that goes into buying, transitioning, and improving a medical practice. Also consider the condition of the building and the quality and age of equipment. Hygiene appointments booked out between 4 to 6 months is a good sign the practice's recare program is healthy. What is the transition plan as the buying dentist enters the practice and the selling dentist exits? What is the condition of the equipment, and will you incur the cost of replacements or upgrades in the near future? We work with you and are actively involved in every aspect of the purchasing process. This is a great open-ended question that gives the seller a chance to go in a direction they choose. How much tax will the seller be required to pay as a result of the sale? The seller typically wants to ensure the practice's success, and an open discussion about how to best support each other can go a long way towards achieving this goal. Again, you have a lot of options. Is it within my financial reach?
But if this is a successful practice that's worth buying, then you'd better believe this seller will have some real wisdom to dispense when they talk about their treatment style, building a culture, or overall secrets to success. Reputation management? See: No Surprises: How to Prepare for a Smooth Practice Transition and download our free sample Integration Plan. At a minimum, the items listed below should be reviewed by a professional who understands the economics and practicalities of a dental practice acquisition. Ideally, you want to invest in a practice that has good profit potential and longevity. Sit back and learn about the philosophy and culture of the office. Instead, lawyers i are engaged simply to "do the paperwork" and capture the economics of the purchase in writing. Before you buy a dental practice, it's helpful to get to know the owner. In general, if treatment wait time is less than four weeks, the practice is already adequately staffed and the owner should commit to reducing their own hours if bringing in a new full-time dentist. The seller may own the building and not want to include that in the deal. Is the purchase price paid in full at closing or is there a hold-back or earn-out? You may have a preference for one over the other, however, it must be agreed on before the sale.
Henry Schein Professional Practice Transitions, Inc. is a national leader in dental practice transitions. If so, those documents should be reviewed to assess whether the buyer of the practice can enforce those restrictions. Who will be working in the system and how will you train them? You also want to make sure that the existing equipment is up to industry standards. What are the housing costs? Many sellers love dentistry so much that they hold onto their practice way too long and keep it more as a hobby than a business. These considerations will directly impact the practice's growth potential. Liabilities; contracts. Meet with your accountant to review your credit score, financials, and purchasing timeline to figure out what move makes the most sense for you.
If you're purchasing a practice that specializes in cosmetic surgery for children, and your primary patients are adults, would treating children be within your comfort zone? Next, look at the number of active patients the practice has. How to Determine Which CPA to Hire? Can you realistically emulate what they are already doing? If the CPA you are interviewing is unaware of the financial documents that are necessary for review and analysis, and you buy the practice without that expertise, you may discover too late that: - The practice does not produce enough income for you to provide for the practice overhead, your personal expenses, and the payment of the loan you took out to buy the practice. Does this dentist focus on preventative care?
The first and most important factor to consider before making a purchase is whether the practice can support your professional vision. Before you meet with the seller or get on a call with the broker, write down your questions. Instead, it is focused on where the practice will be years down the road. Would you consider starting a practice from scratch? Welcome new team members? Dr. Roger Levin, Founder and CEO of Levin Group Inc. While not within the scope of this article, sellers try to sell stock, and buyers prefer to purchase assets.
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