Dental Practice Buyer Representation
Buying a dental practice should be one of the most exciting experiences of your lifetime. However, dental schools do not prepare you for this monumental step. JoAnne Tanner can lead you through this process while avoiding the pitfalls of an inexperienced buyer.
Tanner Dental Transitions provides due diligence to uncover the critical factors of the sale externally and uncovers potential revenue-generating opportunities internally by performing a thorough analysis of the current practice management systems.
JoAnne can laser focus on the most critical details of a sale to provide representation on the following:
Practice Vital Signs
Evaluating key practice vital signs helps us determine if a practice is performing as well as advertised to ensure there is no deception. Don’t be led astray by misleading information that could end up costing you thousands of dollars.
One way we do this is by verifying the number of actual active patients and ensuring that new patient intake numbers are accurate. Both metrics are important and allow us to get a bigger picture of what direction the practice is heading in. Knowing exactly what the client base looks like will help us determine an appropriate value for the business.
Reviewing practice vital signs also shows us which areas of the business have room for improvement. The seller’s business plan and profit statements help us determine if proper steps towards growth were being taken.
We also take a look at patient retention strategies, pricing structures, and budgeting plans to give us an idea of what the practice’s vitals currently are and which weak spots we can improve.
Transitioning a practice involves a plethora of documents that can become overwhelming to tackle, but are crucial to file properly. JoAnne Tanner will assist in evaluating and verifying all documents necessary for the completion of the transition in order to ease the process.
This precision and due diligence ensure that you are checking off every appropriate box and not leaving anything to chance. Documents involved in the transition process may include:
- Letter of Intent
- Included and Excluded Assets
- Accounts Receivables (to buy them or discount them)
- Purchase Price and Asset Allocation
- Outstanding Accounts Payable
- Be sure to get the support you need in reviewing these important documents.
Understand the Team Culture
Each practice is unique in how it functions and each aspect of the practice needs to be measured and therefore managed. .
JoAnne’s personal coaching and guidance extend after the transition process as well. We’ll help address common transitional issues that may seem overwhelming if you lack the necessary support.
After your practice acquisition you can expect assistance with:
- Identifying and presenting opportunities for growth
- Assigning specific goals for practice employees
- Tracking team performance
- Improving collections workflows
- Increasing patient retention and promoting referrals
To find out more about how Tanner Dental Transitions can help you purchase the dental practice you’ve always wanted, contact us today.