Patient Retention Following a Dental Practice Sale
One of the concerns most often expressed by our potential buyers is “I am afraid the patients will leave the practice after the seller is gone.” While there may be a small amount of patient attrition following a dental practice sale, the vast majority of patients will remain with the practice so long as the transition is handled properly (the average attrition rate is less than 10%). In order to understand why the attrition rate is so low, let’s examine a practice transition from the patient’s perspective: The patient receives a letter from their dentist announcing the sale of the practice, introducing/endorsing the new practice owner, and thanking/asking patients for their continued...Buyer Hot Button Issues
When we are helping our clients sell a dental practice, questions often arise after several buyers have looked at the practice information, maybe even visited the practice, but decided not to make an offer. While this can be frustrating for our sellers, we encourage them to remember that it can take time and effort to find a willing and able buyer for their practice. Our preferred strategy to maximize practice value and reduce the stress and time required to sell a dental practice involves addressing common issues that buyers have before the practice is placed on the market. In this two-part article, we will review the practice attributes that today’s buyers are paying close attention to –...Lease Considerations When Buying a Dental Practice
Dentists who are buying a dental practice will have 1,001 questions that need to be answered before the acquisition is complete. Many of these questions will be related to the lease and it’s important for buyers to have realistic expectations regarding this part of the process. Relocating a practice to a new space shortly following a transition will involve a substantial capital investment and can cause considerable irreparable damage to the goodwill of the practice. For these reasons, securing a long-term lease is a crucial element of any practice transition. Assuming the real estate is not part of the sale, the buying dentist will be dealing with either the landlord or the landlord’s...The Art of Negotiation
As practice brokers and transition consultants, we are regularly involved in the negotiation of letters of intent, asset purchase contracts, restrictive covenants, partnership buy-in agreements, associate employment agreements, lease agreements, space sharing agreements, listing agreements, commission agreements, real estate purchase contracts – a fairly long list! Some negotiations go very smoothly, both parties are satisfied, and the particular deal is completed in a timely manner. Other negotiations can be bumpy, with emotions running high, and seemingly no end in sight to the deal being completed. In advising dentists on how to buy a dental practice, and on how to sell a dental...The Art of Negotiation
As practice brokers and transition consultants, we are regularly involved in the negotiation of letters of intent, asset purchase contracts, restrictive covenants, partnership buy-in agreements, associate employment agreements, lease agreements, space sharing agreements, listing agreements, commission agreements, real estate purchase contracts – a fairly long list! Some negotiations go very smoothly, both parties are satisfied, and the particular deal is completed in a timely manner. Other negotiations can be bumpy, with emotions running high, and seemingly no end in sight to the deal being completed. In advising dentists on how to buy a dental practice, and on how to sell a dental...Communication is the Key to a Successful Dental Practice Transition
As a dental practice broker, we are often asked “What is the most important factor in facilitating a successful dental practice transition?” The simple answer is: Communication. While it is imperative for the buying doctor to build a strong team of advisors, complete their due diligence on the practice, secure financing, and navigate the closing process, all else could be lost if there is not effective communication between the buyer and seller during and following the transition of ownership. As part of the due diligence process, the buying doctor should schedule a face to face meeting with the selling doctor well in advance of closing. We typically recommend this meeting be held at the...Kristyn Wilkerson
Vice President of Operations – Austin/San Antonio Kristyn grew up in North Houston and graduated from Texas A&M University in 2009 with a BS in Leadership Studies and minors in Business and Communications. Kristyn worked as a Closing Coordinator for a nationwide dental lender for three years prior to joining McLerran & Associates’ Austin/San Antonio office in September 2013. Kristyn currently lives in Austin with her husband and their Puggle named Zelle. In her spare time, she enjoys traveling, trying new restaurants, and spending time with family and friends.Why Purchase A Dental Practice?
Dr. Jones arrived for his appointment right on time dressed in his blue scrubs. He had come directly from his current associate position with Mega Clinic. I had met Dr. Jones at a dental school lecture a few years prior where the topic of our lecture had been “Career Choices Upon Graduation.” In our lecture we discussed the three main pathways in private practice which are becoming an associate, starting up a dental practice or buying an existing dental practice. Like most young graduates he had chosen to become an associate and had practiced in the clinic for a couple of years. While he was making decent money, he had to work very hard for it and had very little control over the way he...Sign up for the newsletter
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