As fall is upon us and football is in full swing, I reflect on how important it is for young dentists to put together a TEAM around them now in anticipation of purchasing a practice. This is a “call out” to associates, employees or soon-to-be graduates…start now in preparation for your dental future!
The reason it is critical now to assemble this TEAM is we are at the beginning of a time when there will be great opportunities available for practice ownership. I am in consistent communication with dentists considering transitioning their practice. The “supply” of dental practices is increasing and in addition, the “demand” of practices is at an all time high. This pent-up “bubble” is a reaction to the recent recession creating a competitive environment and a short timeframe for dentists considering acquisitions. If a dental practice comes on the market that is “perfect” for you and “perfect” for another buyer…the one with the TEAM ready will get the opportunity WINNING!…and the others will LOSE out on the opportunity. In fact, as an example of this…DDSmatch just transitioned a practice from listing to closing in less than 45 days!
A unique service DDSmatch provides is that Business Valuations (appraisals) on dental practices listed by DDSmatch are done by a third-party source. In addition, DDSmatch recently announced that all new listings will have a “clinical appraisal” compiled in the form of Dr. Charles Blair’s “Clinical Treatment Analysis Report.” These reports are critical in the purchaser’s due diligence and I encourage the buyer to have someone join them in their research of practices. An accountant who has experience working with dentists through dental transitions is a great place to start. Even if you do not have a practice you are considering…interview and hire that person now for your TEAM. They can review your financial picture now, be on the lookout for opportunities that fit your needs and help position you for a profitable future. Don’t just take my advice, thought leader Dr. Howard Farran recently wrote on this subject, check out: http://www.towniecentral.com/Dentaltown/Article.aspx?aid=3765&st=cpa
Attorneys are a critical TEAM member and can be of service immediately too. I cannot stress to you how important it is to have an attorney with dental experience. Their role is to review the fine print of any and all agreements, contracts or letters of intent during your entire career…and especially now. I have plenty of narratives of your colleagues who wish they would have heeded this advice. We have several articles written by trusted attorneys with dental experience on The DDSmatch Academy at https://DDSmatch.imavex.com/DDS-blog.html
In addition to Accountants and Attorneys…Bankers, Financial Planners and Practice Management Consultants are potential members of your TEAM too. We have a good selection of these advisors on The DDSmatch Academy, and we are adding more on a consistent basis. Please feel free to contact me anytime and I can provide names of advisors to interview and build your TEAM to help you WIN. It is never too late to start the process and interview for your TEAM…start now.