As the seller of a dental practice, there is much you must do to put your practice up for sale and market it to prospective buyers. Although your transition team will help you throughout the process, the responsibility of collecting relevant information and keeping it organized falls to you. There can be so much…Read More→
Author: Marketing
Buyer Beware When It Comes to Hiring a Covid Relief “Expert”
Due to Covid-19, several federal and state relief programs were designed to help dentists and other small businesses survive the pandemic. Three of the most popular programs were: The Paycheck Protection Program (PPP) administered by the SBA The Provider Relief Fund administered by HHS The Employee Retention Tax Credit (ERTC) All these programs provided financial…Read More→
GUT CHECK YOUR VALUATION REPORT
This is another public service announcement for all the buyers out there looking at practices to purchase. This post will be short & sweet. When a buyer is searching for practices to buy, they contact brokers to check out their listings. There’s nothing wrong with that; it’s a great way to find a practice. When…Read More→
Buyers – Know Your A/R Collection Rules!
In many practice purchase transactions, the sellers will keep their patient accounts receivables (A/R) and the buyer will accept the responsibility to collect them for a period of time at a nominal fee (to help cover their costs) and remit those collections to the seller. While this sounds simple enough, if the asset purchase agreement…Read More→
Turning A Blind Eye Is Becoming A Thing
I understand the dental practice broker’s job is to get the highest price they can for their client. As dental-specific CPAs that provide seller representation services, that is our goal as well. Apparently, the main difference is the willingness of some brokers to turn a blind eye to certain aspects of developing the asking price…Read More→
Selling a Fee for Service Practice
Before the 2008 recession, Dentists strived to have a fee-for-service practice. Just think about it, no write-offs for insurance, patients paid when treatment was completed and there were no headaches dealing with insurance companies. The most interaction with the insurance companies was when you submitted the insurance form for your patients. The patient was responsible…Read More→
Recent HHS Updates – Provider Relief Fund Payment Changes
On June 11, 2021, HHS updated the reporting requirements for recipients of Provider Relief Fund payments. The new notice supersedes the Post Payment Reporting Requirements Notice released on January 15, 2021. The changes per the June 11, 2021 notice include: The period for using the funds on (1) qualified expenses related to preventing, preparing for,…Read More→
What Happens to Receivables After a Practice Transition
When a practice is being purchased, what happens to the accounts receivables? Typically, the seller retains the receivables. Who will collect them? What will happen is that the staff of the practice will continue to collect them, just as they did when the seller was the owner of the practice. The collection process has a…Read More→
Case Study: Waiting Too Long To Sell Your Practice
Dr. S is in the process of selling his General Dentistry practice but seems to be having issues with the market assessment of his practice, and the proposed asking price which was suggested. Dr. S has been in practice for 35 years, practicing cosmetic and restorative dentistry. It was always Dr. S’s plan to…Read More→
A/R related Strategies When Buying a Practice
Most dental practice buyers have the notion that the A/R (patient accounts receivables) aspect of buying a dental practice is fairly straightforward. You either buy the A/R or you don’t. However, I will cover three nuances concerning the A/R if you choose NOT to buy them. First, let’s briefly summarize the main two points of…Read More→