How to Find a Trustworthy Buyer or Partner for Your Dental Practice
Selling your dental practice—or bringing in a partner—is one of the most important decisions you'll ever make.
Beyond the financial considerations, you’re handing over the reputation you've built over decades, your staff’s livelihood, and your patients’ trust. So, how do you find someone who won’t just make an offer, but will carry on your legacy with care and integrity?
Here’s what every practice owner should know about finding a trustworthy buyer or partner:
1. Start with Clarity on What You Want
Many practice owners begin their transition without a clear picture of what they want in a buyer or partner. Are you hoping to fully retire soon, or work part-time after the sale? Do you want someone who will keep your staff intact and be aligned with your treatment philosophy? The clearer your goals, the easier it is to identify who is and who is not a good match. Making a bad choice can be costly.
2. Buyer Character Often Drives Sale Price
While practice value and purchase terms matter, don’t underestimate the importance of character. Is the buyer respectful? Do they listen well? Are they motivated by quality care or just numbers? In general, best-fit buyers recognize value in practices and are going to pay more for them compared to poor-fit buyers with low-ball offers.
3. Fish in the Big Pond
Finding the right match for you and your practice is not a DIY project. Of the one thousand-plus prospective buyers that a good broker or advisor would know, what are the chances that you yourself will find the best-fit buyer? It’s far better to be fishing in a big pond rather than connect with only a handful of prospects. Work from a large “pool” of qualified prospects.
4. Don’t Skip the Due Diligence
It is common for sellers to think about buyer due diligence, but what about seller due diligence? First, perform due diligence on your own practice. Your broker or advisor should assist you with this. Getting ready to sell all, or part, of your practice is serious business. As for performing due diligence on buyers, your broker or advisor should be providing background information on all buyers and “coaching you up” verbally and with written protocol before buyer-seller meetings. In this way, you can feel more comfortable and well prepared going into meetings, rather than being nervous and uncertain about what to say.
5. Trust Your Gut, But Also Get a Guide
Finally, while your instincts matter, don’t navigate this alone. Most practice sellers don’t have much experience in selling practices. An experienced transition advisor can help you see red flags, negotiate strong terms, and identify the best-fit buyer or partner. Just like your patients rely on you, an experienced, licensed and credentialed expert, to care for their oral health, you too should also rely on an experienced, licensed, and credentialed advisor whose job it is to find your ideal partner or buyer.
Your practice deserves more than just a buyer.
With the right preparation and guidance, you’ll find the best match for your practice with a buyer who will pay the best price.
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J. Robert “Bob” Brooks, CEPA, CBI
J. Robert “Bob” Brooks, CEPA, CBI, leads Practice Endeavors, an Ohio-based practice brokerage and dental realty company. His company provides practice owners with the tools they need to prepare well for life after practice ownership and to find the best price/best fit buyers for their seller clients. Bob was integral in starting the first of its kind dental practice broker credentialing for the International Business Brokers Association.