Dr. Darren Thomas and Tiffany Thomas Story
A Practice Sale That Surpassed Our Expectations
Dr. Darren Thomas and Tiffany Thomas, Westfield Center, Ohio
“Four days after our initial round of buyer interviews, we had a full-price offer for the practice and a full-price offer for the real estate from a buyer who appeared to be a very good fit.”
After graduating from The Ohio State University College of Dentistry, I began practicing in 1994 and spent my career serving families in and around Medina County. In 2009, Tiffany and I built our office in Westfield Center. We worked hard to create a modern practice known for prevention, clear communication, advanced care, and a genuine family atmosphere. When the time came to sell, we wanted someone who understood what we had built and who could guide us through a transaction involving both the dental practice and the real estate.
How We Found Practice Endeavors
Although Practice Endeavors appeared prominently when we searched online for dental practice brokers in Ohio, Tiffany and I had not previously heard of Bob Brooks or his company. We contacted Bob after our attorney, Mike Coyne of Waldheger Coyne in Cleveland, recommended him. Because the firm has been involved in hundreds of dental practice transactions, that recommendation carried a great deal of weight with us, especially after an unfortunate experience with another broker. We began the process with high expectations. I am pleased to say that Bob and the Practice Endeavors team surpassed them.
A Valuation We Could Understand and Buyers Could Believe
One of the first things that stood out was how clearly Practice Endeavors established the most probable selling prices for both our practice and our real estate. Tiffany handled many of the administrative responsibilities in our office, and the two of us could readily understand how the numbers were derived. The conclusions were supported by facts and financial analysis, not subjective reasoning that a buyer or lender might question.
Just as important, buyers received the same valuation information that was presented to us. That consistency gave the asking prices credibility. Four days after our initial round of buyer interviews, we had a full-price offer for the practice and a full-price offer for the real estate from a buyer who appeared to be a very good fit.
The outcome surprised us. The combined selling prices for the practice and real estate were approximately $1 million more than we had previously anticipated. The sale showed us the value of having an advisor who knew how to analyze, explain, position, and defend what we had built.
Experience and Preparation Made a Difference
The level at which Practice Endeavors operates reflects Bob’s experience, training, mentoring, and continuing education. Before entering dental practice brokerage, he earned credentials through the Exit Planning Institute and the International Business Brokers Association and became an Ohio-licensed real estate broker, important because dental practice transactions frequently include real estate for sale or lease.
Bob also helped advance education in his field. As a former program chair for the Practice Valuation Study Group, a national organization of dental practice brokers, he was instrumental in developing dental brokerage courses offered for credit through the IBBA. He teaches one of those courses and continues to maintain his professional credentials. We saw the practical value of that background throughout our sale.
Guidance Before the Buyer Meetings
Practice Endeavors coached us on parts of the process that many sellers may never think about. One example was preparing for buyer-seller meetings. Bob has a complete training piece for sellers that explains what to emphasize, what to avoid, and how to have a productive conversation with a prospective buyer. We reviewed the meeting protocol together beforehand.
The buyers were prepared as well. Practice Endeavors explained what they could expect from the meetings, which topics were appropriate to discuss, and which negotiable items should be left for the proper stage of the process. That structure protected the relationship and allowed everyone to focus on whether the practice and the people were a good fit.
Steady Leadership When the Process Became Difficult
Our relationship with the purchasing dentists began very well, but friction developed during due diligence after they engaged an out-of-state advisory firm whose role seemed to be to challenge nearly every point. Even the buyer’s lender acknowledged that the advisor may have had a financial incentive to reduce certain buyer costs unrelated to the purchase price.
This was the stage when Practice Endeavors’ experience may have mattered most. Bob and his team dealt professionally with the hired adversity, kept the process moving, managed expectations, and served as a buffer between us and the buyers. We got through a difficult period without allowing it to derail the sale or permanently damage the relationship. Today, we are pleased to be on good terms with the buyers. Without Practice Endeavors acting as an insulator and expectation manager, I am not sure that would have been the outcome.
Ready for What Comes Next
Tiffany and I recently met Bob and his wife, Rindy, for dinner to celebrate the sale and the beginning of a new phase of our lives. Some practice owners struggle with the thought of leaving dentistry. We had worked hard all our lives, and once we knew we had enough to meet our future needs, we decided it was time to enjoy the fruits of that work while we were still young and healthy enough to do so.
We have seen practice owners hold on so long that they give up a meaningful part of their lives when they do not need to. We did not want that to be us. In fact, I went slalom skiing the morning we met Bob and Rindy for dinner. That felt like a fitting way to begin what comes next.
Dr. Thomas, slalom skiing on the morning of the celebration dinner
Our Recommendation
We cannot say enough good things about the performance of the Practice Endeavors team or the results we received. If you own a dental practice and are considering a sale, we would highly recommend Bob Brooks and Practice Endeavors. We would also welcome a conversation about our experience if hearing directly from us would be helpful.
Sincerely,
Dr. Darren Thomas & Tiffany Thomas