I had the honor of being invited to lecture at the 2018 townie mtg in mid-April in Orlando FL. This was the 4th time they’ve asked me to lecture, and I decided to dive a little deeper into unique situations as it relates to buying a dental practice.
My 2014 lecture was an overview of the process, and while I spoke about assessing the asking price of the practice, I wanted to focus on the many other areas of the process beyond the price. I covered areas like assessing the performance, drafting the LOI, obtaining financing and what to look for, knowing the demographics and space issues like leasing or buying. However, that lecture revolved around the purchase of the typical general dentistry practice. This year I wanted to dive a little deeper and lecture about the “non-typical” transactions.
While the primary focus of my 2018 lecture looked at buyins\buyouts and mergers, I also looked at particular purchase situations like the recent start-up, the recently refurbished, the fixer-upper and the vacated space. I hit upon the “non-traditional” general dentistry practices like those that have a concentration in sleep dentistry, TMJ, ortho, holistic, dentures, pedo and prostho, even those that focus on a particular population like the elderly or the disabled. Lastly, I talked about the accounts receivables of the selling practice and how a buyer should approach them whether they buy them or simply collect them on behalf of the seller.
I had over two hours of material, and unfortunately, I only had 90 minutes of time. Therefore, I warned the audience about this and let them know that I kept all the other slides in the presentation as “bonus” slides\material so those that attended received the benefit of that “bonus” material.
What I’m going to do over the next several months is write some short blogs of some of the important parts of my lecture including some of the actual case studies I shared and even some of the questions I received from the participants. So stay tuned for some hi-lights of my 2018 townie lecture.
About Tim Lott
Tim Lott, CPA, CVA has decades of experience working with dentists at all stages of their careers. He is a regular speaker at study clubs, societies, and dental schools. Tim is a frequent participant and a moderator on Dentaltown.com. You can reach Tim at tlott@dentalcpas.com or any of the other dental partners/principals at (800) 772-1065 or info@dentalcpas.com.