Eight of the Most Frequently Asked Questions
When Buying a Dental Practice.
Do you have questions about ADS or about a practice transition? We’ve got answers.
1. Q: What is ADS? Can any dental practice consultant join?
A: ADS is an alliance of dental practice brokers across the United States that are committed to standards of transparency and professionalism in their work. ADS has become the country’s most trusted source for dental professionals seeking practice brokers and consultants.
ADS members must have a minimum of 5 years experience in practice brokerage. Before joining ADS, prospective members go through a rigorous interview and criteria review process.
2. Q: How to find a dental broker?
A: Finding a dental broker is easy. Search brokers from our current practices for sale or simply visit our dental broker directory to find brokers practicing near you.
3. Q: How do you value a dental practice?
A: Determining the value of a dental practice is an involved process that takes into account multiple factors. The most accurate practice valuations compare your practice to others in your area, considering factors such as brand recognition and patient loyalty. They also evaluate your practice’s net income, which is one of the most reliable valuation factors. Read more about dental practice valuations here.
4. Q: Will patients accept a new dentist?
A: Many people have difficulty dealing with change, but your patients will accept you as their doctor if you handle the introduction and transition well. You might consider having the selling dentist send a letter to all patients, informing them of his or her retirement or move and favorably introducing you as the new dentist. This endorsement can go a long way in helping you earn the trust of new patients.
5. Q: Will staff members stay after I purchase the practice?
A: After a practice transition, staff members may be just as worried about keeping their jobs as you are about keeping your staff. If they leave, they will have to begin working with a new doctor anyway. They may as well give you a chance. Make an effort to earn the goodwill of your staff and you’ll give them no reason to leave.
6. Q: What is a reasonable covenant not to compete (non-compete agreement)? Are non-compete agreements enforceable?
A: A reasonable non-compete agreement is bounded by time and by the geographic area where most of the practice’s patients live or work. These bounds are unique to each practice. Generally, covenants are enforceable when they are specific and protect the practice’s interests while respecting the previous owner’s rights.
7. Q: What will my payments be like on my dental practice loan?
A: Our loan calculator can help you determine what your dental practice loan payments will be.
8. Q: Can I use cash to buy a dental practice?
A: Absolutely! U.S. currency is legal tender for all debts, public and private!