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Monday, July 25th, 2022 | by Timothy Giroux, DDS

What Can a Buyer do to Ease Negotiations with a Seller?

Make a Good Impression

It may sound like common sense, but the best thing a buyer can do is to put your best foot forward with the seller the moment you first meet, and make a good impression. Forget that you are nervous about paying all that money for goodwill and old equipment. The most valuable assets you are buying are the patient base, patient-doctor relationships, staff relationships, and office location.

Even if, in your opinion, the practice is grossly overpriced, your job is to impress the seller that you are going to perform amicably during the transition.
Two people shaking hands in a agreement If you convince the seller that you will preserve the patient and staff relationships, the seller will be more impressed. The more the seller is impressed with you, the easier negotiations with a seller will proceed.

Address Concerns with a Dental Broker

Most sellers are very emotional about their practices and perceive the practice as if it was their infant child. If you start attacking the price or even something as simple as old equipment that needs repair, they view it as an attack on a loved one.

You should take note of all the concerns you have with the practice that needs to be addressed. However, rather than risk offending the seller, address those concerns with the broker at a later date.

Be Positive

There are many issues that will arise during negotiations with a seller. The practice transition will be more likely to go in your favor if you begin the relationship on a positive note.

Even though you might be the one bearing all the stress and future risk, you need to go into the first meeting as though you are applying for a job that has many more qualified candidates applying for that position.

Timothy Giroux, DDS
Western Practice Sales

What a Practice Broker Can Do for You

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The Best Reasons to Own

Today, if you are a dentist and do not own all or part of a practice, the question is not Why?, but Why not? Naturally, there are some compelling reasons why individuals choose not to own their own practice. However, the current environment makes the benefits of ownership so overwhelming, it is difficult to understand […]

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