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As a veteran practitioner or a new graduate, you may find yourself asking, “Where do I start?” We at Maddox Practice Group can assist you in every aspect of your transaction. Below are some “basic steps” to help you with a time line for your smooth transition.
As a Buyer we recommend you get pre-approved for financing from a dental practice lender. We can put you in touch with several dental lenders who will compile your financial information and determine the amount of financing for which you qualify. Once you receive your loan pre-approval, you may start looking for a practice in your price range.
Once you find the practice you are interested in purchasing, the next step is to present an offer to the Seller. With our help you can provide the Seller with an Offer to Purchase, Letter of Intent, or Deposit Receipt and Earnest Money Agreement. We can help you determine what amount of deposit you should provide, if any, and prepare the appropriate offer document depending on your and the Seller’s desires.
You should consult an attorney who specializes in Dental Practice Transitions to review your documents and to help you determine if it is appropriate for you to incorporate prior to purchasing your dental practice.
The next step is your “Due Diligence” period. This is the time in between the offer being accepted and the Closing Date. During this time you will retain the services of a CPA to review the financial information of the dental practice you are purchasing. You will be able to review the charts in the practice or have a qualified consultant review them for you. You will also do a walk-through of the practice to check the equipment, furniture, computers, and supplies.
The next part of your purchase will include your submission of financial information to the Seller’s landlord or property manager so they may approve you for either an assignment of the Seller’s existing Office Lease or a new Office Lease in your own name with terms acceptable to you.
Lastly, you will be provided with a fair and complete Purchase and Sale Agreement which you will be able to review and negotiate.
As a Buyer we recommend you get pre-approved for financing from a dental practice lender. We can put you in touch with several dental lenders who will compile your financial information and determine the amount of financing for which you qualify. Once you receive your loan pre-approval, you may start looking for a practice in your price range.
Once you find the practice you are interested in purchasing, the next step is to present an offer to the Seller. With our help you can provide the Seller with an Offer to Purchase, Letter of Intent, or Deposit Receipt and Earnest Money Agreement. We can help you determine what amount of deposit you should provide, if any, and prepare the appropriate offer document depending on your and the Seller’s desires.
You should consult an attorney who specializes in Dental Practice Transitions to review your documents and to help you determine if it is appropriate for you to incorporate prior to purchasing your dental practice.
The next step is your “Due Diligence” period. This is the time in between the offer being accepted and the Closing Date. During this time you will retain the services of a CPA to review the financial information of the dental practice you are purchasing. You will be able to review the charts in the practice or have a qualified consultant review them for you. You will also do a walk-through of the practice to check the equipment, furniture, computers, and supplies.
The next part of your purchase will include your submission of financial information to the Seller’s landlord or property manager so they may approve you for either an assignment of the Seller’s existing Office Lease or a new Office Lease in your own name with terms acceptable to you.
Lastly, you will be provided with a fair and complete Purchase and Sale Agreement which you will be able to review and negotiate.