Everything You Need to Know to Buy the Best Dental Practice For You
Brian Hanks
Dental Transitions Expert & Buyer’s Accountant
I guide dentists through the process of analyzing, negotiating and buying the right dental practice. The right dental practice can help you be happy, fulfilled, relaxed, wealthy and thriving in your career, positively impacting the lives of your patients, and living the life of your dreams. I’ve helped hundreds of dentists go through the process you’re contemplating. I can help you too.
Prior to doing this, I was an accountant and Certified Financial Planner™ at two different dental CPA firms. I have an MBA from the University of Michigan and an undergrad from Brigham Young University. I’m married with four kids and live in Salt Lake City.
Brock B.
" Get it! It's great. I feel more prepared. The cost of the course is more than justified by the value provided "
KC E.
" Get this course! The material is thorough, easy to understand, well designed and organized, and doesn't have a sales pitch every 30 seconds like the other programs. Plus, the resources it gives are awesome (I'm looking at you amazing spreadsheet in Module 4...) "
Congratulations on getting into college, into dental school, surviving dental school,
and possibly a residency, and now wanting to own your own practice.
Buying your own practice is one of the best decisions
you can make in dentistry!
You’ve made so many good decisions already in life, you should feel good about where
you are. Feel confident. You’ve made good choices. Dentistry is an incredibly
rewarding career choice. You get to master a craft where you’re positively
impacting people’s health. You get to help them improve their smile
and feel better about themselves. You have tons of flexibility
in how you practice. Plus, you are paid well to do it all.
And now you’ve made the wise decision to buy a practice.
Congratulations.
What do I mean? I mean the stakes to buy the right practice for you are high.
Get this step wrong and you’re looking at:
• Stress
• Money worries
• Angry staff and patients
• A frustrated family that doesn’t see you as much as they’d like.
• Decades of paying back those student loans
On the other hand I’ve seen happy, fulfilled, relaxed, and wealthy dentists thriving in their career, positively impacting the lives of their patients, and living the life of their dreams. Many of the happy dentists own their practice, and they love being owners.
How will you find, analyze and negotiate the best practice for you? Will your career have a head wind or a tail wind?
What would your career look like if you bought the right practice?
- You got into dentistry to be successful in life. You have seen dentists buying practices and becoming almost immediately successful. You understand that which practice you buy plays a huge role in your overall career success. You want to do everything you can to ensure your career success.
- You're ready to own a practice. You know that you’re going to own soon. Maybe you feel like you have moved on past your current situation. You’re ready to practice dentistry your way. You’re sick of making other owners wealthy. You find yourself wanting practice ownership more and more as times goes by.
- You’re Not Sure About the Process. You’ve heard some things about the process of buying a practice but aren’t exactly sure how they all fit together. You know you need to hire a team. You know you need to have an LOI and negotiate some things. When do you do all that? In what order? You want to make sure you understand the road to practice ownership as you start down it.
- You’re Hearing the “Good Practices are Hard to Find”. You hear about other buyers finding “unicorn”, but how did they do it? You’ve browsed websites and even called a few brokers, but haven’t found anything yet. You’re excited to own a practice but you don’t want to buy a dud.
- You’re Thinking “Maybe I’ll Just Do a Start-up”. You’d rather buy an established patient base and the reputation someone else took the time to build but just have not been able to find any good practices. You are thinking about giving up and doing a startup. You’re feeling like the choice is between buying a crappy practice or waiting around for another couple years for a good practice to come on the market.
- You’ve Heard the Buyer Horror Stories. You’ve heard about deals that go bad. You’ve heard about the dreaded dual-representation brokers who would just as soon empty your wallet smiling the whole time. You need to know that you are getting a good deal.
Aman M
" I give this course a 10 out of 10. This was eye-opening in a lot of ways and is definitely worth the fee. Using the tools here can save you a lot of time and money. Brian comes across as very trustworthy and rational guide with the buyer’s best interest at heart "
Christian B
" If you’re thinking about buying a practice, this is the best thing you can buy. It incorporates all of the people you will need to make that important decision. You don't know what you don't know is the epitome of this entire course. Brian will walk you through step by step literally everything you need to do from where to look to how to pay yourself and everything in between. I honestly don't think there is anywhere else you need to look to figuring out how and when to buy your dream dental practice "
Aman M
" This course optimizes your chances to receive the best outcome for yourself not just immediately but even for the long-term of owning the practice. It all starts at the beginning with your choice of location, size of the practice, etc. and this module sets you up infinitely better than dental school without a doubt. It sets you up to be successful with the knowledge of who you should hire, how you should avoid potential legal complications, etc. that plays into the overall and long-term health of your business "
The Practice Purchase Blueprint Was Built for Buyers Like You!
"If you want to be sure that you buy the RIGHT practice, the one that will set you up for career success and allow you to reach your personal, professional and financial goals, this is the course for you!"
You’ll Learn:
- How to Be SURE You’re Ready to Own a Practice
- Exactly what to do about student loans RIGHT NOW
- The best steps to take after dental school to move into practice ownership as fast as possible
- The 2 best methods dentists use to FIND the best practices for sale
- How to select your team and how much you’ll pay them
- How to read financial statements and tax returns well enough to understand another dentist’s practice
- How to analyze a practice for sale (with 3 in-depth examples!)
- How to value a practice for sale
- How to calculate how much money you’ll make buying a practice
- How and when to submit an LOI and EXACTLY what you can and should negotiate
- How to ensure you get the best practice loan and how to negotiate with the banks
- An overview of the entire practice purchase process end-to-end
- The must-know basics of the legal documents and what to watch for
- Exactly what your attorney will do for you and when
- How to complete the practice due diligence
- What to do once the LOI is signed and the 5 things that MUST be done before you close
- On top of all that you’ll learn you get the following tools:
- Real examples of broker valuations & how I analyzed them
- The actual worksheet & online tools other dentists use to find the best practices for sale
- Mailer templates to use to find practices
- The Practice Purchase Blueprint Analysis Tool™ spreadsheet to analyze & value practices with detailed instructions
- An LOI Template to submit your offer with instructions on how to use it
- Examples of letters to patients that actually work
- And it goes without saying that all of this is provided with:
- On-demand access 24/7 from any device you own
- Lifetime access to the material
- A 30-day money-back guarantee!
Madison H
" If you’re a potential dental practice owner there is SO much information to learn. It could be a costly and emotionally exhausting failure to try and jump into a practice without familiarizing yourself with the basic concepts in this course. You don't know what you don't know until you take this course "
Philipp L
" You should absolutely purchase this course. Just the practice valuation module would make this worth it, but it is so much more than that. It is an extremely comprehensive course "
Ryan M
" I will be telling other colleagues that are planning on owning that this course is the essential tool that will be a road map to picking and owning a dental practice successfully. It doesn’t only go through the main steps, Brian talks about the small details and also adds resources so things like mailers can be cheaper and done correctly. Hands down this is worth its weight in gold "
- …Find the perfect practice! The unicorn. The diamond in the rough. The off-market opportunity no other buyer even knows about. The practice with high collections, low overhead, a loyal patient base, perfect location and awesome staff. They exist! You can find them!
- …Can practice dentistry the RIGHT way. The way you know is best for patients. Without a corporate overlord subtly (or not-so subtly!) pressuring you to push treatment plans that aren’t in the patient’s best interest.
- …Feel confident in your financial future. You see the numbers. You know how many patients are there. You know what the practice is capable of. And you know that the income potential to pay off those student loans and live more successfully is there.
- …Have full control over your schedule & patient base. You can set the hours. You can set the days. Want to grow the practice aggressively and bring in the big bucks? Want to scale back to actually enjoy life? Want to work with the type of patients that make you feel satisfied as a dentist? It’s possible.
Other dentists do this successfully every year. You can too.
You’ve got this!
Topher W
" I’ve talked with friends who have tried other courses. The things they learned there are not as in-depth as this one "
Dakota A
" I would definitely recommend this course to anyone who is serious about finding the right practice to buy. There are dentists who don't care as much and would rather just skate by. I don't think that this course is for them. But if you are looking to get ahead, I recommend this course 10 times out of 10 "
Christian B
" I now feel like I know what I never knew I needed to know. I have a good grasp on the basics of how much time and effort it takes, a good timeline, who I need to help me with this process and everything in between "
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Module 1:
Exactly What to Do to Be Ready to Buy a Practice
1.1 - What Analyzing a Practice Actually Looks Like – Real Practice Analysis Example #1
1.2 - What a Perfect Practice Profile Looks Like
1.3 - What to Do About Student Loans NOW
1.4 - The Best Steps to Take After Dental School
Module 1 Tools
- Real Broker Valuation - Practice Analysis Example 1
- The Perfect Practice Profile
- The Practice Ownership Networking Plan
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Module 2:
Exactly How to Find a Great Practice to Buy
2.0 - Module Intro
2.1 - How to Use Brokers to Find a Practice
2.2 - The Net Fishing Approach (Using Mailers to Find a Practice)
2.3 - The Spear Fishing Approach (Using Targeted Demographics to Find a Practice)
Module 2 Tools
- Spearfishing Method Worksheet Download
- Doctor Mailing List Excel Download
- Mailer Example 1 – Jordan
- Mailer Example 2 – Postcard
- Mailer Example 3 – Letter & Follow Up Letter -
Module 3:
How to Assemble the Best Team for Your Practice Purchase (and How Much They Cost)
3.0 - Who’s On (and NOT On) Your Team
3.1 - Choosing the Best Transitions Accountant
3.2 - Choosing the Best Transitions Lawyer
3.3 - Other People You Might Hire -
Module 4:
How to Read Financials, Analyze a Practice For Sale, Value It, and Estimate How Much Money You’re Going to Make
4.1 - How to Read Tax Returns and Financial Statements
4.2 - Using the Practice Purchase Analysis Tool
4.3 - Practice Analysis Example #1 (A Complete Broker Valuation)
4.4 - Practice Analysis Example #2 (Incomplete Financials)
4.5 - How Valuations Work + Benchmarks to Use
4.6 - How to Calculate How Much Money You’ll Make Buying a Practice
4.7 - How to Analyze Non-Financial Practice Details
Module 4 Tools
- Real Dental Practice Financials – Example 1
- Real Dental Practice Financials – Example 2
- The Practice Purchase Blueprint Analysis Tool -
Module 5:
How & When to Submit the LOI and What to Negotiate
5.0 - Module Intro
5.1 - The Typical LOI Sequence of Events + 2 LOI Pitfalls to Avoid
5.2 - Review of Each Section of the LOI Including What to Negotiate
5.3 - 3 Tips Using Psychology to Make Sure Your LOI is Accepted
5.4 - How to Negotiate to Get the Best Price + Negotiations Lessons from 200+
5.5 - How to Negotiate the Asset Allocation & Understand Tax Implications
5.6 - Negotiating the Accounts Receivable (A/R) Successfully
5.7 - 5 Other Things to Negotiate in Your LOI
Module 5 Tools
- Downloadable LOI Template -
Module 6:
Exactly How to Get the Very Best Practice Loan
6.0 - Module Intro
6.1 - Essential Basics to Know About Practice Loans
6.2 - 5 Things You Need to Get the Best Practice Loan
6.3 - Exactly When to Call the Banks to Get the Best Rates and Terms
6.4 - Here’s How Many Banks to Have at the Table
6.5 - Exactly How to Choose Which Loan is Best -
Module 7:
Understanding the Legal Side of Buying a Practice
7.0 - Module Intro
7.1 - The Must-know Legal Basics of Buying a Practice
7.2 - How to Find the Best Attorney & How Much You’re Likely to Pay
7.3 - This is Exactly When to Hire Your Attorney & What They Should Do First
7.4 - These are the Legal Documents You’ll See & What They Mean
7.5 - 5 Tips for Reading Legal Documents to Make Sure You Have the Most Protection -
Module 8:
Getting Ready to Own – Due Diligence & Everything to Do After You Sign the LOI
8.0 - Module Intro
8.1 - The 3 Most Important Things to Start Immediately After the LOI is Signed
8.2 - How to Not Get Ripped Off with Life & Disability Insurance
8.3 - How to Complete Your Due Diligence
8.4 - The 5 Things that Must Be Done Before Closing Day
8.5 - Letter to Patients Examples, Tips & Tricks
Module 8 Tools
- Letter to Patients Example (Good!)
- Letter to Patients Example (Bad!)
Kolten A
" Absolutely buy this course because the information is great, current, and non-biased. Brian walks you through every step, and even gives the information of what to do during the waiting period, and who you absolutely need on your team, which can save you money in the long term "
Daniel E
" I would highly recommend this course to anybody. It lays out step by step what you need to look for and be aware of when preparing to make purchase "
Blake A
" This course has the highest value for your money and the most comprehensive compared to any other course I have seen "
Derik P
" I’m a Microbiology major who has had small jobs, never bought a house, and has no business experience. I would have been completely lost and honestly in over my head. Before this course, the thought of buying a dental practice was there, but I put it off because I wouldn't have even known where to start. Now that I've taken the course I can honestly say that, yes buying a practice is a big task but it is far from impossible. Now I know the what, why, and how "
Josh D
" The average dental student or recent grad is not educated near enough to go through the process of buying a practice alone. Their best bet is to take this course from top to bottom "
Phillip L
" Most buyers are woefully under prepared because dental school does not teach you how to buy a practice. Working as an associate won't teach you either. This course has given me solid tools to analyze a practice and decide if it is worth looking at. More than anything, this course taught me what I can do, but also whom I need to rely on for help in the purchase process, since you cannot do everything on your own "
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Does this course have a start and end date?
Nope! This course is 100% online and at the pace that works best for you. Binge the entire course and come back to each module as you’re working through them. How you tackle the content is up to you!
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How long will I have access to the course?
Forever! Your investment grants you access to all the materials for as long as you like.
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I’m not looking for a practice right now, should I wait to buy the course?
You’ll be far better prepared to buy a practice the sooner you understand some of the elements at play. A few of the keys to success (discussed in detail in the course materials) involve have some cash on hand and having a robust network of dentists for your search. You’ll be at a HUGE advantage the sooner you understand and apply these principles.
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What if I’m unhappy with the purchase?
No problem! Everyone learns differently. If you’d like a refund in the first 30 days of your purchase, just let me know and it’ll be taken care of.
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Can I get a student discount?
I do offer a student discount from time to time. Email me directly [email protected] for details and to verify your student status.
Ryan M
" Before I too the course I felt like a 5 year old. Now that I’m done, I’m a 25 year old conceptually and financially speaking when it comes to ownership. The growth is incredible. This course is so good "
Jacob O
" I’m 100 times more prepared to buy a practice as a result of taking this course. I will be able to avoid a ton of headaches in the future now! "
Kolten A
" I feel like I have a definite edge compared to other buyers. Not only do I have the knowledge from the course, I also have the PDFs and other files provided which allow me to analyze and compare practices. Plus, I know I can re-watch the course whenever I feel uncertain about anything, and I can reach out to Brian personally when I need names. I feel SO MUCH more prepared than before "
William B
" The average dental school graduate usually listens to a few podcasts that can learn a little here or there, but none of them have near the advantage of the students that go through this course. The timeline slide that you have given us of when we should be completing each step will be so helpful. There are so many things that you covered that I never even thought about would be important like how many banks to talk to and what questions to ask when hiring a CPA. Overall very pleased with this course "
JB K
" Being through this course and having access to the modules is life changing! It will set me apart from those who only have a dental education and this is coming from someone who is getting an MBA. As I have learned, MANY things are specific and unique in acquiring a dental office that is not covered in an MBA. Having tools, references, and advice on how to avoid pitfalls, save money, and save time make this course well worth it "
Aman M
" Module 4 was my favorite and, in my opinion, the most valuable of all the modules. Financial analysis is fairly foreign to most of us dental students the tools here actually allow me to able to evaluate a practice myself. Now I can forecast cash flow, value a practice, and understand the pros/cons with a predictable template "
