When purchasing a dental practice, meeting the seller for the first time is an excellent opportunity to determine whether a practice presents the right opportunity for you. Below is a list of the top 10 questions we recommend the buyer consider when visiting the seller.
Questions to Ask the Seller
- When do you want to sell the dental practice?
- What plans do you have after the sale of your dental practice?
- Do you anticipate the staff staying after the sale?
- What benefits do you provide to the staff?
- What advertising methods does this dental practice currently use?
- How have you historically attracted new dental patients?
- What dental procedures do you refer out?
- What is your dental practice philosophy?
- What do you believe has contributed to the success of your dental practice?
- What advice would you share with me if I were to buy the dental practice?
The above questions are meant to provide a good starting point for the conversation and are by no means exhaustive. We also highly recommend that the buyer ask the dental transition broker questions regarding the practice appraisal and tax returns before meeting with the seller. And it’s important that the buyer defer all questions regarding the sales price to the broker.
The buyer should be prepared to ask good follow-up questions. If the seller does not have an answer to one of the questions, the buyer should be patient and understanding. It is recommended that the buyer brings with them their list of questions as well as a pen to take notes.