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.
- When do you want to sell the practice?
- What plans do you have after the sale of our practice?
- Do you anticipate the staff staying after the sale?
- What benefits do you provide to the staff?
- What advertising methods does the practice use?
- How have you attracted new patients?
- What procedures do you refer out?
- What is your practice philosophy?
- What do you believe has contributed to the success of the practice?
- What advice would you share with me if I were to buy the practice?
The above list of questions is a starting point for the conversation and is not exhaustive. It is highly recommended that the Buyer ask the broker questions regarding the practice appraisal and tax returns before meeting with the Seller. It is also important to 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.