Are You Looking to Purchase a Dental Practice?
Whether you are at the beginning of your journey of considering owning a dental practice or have one in mind and just want some experienced feedback, Tanner Management can give you experienced guidance. JoAnne Tanner, MBA and Associates has helped hundreds of dentists like you make better, more educated decisions when moving forward.
When it comes to Representing the BUYER in a transition, our responsibility is to you. We are committed to helping you get the most value for what you are looking for, while safeguarding you from potentially making an expensive mistake that could cost your tens or possibly hundreds of thousands of dollars.
JoAnne holds a Master’s in Business Administration with an emphasis in strategic planning. This means that in addition to helping you assess the financial paperwork, structural arrangement, and the daily operational aspects of the practice, we also coach on the teamwork, patient management, and other technical aspects of running a business. Our coaching doesn’t stop once you purchase the practice. We will be there to make sure it is successful going forward!
With over 30 years’ experience of consulting dentists, JoAnne has guided many of her clients through six figure deals! JoAnne currently has a seller whose practice is valued over $1 million that has been bottled up for over 18 months. The seller recently hired JoAnne, and with her strategic guidance, they already have two buyers that are ready to write an offer. The seller is about to close on one of the offers, for a six-figure deal.
Here are a few of the many common questions our clients ask us:
- How much should I spend on a dental practice?
- Would it be better to do a start-up practice or buy an existing one?
- How do I go about financing the dental practice and still make a profit?
- Should I purchase a practice right out of school or wait until I have a few years of experience?
- What are the steps involved in buying a dental practice?
- Is there such a thing as a “Dental Practice buying checklist”?
- What should I expect to have to pay for a dental practice?
- How do I know if a dental practice is worth what they are asking for it?
- What are some common “red-flags” that I should look out for when evaluating a dental practice?
- Do I need to sign a contract before they will just give out information to a prospective buyer?
- Knowing my situation, would it be better for me to stay on as an associate?
- If I’m working for my parent who is a dentist, what is the best way to structure a transfer of the practice?
Buying a dental practice is one of the most important things you will ever do. The impact it will have on your life and career is enormous. As a result, it should be one of the most positive experiences of your lifetime–but dental school does not prepare you for this enormous step.
The person you choose to represent you in this exciting process can make all the difference in the world. That’s why choosing an experienced dental practice consultant to guide you is so important!
I would like the opportunity to show you how I can make buying a dental practice a smooth and successful transition for you. Most dentists want to simply focus on providing excellent patient care and don’t want to be bothered with the potentially stressful aspects of finances and staffing issues. That’s where we come in to take those concerns off your shoulders.
Key Considerations of a Smooth Practice Transition
- Providing transparency on the practice financials to ensure profitability
- Thoroughly evaluating all necessary documents for the completion of the sale
- Understanding the current practice culture and patient treatment philosophy
- Identifying opportunities for future growth with the current practice
- Thorough analysis of the Practice Management Systems to ensure accuracy
- Maintenance and stabilization of the current employees
- Decisions whether to maintain existing relationships with specific dental insurance plans
- Carefully assessing the vital signs of the practice before, during, and after the transition
- Having a smooth exit strategy and transition plan with the current owner
Items to Consider Before the Sale
- Doing the proper “Due Diligence” in getting a proper valuation of the practice, equipment, goodwill, and inspection of all revenue sources
- Identifying a realistic Market Value using the three different ways to appraise a practice
- Identifying the true value of the existing patient base and “active patients”
- Helping you put together your “TEAM” to assist with the transition, including a CPA and a qualified attorney
- Doing a fee analysis and treatment acceptance ratios
- An honest digital marketing and online reputation assessment of the current practice
- Is the practice a “good fit” for you as a person and with your current level of clinical skills
Choosing the Right Practice Transitions Coach
Dentists who buy practices from other dentists are often surprised about the sheer volume of non-clinical tasks involved in transitioning to their new practice. What they expect to be a simple purchase transaction often ends up being an overwhelming process that sometimes leads to them either rethinking their purchase or abandoning it altogether. Our job is to assist in making this process as seamless as possible.
As an experienced consultant for dentists, JoAnne’s passion is helping to create realistic expectations and meaningful business solutions for thriving practices. Her client testimonials speak for themselves about the trust and guidance she offers them in their business, giving you the confidence in your business decision. We have helped advise dentists all throughout the United States purchase the practice of their dreams.
Dentists are some of the hardest working professionals. Handling all the financials and practice management part of the business is the not-so-glamourous part of running a practice. We’ve been down this path numerous times with ambitious dentists just like you! Do yourself a favor and call us today to help you begin the journey. We offer a complimentary no-obligation initial consultation to make it even easier!
“We have referred a number of clients to JoAnne Tanner for assistance with “due diligence” when contemplating the purchase of a Dental Practice and have been very satisfied with her services. She also has invaluable knowledge with respect to counseling new owners of dental practices with respect to how to preserve goodwill and move the practice in a positive direction. Ms. Tanner is also very knowledgeable and skilled in handling staff, especially when the practice needs some assistance to get everyone on the same page and to pursue the same objectives.” Ron Goldman, Attorney at Law, Goldman Law
“From the beginning of my dental practice acquisition to my 3rd year into my practice now, Joanne from Tanner Management has been with me through every step of the way. Initially when I had reached out to her, she met me at the practice I was interested in purchasing, where she helped me with the process of what to look for and if this practice was the right fit for me. I was clueless. I didn’t know anything about dental insurance, staff management, collections from patients or how to even approach them. I’ve only done dentistry since graduating 14 years ago. She plugged me in with the right people to help me make this strong decision. Now, I appreciate the help of her coaching skills for both my team and I, for helping us understand the business by reviewing our monthly numbers with us, training us on how to increase production and keeping us on track to help us in the areas we need to work on including hiring staff, marketing. Most of all, Joanne believes in me, she believes that I will thrive, and cares about the well-being of this practice and me.” Anna Yi, DDS
“JoAnne’s knowledge and experience were essential in guiding me through buying a dental practice. I would highly recommend her to help anyone looking to perform due diligence on a possible practice purchase.”
“JoAnne Tanner is one of the dental pros that you need to know!” Haden Werhan, CPA/PFS www.thomasdoll.com
To find out more about how JoAnne Tanner, MBA can help you purchase a dental practice you’ve always wanted or schedule an obligation-free dental practice management consultation, please contact us or call us at (916) 791-2720.