Dentaltown February 2016 - (Page 48)

finance feature DILIGENCE: How to successfully purchase a dental practice by Timothy Lott, CPA, CVA Timothy Lott provides consulting services to health-care professionals and practices. He offers expertise in start-ups, mergers, transitions, tax and retirement planning, financing assistance, and budgeting. Lott has a specific concentration on consulting to the dental professional on associate, partner and shareholder arrangements; practice management; revenue enhancement; practice purchase; sales; buy-ins and buy-outs; and the related tax issues. His CVA (Certified Valuation Analyst) designation and his experience are an asset to dental professionals who want to know how their practices compare to others in the industry. Lott has spoken at several Townie Meetings and other large industry events. He is a major contributor to the Dental CPA blog and monthly newsletter. Are you planning to purchase a dental practice? If so, you're certainly starting at a great place: Dentaltown! You can find a wealth of information about the aspects of practice purchase right on Dentaltown.com. You'll fi nd posts with real-life examples, and stories of other Townies who are currently going through-and who have gone through-the process. These threads also include feedback from other dental professionals who handle dental-practice transitions every day, providing valuable information from the front lines. You'll find blogs on what to do and what not to do, and invaluable CE courses that also earn you credits. In my opinion, it's truly a one-stop shop. Getting educated This article isn't meant to be a promotion for Dentaltown, but as I began to think about what a doctor needs to do before buying a dental practice, I realized that education is the critical first step. I am simply not aware of any other source where one can find this wealth of information. 48 FEBRUARY 2016 // dentaltown.com After you start to educate yourself about the process, you'll want to assemble a team. Sit down with an attorney who routinely handles dental-practice transitions-a "dental attorney," if you will. Also, look for a dental CPA-not just one who handles ongoing CPA services for dental practices, but who also routinely handles dental-practice transitions. This professional should know the valuation and transition nuances that are unique to the dental industry. The dental CPA also should help you assess the practice's performance, so you really understand exactly what you are buying. Do some research into the various lenders that fund dental-practice transactions every day. These lenders know what to look for, and they've streamlined their process to make it as smooth and thorough as possible for both buyer and seller. You might also consider bringing on a knowledgeable lease negotiator who regularly handles leases for dentists, and an equipment repair or sales person who can inspect the dental equipment and furniture. http://www.Dentaltown.com http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown February 2016

On Dentaltown.com
HOWARD SPEAKS: There Ain’t No Silver Bullet in Business
PROFESSIONAL COURTESY: A Magical Meeting Experience
Continuing Education Update
Reverse Prep
An Overview of Sinus Augmentation Procedures
Figuring Out This Marketing Thing
OFFICE VISIT: Doing Dentistry in the Desert
Make Work-Life Balance Work for You
Pulpotomy Materials: An Update
Diligence: How to Successfully Purchase a Dental Practice
Parents Who Fool Themselves About Sugar in Kids’ Diets
Seven Easy Ways to Boost Treatment Compliance
You Should Know: ZendyHealth
Product Profile: DENTSPLY Caulk
Poll
Intraoral Scanning: A Great Resource in Today’s Dentistry
Must Haves for 2016
Product Profile: GC America
Simplifying Everyday Direct Posterior Restorations
Augmentation of Keratinized Gingiva
Industry News
Ad Index
Product Profile: United Business Funding
New Products
Product Profile: TCS
Top Three Strategies to Triple New Patient Numbers
Oral Diseases Associated with Women
Dentally Incorrect

Dentaltown February 2016