Dentaltown August 2021 - 60

Enticing you with a big dollar figure
It's human nature to get excited at the prospect of getting a check bigger than you've ever seen. Buyers know
this and use it to pressure owners into moving too quickly, signing legal documents without the benefit of an
attorney representing your side of the deal.
Few dentists are strong in the areas of finance and business strategy, which is why it's important to have a
lawyer represent you-someone who can decipher legalese and make sure you understand what you're agreeing to
in both the short and long term. It's quite possible you won't be getting that big check after all.
For example, you may find out that a " $3 million offer " is actually structured so you'd receive only half up
front, plus some amount in stock, and another $1 million in five years. But by the time you realize that, the buyer
knows they've got you hooked: You've already started spending that $3 million in your head, so you won't walk
away from the deal even though you're unhappy about it. Plus, you would have had to sign a confidentiality
agreement, which would preclude you from seeking another buyer at that point.
Even more shocking is that you may never see the final buyout payment, because you may have completely
different partners by then! Private-equity investors expect a very high rate of return, typically in five to seven
years. The entire DSO may be resold for a hefty profit-which you wouldn't share in, because it's no longer your
business-and the new owners will have no legal obligation to fulfill the terms of prior agreements.
This doesn't happen all the time, of course, but if you don't have a lawyer advising you, you'll never know
about these hidden dangers.
There will always
be buyers for
viable, profitable
practices. Wait
for the time and
circumstances
that are right for
you.
Appealing to your pain points
Like bait thrown to an unsuspecting fish, private-equity buyers will entice
you in ways they know will appeal to you by addressing your pain points. Baits of
choice include:
* Statements such as, " How would you like to just concentrate on being a
doctor and doing what you love, without ever having the stress of handling
any administration? " That's music to the ears of some practice owners.
* Implying they can run a practice better than you ever could.
* Suggesting that you're getting " too old " to be working so hard-no matter if
you're 60, 50 or even 40!-and you should be preparing for retirement.ment
with a buyout.
None of those things is true. Today's buyers know you're tired, if not utterly
exhausted coming out of COVID-19. They prey on the most vulnerable: doctors
who are burned out and desperately need a break. They encourage sellers to make
a rash decision in a moment of weakness. But don't succumb to pressure disguised
as genuine concern for your best interest!
And don't believe for a minute that they can-or want to-run your practice
better than you can learn to do yourself. Plenty of independent practices are thriving
because the owners, regardless of age, are being trained and coached to run their
practices more efficiently-investing in themselves, their people and the business
to generate growth, and building long-term equity-all by working smarter, not
harder. That includes engineering time off to rejuvenate so they don't burn out and
generating long-term income for when they truly are " old. "
60 AUGUST 2021 // dentaltown.com
http://www.dentaltown.com

Dentaltown August 2021

Table of Contents for the Digital Edition of Dentaltown August 2021

Dentaltown August 2021 - Intro
Dentaltown August 2021 - Cover1
Dentaltown August 2021 - Cover2
Dentaltown August 2021 - 1
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Dentaltown August 2021 - Cover3
Dentaltown August 2021 - Cover4
Dentaltown August 2021 - SI_1
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Dentaltown August 2021 - SI_4
Dentaltown August 2021 - E_1
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