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32

INSCRIPTIONS

| February 2015

WRDC 2015 SPEAKER ARTICLE

Jason Wood, JD, and Patrick Wood, JD

Most people have dreamed about designing their

dream house. They can envision the white picket

fence, the enlarged doorway leading to a grand stair-

case, the master suite that makes you feel like you

are in a five-star hotel and the kitchen that seems

to have everything in the right place. However, few

people actually get to build their dream house. If

and when they do, they enlist the help of profes-

sionals to help them realize their dream, instead of

trying to build it themselves. They know they do not

have the tools required to build the perfect house.

The same holds true for dentists who decide to buy

or sell a dental practice. Those that have the do-it-

yourself mentality rarely live the dream because of

problems that arise in throughout the process. Con-

versely, those who enlist professionals to help attain

their dream have the best chance of realizing their

dream of buying or selling a practice.

When law firms receive a call from a dentist who is

either trying to buy or sell a dental practice, their

first question should be, “Who is on your team?”

Quite often the reply is, “Team? What team are you

referring to?” While it may seem strange, this is

how you should approach buying or selling a dental

practice: with a team mentality. Purchasing or selling

a dental practice has too many unique areas that are

instrumental to the life of your practice or to your

retirement, which an untrained eye, will not be able

to see or even understand. Brokers, CPAs, attorneys,

and other professionals are people who you want on

your team, but not all teams are equal. While any

broker, CPA, or attorney can help you with your pur-

chase or sale, a unique subset of these professionals

have developed their professional practices around

helping dentists. These professionals would be your

all-stars, the ones who know the industry inside-and-

out—who don’t have to “learn on the job,” and can

quickly help you realize your dream. Below are some

of the reasons why having these professionals on

your team can help you realize your dream.

DENTAL BROKERS

There is no better person to have on your team than

a dental practice broker. These professionals have

often spent years (if not decades) in the dental indus-

try. They know everyone, and they have a long list of

buyers and sellers to help you purchase or sell your

dental practice to just the right person. Think of

these people as your team captain. For sellers, they

can appraise the value of your practice quickly, mar-

ket your practice to a wide array of potential buyers,

give you advice on how to get the most money out

of your dental practice, and help facilitate the trans-

WHEN IT COMES TO BUYING OR SELLING A DENTAL PRACTICE

THEDO-IT-YOURSELF FOLLY