By: Bank of America, Regional Business Development Officer Chad Clark
Acquiring an established dental practice is a significant milestone, but ensuring long-term success requires more than just securing the right location and patient base. New practice owners must surround themselves with a team of industry professionals who specialize in dentistry. These experts help navigate the complexities of ownership, from legal and financial considerations to insurance and compliance. Here are the key professionals every dentist should work with when acquiring a practice:
Dental-specific attorney
A dental-specific attorney is essential in reviewing and negotiating the practice purchase agreement, lease agreements and employment contracts. Unlike a general business attorney, one with dental experience understands the nuances of practice acquisitions, these attorneys are tasked with ensuring the terms protect your interests while complying with industry regulations. Additionally, they understand the industry and help structure agreements that minimize risk and future liabilities.
Practice transition consultant
A practice transition consultant helps navigate the logistics of ownership transition, including patient retention strategies, staff integration and operational efficiency. They ensure a smooth handoff between the previous owner and the new dentist, minimizing disruptions to the business.
Dental-specific lender
Financing a practice acquisition requires more than just a business loan. A lender who specializes in dental practice financing understands the value of goodwill, patient retention and practice cash flow. Dental lenders offer tailored loan structures with favorable terms, often including working capital, equipment financing, and competitive interest rates to support your growth.
Insurance broker specializing in dental practices
An experienced insurance broker helps new owners secure the right types of insurance coverage, including:
- Malpractice insurance — protecting against legal claims.
- Business owners’ policy (BOP) — covering property damage, liability, and business interruptions.
- Disability and life insurance — – providing financial security for the owner and their family.
- Workers’ compensation — ensuring compliance with state regulations and protecting employees.
Choosing an insurance agent who understands dental-specific risks ensures comprehensive protection.
Dental CPA (certified public accountant)
A dental CPA provides specialized financial expertise tailored to dental practices, assisting with:
- Practice valuation — ensuring the purchase price aligns with a practices’ true financial performance.
- Tax planning — identifying deductions and structuring the purchase for optimal tax benefits.
- Cash flow management — helping new practice owners understand financial trends and budget for expenses.
A dental CPA ensures that you not only acquire the practice but also set it up for financial success.
Dental equipment and technology specialist
Even when acquiring an established practice, technology upgrades may be necessary. Dental equipment and technology specialists help assess existing equipment, recommend upgrades and ensure seamless integration of digital systems, for example, electronic health records (EHRs), imaging software and patient management tools.
In conclusion
Acquiring a dental practice is a major investment, and surrounding yourself with the right team of professionals ensures a smooth transition and long-term success. By working with industry-specific experts like dental attorneys, certified public accountants, lenders, insurance brokers and transition consultants, new practice owners can mitigate risks, streamline operations and focus on providing excellent patient care. Establishing this network early on sets the foundation for a thriving and profitable practice.
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