Please email me at Richard@SharedPractices.com if you're planning on acquiring a practice in the next 2 years! I want to know where you are in the process, what questions you have and what you've learned already. Lets figure this out together.
We're wrapping up Season 1 of our podcast and we've decided to make a change: I've gotten a ton of emails from people wanting to know how to buy their first dental practice. Rather than waiting for Season 4 like we had planned, we're moving acquisitions up to Season 2. Season 2 will now be: Practice Acquisitions and Systemization. Today's episode will give you a preview of the acquisition process.
In this episode Jason Wood, Esq. gives us his perspective on:
- When to hire CPAs/consultants/brokers and how you'll know if they're any good (spoiler: it's not easy)
- Personal finance for practice acquisition including when banks will be more flexible with how much cash you have saved
- Why you might not want to buy a house before a practice and Jason offers to take the fall if you need to tell your spouse that you should rent
- The dangers of group disability policies & creative uses of whole life insurance
- A step by step outline for submitting an offer on a practice.
Also, why his firm Wood & Delgado doesn't charge to review associateship contracts for new grads. Hint: You'll have such a good experience that you'll end up hiring them later when it really counts.
Jason Wood is an attorney who is not afraid to tell dentists what he thinks and when they're about to make a decision they'll regret. He is known for his willingness to help and contribute on the Dentaltown.com forums (username jasonpatrickwood) and consistently delivers hard-earned perspective on transitions, acquisitions, partnership and startups. Check out some of his rave reviews from dentaltown users who have used his services:
Contact Jason to discuss a potential deal or invite him to speak at an event:
Wood & Delgado Dental Attorneys