Do You Need Help With Analyzing Your Acquisition?
At 1st Med Transitions, we understand that Buying A Dental Practice on your own can be a difficult and time consuming task. This is why we developed our BuyerAssist™ Program to help first time dental buyers analyze dental practice opportunities to make sure they make sense financially and professionally.
Our goal is to assist in determining if the target practice is a good purchase opportunity, what a fair purchase price would be and what is the potential profitability of the practice moving forward post-sale.
When you enroll in our BuyerAssist™ program, we will guide you through the following steps:
STEP #1 Get Pre-Qualified
Your BuyerAssist™ Advisor will work with you to review your financial and professional experience to determine the size and price range you can qualify for.
STEP #2 Start Your Search
Once we determine you purchase potential, start your search for a practice to buy. Your Advisor can guide you through some or our best search practices we have developed over the years.
STEP #3 Practice Analysis
Once you have identified a practice for sale that meets your criteria, your Advisor will work with you review and analyze the practice. We'll make sure you assess the listing objectively and don't overextend yourself.
STEP #4 Make Your Offer
If we determine the practice is a good fit and priced fairly, we are ready to make an offer. Your BuyerAssist™ Advisor will help you draft a professional Letter Of Intent that will be taken seriously by the buyer and the listing broker.
STEP #5 Obtain Financing
When the Letter Of Intent is accepted, it's time to get started on your financing approval. The good thing about working with 1st Med Transitions, is that we are continuously in contact with the best Dental Practice Lenders in the marketplace. We know who is offering the best rate & terms and who is the best lender for each acquisition scenario.
STEP #6 Due Diligence
Once the LOI is signed by both parties, the transaction will enter a due diligence period where we will have an opportunity to do a deeper dive into the financial's, practice software, charts, fee structure, etc. We will provide you with our BuyerAssist Due Diligence Checklist to make sure nothing is left out of your review process.
STEP #7 Legal Docs
As we move through Due Diligence, both parties will engage Attorneys to start working on Purchase and Sales Agreement. 1st Med Transitions has a network of local, state and nationwide Dental Attorney who we can connect you with to help with this part of the process.
STEP #8 Closing & Transition
When the due diligence period is over and the contract is finalized, we are ready to close the transaction and move into the transition period. We'll make sure we have a plan in place with the seller to guarantee a smooth transition of ownership.