Services

What makes us different from dental practice transition brokers?

First: while we do support transitions, we are not brokers. We do not represent either the buyer or seller. Our services make it possible to consummate successful transitions without using a full service practice broker. The way we see it, dentists are pretty smart folks and purchasing or selling a dental practice isn't rocket science. With our comprehensive services, most dentists can handle their own transitions.

Second: A full service broker is very expensive in both time and money. If you hire a broker, they will interview you for hours, and then charge you a percentage of your sales price. We at Only the Best Practices ask probing questions (answered at your leisure on your computer over a secure connection)... We need to in order to help you find your best match. Our fee is fixed--and significantly smaller than full service brokers' fees. Some senior dentists will save over $100,000.00. That's a lot of fillings, even at top fee-for-service rates.

Third: No conflicts-of-interest. Most full service brokers charge a percentage of the valuation they create for your practice. We do not take a percentage of your sales price. We charge very reasonable fixed fees. We have no reason to over-inflate your practice value. Over valuing your practice will only hurt the seller later when the buyer can't get financing or cover the loan costs through the practice.

Fourth: We have studied the reasons for transaction failures. There are three main reasons: a) lack of transparency, b) misunderstood or unrealistic expectations, and c) personality conflicts. We reduce the failure rate by creating transparency, clarifying expectations, and exposing potential personality conflicts.

Fifth: Standardization. While every practice is unique, the method of transition does not need to be. We researched the best methods for most transitions to be structured. We walk you through the concept and the needed legal paperwork.

Let's get to the specifics: we have services for new dentists as well as seasoned dentists.

Our new dentist offerings are free or as close to free as possible. If you are reading this and you are not a new dentist, you probably remember how tight money was when you got out of school. Our ridiculously reasonable fees are covered by seasoned dentists.

Services for new dentists

1. Get Recommendations
2. Compose CV
3. Build Profile
4. Find Practices

Gathering recommendations can be time intensive and awkward. Get Recommendations allows a new dentist to enter details about people they would like to have as recommenders. Get Recommendations sends out emails inviting the potential recommenders to our site where a very simple process will generate a recommendation for the new dentist. The new dentist receives a PDF file of the new recommendation via email. This is a free service. You can upload copies of any recommendations you already received as well.

Compose CV will walk you through a series of questions to build a professional dental CV for you. No more guessing on formatting and content issues. If you already have a CV you are happy with, you can upload it as it is.

Build Profile uses the recommendations gathered from Get Recommendations and the data from Compose CV as a starting point to build an in depth "profile" that you will send to prospective dental practice sellers. Your only cost is printing and postage.

Find Practices helps you locate practices that may be for sale and automates sending information to those dentists.

Offerings for senior dentists

1. Build Profile
2. Practice Valuation
3. Find & Match
4. Create Contracts

Senior dentists: these services will allow you to transition your practice without the use of a broker.

Build Profile walks you through a series of questions to create personality and professional profiles and a due-diligence survey that creates a practice-marketing package for you attract associates or buyers. This is a free service.

Practice Valuation is a third party service offered through a CPA that focuses on dentists. He is a Certified Valuation Analyst. Being unconnected to the transition allows him to give a fair value for your practice Ð one your buyers can trust. (By the way, valuations are mostly useful to help establish value for the buyer and seller. Most financing companies have turned away from using valuations as criteria for loans. They often use a debt to income ratio of between 1.2 and 1.25.) We have worked out a VERY attractive price for your practice valuation.

Find & Match allows you proactively search for buyers for your practice. We gather professional preferences, dental philosophy and personality assessments so you can compare against potential buyers to better understand each other and increase the likelihood of success. Once you build your profile, we send a privacy-protecting subset of your profile to new dentists all over the country. Those that are interested will need to create a profile that we will send to you so you can compare yourself against the potential buyer.

Create Contracts walks both the buyer and seller through a series of interviews to populate the documentation that is needed to complete your transition. As in real estate transactions, our contracts and methodology are standardized. You can always add additional details through addenda, but for most practice transitions, that won't be needed. We have expert partner attorneys that can review the contract with you, or you can use your own attorney. Your legal fees will be significantly less because your attorney will only be reviewing your contract, not trying to create one from scratch.