Who You Need on Your Dental Practice Transition Team

Author: A Practice Orbit Podcast
Published: Fri 26 May 2023
Episode Link: https://the-dental-practice-sale.captivate.fm

If you’re buying or selling a dental practice, who do you need on your transition team?

On this episode of The Dental Practice Sale Podcast, your hosts Wes Read and Matt Odgers discuss the professionals involved in a dental practice sale, describing the responsibilities of the three required service providers—the CPA, attorney and banker.

Wes and Matt explain the optional but common positions in a transition team, sharing the value a broker, escrow agent and supply rep bring to the dental practice sale process.

Listen in for insight on when to include a practice management consultant, valuation expert or financial planner on your team and get familiar with the players involved in helping a buyer and seller close a dental practice sale!

Topics Covered

[3:07] 3 groups of professionals that can be involved in a dental practice sale

[7:13] The responsibilities of the seller’s CPA vs. the buyer’s CPA

[19:22] The pros and cons of dual representation with CPAs or attorneys

[24:06] When to bring your attorney into a dental practice sale and what they do

[28:31] The banker’s role in a transaction (and why Matt recommends working with a dental lender)

[33:07] What value a broker brings to the dental practice transition

[38:38] How the escrow agent acts as an independent third party to hold funds on the sale

[42:33] How having a supply rep inspect the dental equipment helps the transaction run smoothly

[44:08] When to include a practice management consultant, valuation expert, financial planner, HR attorney or lease specialist on your transition team

[50:07] Why Matt recommends interviewing multiple professionals before you choose your team