Pitfalls to Avoid in Buying a Building

By Steve Kikikis, Vice President, Broker Money Pit or Cash Cow? On occasion when a doctor purchases a practice there is also an option to purchase the real estate.  Historically, real estate has been a good investment over time, but owning a commercial building has its own nuances. There are a lot of similarities between owning a commercial building and a residential house.  As the building...Read More

Communication is the Key to a Successful Dental Practice Transition 

As dental practice brokers, we are often asked “What is the most important factor in facilitating a successful dental practice transition?”  The simple answer is Communication.  While it is imperative for the buying doctor to build a strong team of advisors, complete due diligence on the practice, secure financing, and navigate the closing process, all else could be lost if there is no...Read More

Ideal Practice Benchmarks

​ by Jim Vander Mey Practice Transition Advisor People love benchmarks.  They want to know how many glasses of water we should drink each day.  How much we should work out every week.  Or, how many miles per gallon our cars can achieve.   There are benchmarks to look at when you are buying a practice.  They may not necessarily be deal-breakers, but they help determine what you will need to do...Read More

Ideal Practice Benchmarks

​ by Jim Vander Mey Practice Transition Advisor People love benchmarks.  They want to know how many glasses of water we should drink each day.  How much we should work out every week.  Or, how many miles per gallon our cars can achieve.   There are benchmarks to look at when you are buying a practice.  They may not necessarily be deal-breakers, but they help determine what you will need to do...Read More

Top Pitfalls To Avoid When Buying a Veterianry Practice

There are a number of things to look out for when buying a veterinary practice.  If you’re not careful, you could end up with a bag of tricks.  Here are some of the top pitfalls to avoid when buying a practice: 1. Not understanding the numbers. Be sure and know what normal veterinary expenses are and what may be extraneous. 2.  Assume the staff are all on board and will be staying with...Read More

When Do You Know You’re Ready for Your First Dental Practice? 

You have been out of dental school for over a year now, working as an associate, or a GPR assignment.  You’re getting antsy as the owner keeps giving you the new patient exams, fillings, and the mean, nasty patients they don’t want to see.  You’ve got the itch for a change, either to do a startup or buy your first dental practice.   But, how do you know you’re ready?...Read More

Seeing the Jungle through the Trees

  All practices have something wrong with them.  Some have more problems than others.  The key to analyzing and acquiring a practice is having a vision and being able to know how to overcome and fix the problems.  Case Study #1 – A practice has historically produced $800,000 but is now down to $400,000 with no new patients coming in the door.  Turn and run, or look into it further?  If...Read More

Current Trends For Veterinary Practice Buyers

Since Omni started in 2004, we have sold well over 300 practices.  Prior to approximately seven years ago, the majority of the practices had been sold to individual veterinarians buying their own practices.  The past seven years, most of our sales have been to corporations.  They have been paying big bucks to acquire practices.  They have been paying associates handsomely to work in those...Read More

The Importance of a Good Team When Purchasing a Dental Practice

​Buying a practice can be a daunting task.  That’s why it’s important to not only have the skills and education to analyze a practice, it’s also important to have a good team on your side.  On your team, you will want a Certified Public Accountant that has a big emphasis or specialization in your field.  They need to know the industry, numbers, etc., they should also be accredited in practice...Read More

Entrepreneurial Energy

By Corey Young, MBA, Practice Transition Specialist   What defines entrepreneurial energy? According to David Lyons PhD, “Entrepreneurial energy is the force that sustains the momentum and velocity of progression in the venture. Energy can rise through excitation/agitation and fall through decay of the energy as a result of predicaments or failures. Entrepreneurial energy is an endogenous...Read More