The journey of buying a dental office is filled with major financial and professional decisions. Few moments, however, are as critical as your first practice visit. This initial meeting is your chance to move from a strong offer on paper to becoming the chosen dental practice buyer.
As seasoned dental practice brokers know, success on this day depends less on your credentials and more on your demeanor. If your offer is similar to a competitor’s, the seller will almost always choose the person they feel most at ease with. Here are the essential tips to ensure you make the best possible impression during your crucial practice transition.
- The Power of Humility: Don’t Come On Too Strong
The number one rule for your first practice visit is simple: be humble. While you may be well-funded, highly experienced, and eager to implement new systems, the seller is looking for a comfortable handoff. Avoid “pinning medals on yourself” or boasting about your future plans and impressive skills. Instead, adopt an easygoing approach and demonstrate that you are willing to learn from the current owner. This subtle show of respect is the foundation of trust in any dental practice acquisition.
- Listen, Don’t Criticize the Office
An absolute must-avoid is criticizing the current state of the office or its equipment. Telling the seller that their X-rays are “ancient” or the chairs are “dinosaurs” is a quick way to turn them off. Remember, they built a successful dental practice using that equipment. Instead, focus on the positives, even if you plan major upgrades. Compliment the workable equipment, the great location, and what looks like a loyal, fantastic staff. You have plenty of time after the closing to renovate, change hours, or rip out the whole office. On this first day, your job is to build rapport, not plan demolition.
- Be a Great Listener to Uncover Hidden Growth Potential
Use the visit to perform passive due diligence by being a great listener. Ask the current owner for their suggestions on how to take the practice to the “next level”. Pay close attention to two key areas:
- Referred Procedures: What is the doctor referring out? Endodontics, periodontics, oral surgery, or orthodontics? Each referred procedure is a potential revenue stream that could represent a 20% increase for your new practice by keeping the work in-house.
- Staff Loyalty: How long has the staff been there? A long-tenured, loyal team is a massive asset you want to retain. Acknowledge and appreciate the value of this existing team.
- Wait to Share Renovation and Staff Plans
Any plans to rip out equipment, change the office’s aesthetics, or alter staff positions should be kept to yourself. Announcing major renovations or staff changes prematurely is not only disrespectful but can also cause unnecessary alarm and complicate the deal. Keep your focus on securing the practice first.
Conclusion
By focusing on humility, respect, and attentive listening, you will differentiate yourself as the ideal dental office buyer. Your successful first visit is not just about gathering information; it’s about securing the seller’s confidence, which is often the decisive factor in any successful selling dental practices scenario. Go easy, go slow, and let your future plans speak louder through your actions, not your words.
