From the desk of Henry Hemmen…
My practice is gone! Now what?
Even though the sale or purchase of a dental practice is a business transition, there is more involved than just money. When a dentist sells his or her practice, the practice is gone. When a dentist buys a practice they purchase a new way of life, a new future as well as a business. It requires exact preparation for each dentist to prepare for a transition and to determine how and when advisors should be retained.
Who can help me through this?
Professional advisors to be considered includes a practice broker, an accountant, an attorney, a practice appraiser, and perhaps a practice management consultant.
What do these professionals do for me?
The practice broker will prepare a marketing program and is responsible for properly preparing advertisements, finding and interviewing possible purchasers, and assist in negotiations. The accountant is important when arranging for an equitable transfer and to answer tax questions. The attorney is necessary in drafting a written agreement and as a negotiator. The practice management consultant is important because of his background and knowledge of the dental industry.
Who should I call?
Hemmen and Associates has experience, knowledge, and capabilities a successful transition requires. We offer accounting services, dental practice management services, dental practice appraisals, dental brokerage services, and dental marketing services. We are members of the Practice Valuation Study Group and are included in the ADA’s Directory of Dental Practice Appraisers and Valuators published in 1997.
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