Acquiring a practice is one of the most significant purchases in a dentist’s career, and one of the most challenging. There are several things you can do in both the pre- and post-transition period that can be critical to the success of the business. To help ensure a smooth journey, here are six “stops” you should consider taking along the way.

1. Get started. As you set out, it’s important to evaluate your buying power with your lender through an in-depth financial analysis. You should understand your credit, know your production capacities and be mindful of your liquid assets.
2. Build a dental-specific team. Take full advantage of resources that are specific to the dental industry, including attorneys, CPAs, consultants and lenders. Start conversations early. The industry knowledge of these professionals will also help you navigate the twists and turns of practice ownership.
3. Identify a practice. There are a number of ways to find a location, including a listing from a broker, purchasing the practice you’re associating in or being approached by a potential seller directly. Your team of industry experts can help you pinpoint a practice that fits the philosophy, location and demographics you want.
4. Make an offer. Once you’ve identified the practice, your attorney can help you put together a Letter of Intent to allow for any contingencies and assist with ongoing communication between you and the seller about the offer.
5. Due diligence. You’ll want to fully review all aspects of the practice with a dental-specific attorney, to examine the practice’s:

• Financial information.
• Utilities, leases and titles.
• Marketing programs.
• Systems and technology.
• Current licenses and vendor information.
• Legal, regulatory or compliance issues.

6. Business banking solutions. Obtain the banking services your practice will need, including a point-of-sale machine for processing credit cards, payroll services, business checking and savings accounts, and a business credit card. These tools offer a direct route to streamlining practice operations and managing your cash flow.

Congratulations—you’ve reached your destination! You’re now the CEO of your own business. From the journey’s beginning to the moment you achieve practice ownership, Bank of America can assist you at every stop with its vast industry knowledge and customized financial solutions. To learn more about practice acquisition loans and current promotional rates, visit bankofamerica.com/practicesolutions or call 800-497-6076. The MDA endorses Bank of America Practice Solutions.