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From the Desk of Henry Hemmen

Is More Involved than Money?

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.

Professional advisors to be considered includes a practice broker, an accountant, an attorney, a practice appraiser, and perhaps a practice management consultant.

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.

A dentist's practice is usually his/her most valuable single asset.  Putting together an effective, knowledgeable team will avoid problems and increase the possibility of a successful transition.

Henry 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.