Performing diligence on an opportunity isn't always easy! Maybe you are early in the process and the seller isn't willing to share much yet, or maybe you have a handful of practices you want to proactively pursue but aren't sure if they meet what you need? In this episode of Transition Talk we discuss how to "Nancy Drew" a practice opportunity and figure out some details before you formally begin diligence. We talk about real life examples and when the hesitancy to provide information is a red flag, and when it isn't. Put your detective hat on and listen in!

In episode 13, we dive into the first of our “Real Life” series and re-examine the interview and finding the opportunity (Episodes 2 & 3)but with real life examples. We walk through times when clients followed all the “rules” and times they didn’t, and talk about the outcomes. The moral of the story is that this is challenging and emotional process that you can mess up (but we hope you don't)! We explore how to navigate the interview road and provide our experience and opinion on these important initial steps in practice ownership! Listen In!

In episode 11, we started the discussion about the legal documents. We talked big picture and focused on how to get the right attorney on your team to keep the process from derailing your transition. In this episode, we focus on the main agreement, most commonly known as the Asset Purchase Agreement, and the major negotiated terms we like to see within this agreement. From re-treatment to the seller's work back, we highlight what we think are the critical pieces and emphasize some common mistakes we see buyers make during the legal negotiation process.

Legal documents are a critical step in the transition process – its where the negotiations are formalized into the actual documents governing your transition. Asset Purchase Agreement, Partnership Agreement, Operating Agreement, Bill of Sale, Non-Competition and Solicitation – so many documents! Your transition type will govern what documents you need and understanding those will help in your success. In this episode we talk big picture, including what types of attorneys to utilize, how much you can expect to pay for their services and how to keep the communication lines open during what can be a contentious (or awkward) process! It’s a big topic so for this episode we keep it high level but stick around for Part 2 next episode where we dive into the details.

In this episode of Transition Talk we continue our discussion from Episode 9 but focus on those looking to transition to a partnership! As with a partnership, transitioning a practice is a full spectrum decision that can impact you financially, emotionally and can alter the rhythm of your practice. In this partnership focused episode we give you insight and resources to know how to know if you might be ready and more importantly how to prepare, so when the day comes you can transition your practice with success! Check out our website and blog for more information on this episode!

Blog: http://www.nationaldentalplacements.com/tt-episode-10-ar…or-a-partnership/

In this episode of Transition Talk we switch gears a bit and focus on the other side of the transition coin, so sellers, listen up! Transitioning a practice is a full spectrum decision that can impact you financially, emotionally and can alter the rhythm of your days. In this episode we focus on the outright or “walk away” type of sale and how you know you might be ready and more importantly how to prepare so when the day comes you can transition your practice with success!

Oh, mistakes and hindsight! Not all in the transition world is rosy! In this Transition Talk we highlight some of the most common mistakes a buyer and new owner can make in the diligence phases and early ownership. We also talk about how to potentially avoid those snafus so you can get to the finish line of practice ownership and start out on the right foot.

The letter of intent is where it all starts. In this episode, we talk about what the letter of intent means, what terms need to be included, who the players are in the process and the various levels of formality your offer may or not be depending on your situation. As always, communication is key, but we have some good tips and insight into this critical process! We’ve also posted some more detail on our blog about additional terms we don’t get to in the episode, so head on over to our blog post to check that out! http://www.nationaldentalplacements.com/blog/

At NDP we aren’t experts on everything and we pride ourselves on making sure that we connect our clients to those people who are the best at what they do in dentistry, so you can feel confident in your team. In this Bonus episode of Transition Talk, we interview Travis Hornsby, the founder of the Student Loan Planner, who does this day in and day out for clients like you. He has great insight and can help you navigate when and how to tackle that debt. Listen in and visit the blog for direct details on Travis' Student Loan Planner! http://www.nationaldentalplacements.com/tt-ep-6-student-loan-debt-bonus/

Student Loan Debt – three words that you know well and dread talking about. In this episode of Transition Talk we tackle our thoughts on student loan debt and how that relates to practice ownership. We believe you can do both and believe that owning a practice can get you to debt free faster! Check out our blog for resources: http://www.nationaldentalplacements.com/tt-ep-6-student-loan-debt-bonus/