4: Buying a Dental Practice? Questions to Ask Before You Commit

Thinking about dental practice ownership? Here are the questions to ask to avoid costly regrets before you sign.

In this episode, Dave and Sandy revisit the classic hunt for the perfect dental practice, challenging us to look beyond flashy listings. They guide you through the doors discussed in the last episode:

• Door #1 (the well-advertised “shiny object” everyone sees)

• Door #2 (the “invisible” practice that’s not quite on the market), and

• Door #3 (the overlooked, incognito opportunity).

Discover the crucial importance of getting embedded in your local dental ecosystem (dental societies, study clubs, open houses, and especially supply reps) to find these off-market gems. They also deliver a step-by-step plan for selecting your ideal location, considering everything from local economic trends and employer bases to lifestyle preferences and the impact of practicing where you live, particularly in rural communities.

This episode nudges you to proactively clarify your needs before searching: What kind of relationship do you want with a seller? Are you seeking mentorship or independence? Dave and Sandy lay out the essential questions to shape your search, while warning against assumptions about post-sale mentoring and ownership “readiness.”

What You'll Learn in This Episode:

You’ll learn how real ownership means embracing tough decisions, supporting teams with strong systems, not just goodwill, and matching your personality and goals to the practice environment, whether it's fast-paced or relationship-driven. They even touch on how insurance participation can affect daily life and why including your loved ones in the conversation is a must, and more.

• The three types of practice opportunities and how to find each

• How to leverage local dental networks and supply reps for hidden leads

• Why deliberate location choice is vital for long-term satisfaction

• Which lifestyle and economic factors to consider before buying

• The right questions to ask yourself (and potential sellers) before committing

• Pitfalls of assuming mentorship will be available post-sale

• The importance of writing down must-haves for a smooth transition

• How to make team decisions using clear systems and standards

• How practice type and insurance mix impact your day-to-day job

• Why involving your significant other in the decision process matters

Start mapping your path to practice ownership by tuning in to the latest episode below and discovering the doors you might otherwise walk right by!

Self-reflection questions for prospective owners:

1. Do you want mentorship or independence when you buy a practice?

2. Are you energized by making owner-level decisions or drained by them?

3. How soon do you want to own a practice?

4. Do you thrive in an environment focused on speed and volume or do you prefer relationship development and a slower pace?

5. If you have a significant other, how would they answer this question on your behalf: "Does ownership energize or terrify you?"

Questions to explore with a potential selling doctor:

1. Is the selling doctor open to staying on after the sale?

2. If so, would they be willing to mentor you (and what would that actually look like)?

3. Are you expecting a gradual buy-in or a longer transition period?

4. Will the practice stay in-network with insurance, or move out-of-network (PPO/HMO/state health plan reliance)?