Case Study: How This Texas Dental Practice Found a Buyer in 2 Days

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For almost 20 years, Professional Transition Strategies (PTS) has proudly helped dentists buy, sell or start practices, as well as relocate to new offices or expand at a current location. While every transition is unique, it’s especially meaningful when there is a personal connection to the situation. That was the case for PTS Practice Transition Consultant Todd Sheets, who worked with Dr. O.Z. Helmer, his personal dentist of 26 years, to transition the practice to the right person for the job. Here are the details of the transaction.

The facts

Dr. Helmer was the sole doctor/owner of a 50-year-old general dentistry practice in the Dallas-Fort Worth, Texas, area. He was looking to transition ownership of his business in anticipation of his retirement, and a well-planned retirement from your dental practice can start as early as five years out, between having a valuation of your business and making improvements ahead of the sale. The practice had six operatories and collections of more than $850,000.

The candidates

PTS launched an active marketing campaign to source competitive offers to purchase the dental practice. As a third-generation dentist on both her mother’s and father’s sides, Dr. Caitlin Flosi stood out among the more than 60 candidates for this opportunity. “It was so impressive to take a practice to market and find the perfect buyer in 48 hours,” Sheets said. Above all, “she was driven to convince me she was the right person to entrust this amazing opportunity with,” Sheets added.

“At PTS, we take a ton of pride in sourcing a range of great buyers for our clients to choose from so they can select the best match for their needs. That process can sometimes take a couple of months and that’s why finding the perfect buyer for Dr. Helmer’s practice in less than 48 hours is such a unique feat.”

The conversation

According to Sheets, the conversation stood out enough that a dinner meeting was facilitated by Sheets between the two parties. During that meeting, Dr. Flosi assured Dr. Helmer and his wife that she would uphold the legacy and success of the dental practice after taking it over. A letter of intent (LOI) — a one-page document of understanding between two or more parties used when a buyer intends to purchase a practice — was completed and countersigned the next day. This all-important document states the business terms for purchasing the practice and/or real estate and your intent to follow through with the transaction.

The process

Each step of the due diligence process can last 30 to 45 days based on the seller’s and buyer’s goals, but both parties collaborated openly to find solutions that would benefit both doctors. With the support of your team of advisors, going through the due diligence process can help outline a clear path to transition with minimal disruptions. In this case, both parties did what was in each other’s best interest instead of their own by working through the due diligence process to find solutions for the contract and payment terms.

What’s next?

There’s no one way to transition ownership of a dental practice. Contact the experts at PTS to get the process started with a complimentary valuation.