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Facing Your Fears & Submitting an LOI - Breaking Down Initial Offers When Buying a Dental Practice
Dental Unscripted | Getting into Ownership and Practice Management Insights
Manage episode 514005325 series 3610948
Content provided by Michael Dinsio & Paula Quinn, Michael Dinsio, Paula Quinn | Dental industry coaches, and Education leaders. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Michael Dinsio & Paula Quinn, Michael Dinsio, Paula Quinn | Dental industry coaches, and Education leaders or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.
This episode reveals the buyers’ fears (e.g., Paula Quinn's journey and how she worried about being “stuck” with a bad practice or uncovering hidden issues). We also explore the sellers’ excitement mixed with impatience. Phil Hoover notes that sellers’ feel a relief and joy after receiving an offer, but this is just the beginning. Phil also mentions that both parties can use that anxious energy in a positive way in order to work together on a successful transition. The buyer overcoming fear and the seller wanting to make a deal. We discuss how the LOI sets up the entire process and determines the path forward for both parties moving from anxiety to confidence!
The LOI’s Pivotal Role:
Dive into why the Letter of Intent is essentially a kick-off of a seamless dental practice transition, shaping the journey for both buyers and sellers.
A Buyer’s Emotional Ride:
Paula Quinn opens up about her nail-biting apprehension with uncertainties looming while signing an LOI
Inside the Seller’s Mind:
Phil Hoover discusses the seller’s emotional highs and lows throughout the transition process.
The Good Faith Tightrope:
Explore the delicate balance of commitment vs good faith and why swift decisiveness is critical.
What Buyers Must Know:
Uncover the insights buyers "need to know" focusing on production reports, financials, and clinical focus making a more confident offer without getting lost in the details.
The Broker’s Balancing Act:
Phil shares how brokers can juggle multiple offers, and prioritize the dentist's character over cash, focusing on the ones that foster fairness and a good understanding of how the office does dentistry in order to ensure a win-win for all.
Deal-Breakers vs Opportunities:
Get actionable tips to stand out to brokers in order to navigate the “hard” truths after signing the LOI, turning challenges into opportunities!
0:00 Intro/Music
4:56 What is the LOI - Letter of Intent
6:55 The Buyer's Perspective
8:57 The Seller's Perspective
10:50 Involving Professionals (Broker & Buyer Rep)
13:56 You Can Backout of An LOI
16:09 What Do Buyer's Need to Know UPFRONT!
22:36 Working With A Broker on a Deal
25:13 The Buyer's Good Faith & Expectation
28:53 Broker's Only Deal with One Buyer
32:32 Communicating with a Broker
36:12 How to Approach Working with a Broker
25 episodes
