Buying or selling a practice is one of the most significant financial events in a dentist’s career – with only one chance to get it right.
EMA is Now ADS MidAmerica Dental Practice Sales
EMA Dental Practice Sales has changed our name to ADS MidAmerica Dental Practice Sales – in recognition of our longstanding relationship as an independent affiliate of ADS Dental Practice Transitions. We’re proud of our relationship with this group – whose members have worked with over 38,400 dentists and managed more than $2.8 billion in practice transitions. Our name is the only thing that’s changing. We look forward to working with you!
In related news, we’re pleased to be the MDA’s (Missouri Dental Association’s) Endorsed Broker in western Missouri. We share this honor with our colleague in St. Louis, Mr. Guy Jaffe of ADS Midwest, who will be serving the eastern half of the state. We are excited to receive this endorsement and look forward to being of service to MDA member dentists in their transition planning, practice valuation and sales.
(A new blog post from Dr. Steve Wolff)
When it comes to the sale or purchase of a dental practice. . .
No one can serve two masters.
Either you will hate the one and love the other or you will be devoted to one and despise the other. You cannot serve both God and money. Matthew 6:24
In the context of buying or selling a practice, I always have a hard time understanding why blatant dual representation is embraced by dentists as an acceptable business practice. Statements such as “is proud to have represented both parties” or “is pleased to have represented all parties” would be laughable in any other industry, yet it seems that dentists are gullible enough to believe that everyone’s interests will be equally served. I believe my industry colleague Bill Otten of Otten-Ray Dental Sales hit the nail on the head when in a recent newsletter he was advising seller dentists about questions they should have for a practice broker.
“Who do you represent in a sale? It is our belief that a dental practice broker should work diligently to structure a win-win transaction but represent only the seller’s interests in the sale. By exclusively representing the seller, clearly disclosing this fact to the buyer and assisting both parties in building a strong team of advisors (including a knowledgeable accountant and attorney), the broker has the ability to represent the seller’s best interest while ensuring the buyer has proper representation and is positioned for success following the purchase. Beware of working with a broker who advocates dual representation in which they represent both the buyer and seller. (Emphasis added. SW) Under this arrangement, the broker is obligated to share all details with both parties, including any statements made by either party concerning pricing and terms. Since the seller’s and buyer’s interests are typically adverse to one another, it is very difficult for the broker to fairly represent both parties under a dual representation arrangement.”
While the bulk of our business comes from representing sellers, we do on occasion work as buyer representatives but NEVER for both parties at the same time. We accept that we may not be the broker of choice for all doctors just as there are potential clients we cannot help. In any case though, I implore you to seek representation that serves only your best interests.
Steve Wolff, DDS
UMKC Class of ‘77
Recently at ADS MidAmerica. . .
The “Official” arrival of Dr Brad Babcock: Dr. Brad Babcock – who has worked with us on a limited basis for two years – has joined the team full time. Brad was a 1977 graduate of the University of Nebraska College of Dentistry, and spent most of his private practice career in Independence, MO. He was a clinical instructor at UMKC from 2007 to 2012, and was voted instructor of the year by students three times. His relationships and credibility with the students will be of particular value to EMA and our clients. Welcome, Brad!