Practice Sales (Brokering)

The negotiative brokering style used by Professional Practice Consultants of NJ, Inc. provides the greatest protection for each party yet is very effective in bringing the parties together in friendly win-win sales. We require that each party utilize their own personal representation - attorney and accountant - to review each step of the process and recommend any modifications. We can recommend counsel and accountants to parties who do not have a current relationship, but in each case the counsel is retained by and solely responsible to their client, be it the seller or the purchaser.

The marketing style is comfortable and non-confrontational. There is no pressure or hype. We simply explain the facts and figures to clients so that they can make the best-informed decisions in their own best interests.

Practice Marketing

Practices listed by PPC are advertised in Dental Economics, the Journal of the American Dental Association, in the American Dental Sales website, and in the Opportunities page of this PPC website. Also, we have a database of interested, qualified buyers that we utilize.

Financing

Currently, it is the rule at PPC that sellers of practices be paid in cash in full at closing. PPC puts together loan application packages for purchasers to apply to specialized lenders who know the dental practice acquisition business. These preferred lenders are familiar with our approach and can quickly approve and fund practice transactions. The time saved in quick funding allows purchasers to start earning income much sooner, thus adding to their opportunity income.

Practice Evaluation

The economic model used by PPC is also licensed by other leading practice transition specialists and even lenders who specialize in dental practice acquisition financing. The model is simple in concept. We compute how much a purchaser can afford to pay for a given practice after making a successful net income and paying the practice overhead expenses. The objective is to calculate how much a purchaser can afford to pay and be successful.

Practice Management Consultation

Our approach to Practice Management consultation is evolutionary...not revolutionary.

We sit down with the Doctor (and staff, if appropriate), discuss the issues, gather the necessary information, identify those areas most in need of help and create a written plan detailing specfic actions to be taken  in order to correct the problems.

Also, we can provide an ongoing (monthly) monitoring service which serves as an early warning device to detect lurking problems early and implement effective solutions before the problems become severe.

The Practice Management Consultation

We have identified nine areas of a practice that need to be coordinated and functioning in order to provide maximum utilization of resources and maximum profit. In this outline, we indicate those areas and some of the particulars in each.

In some cases, all nine areas need to be examined for weakness/strength and changed appropriately. In other cases, the client will focus on areas he/she feels are in need of change.

In our work, we prefer to sit down with a client, determine the felt needs of the practice and address them appropriately.

It has been our experience that too much change is as bad as too little, and finding the right balance is part of what we do.

Typically, our Practice Management Consultation proceeds as follows:

1. Initial interview with owner to select the two or three major areas of concern. It has been our experience that, in order to cover all nine areas, four to five sessions are necessary over an extended period of time.
2. Office visitation during working day, staff interviews, observations, fact gathering.
3. Second meeting with owner to review our written report on areas addressed, and proposals made with specific "how to's."
4. If appropriate, a half-day meeting with staff to explain changes and begin implementation.
5. A half-day follow-up visit three months later to evaluate changes with staff and review implementation.

Evaluation Criteria

1. Patient flow
2. Recall/Recare
3. Financials
4. Appointment Controls
5. Records and Documentation Controls
6. Laboratory Support Functions
7. Electronic Equipment
8. Marketing
9. Miscellaneous

Other Services and Information:

• Retirement Planning
• Financial Planning
• Where We Work and our Affiliates