First and foremost, be objective when evaluating a practice that you are considering acquiring. If you become emotionally attached to a practice, you will find yourself making decisions based upon emotions, rather than logic. Be methodical in your approach.
Exercise caution if you are considering a “For Sale by Owner” property. Many of those in the business of negotiating practice sales recommend staying away from sellers who are attempting to sell their practices on their own for three reasons:
1) Owners are unrealistic about what their practices are worth.
2) There is a much higher cost associated with a for-sale-by-owner (FSBO) transaction.
3) The likelihood of the transaction falling apart is much greater in FSBO transactions.
Look at practices that are being sold by reputable dental brokers, with extensive experience in the local marketplace. However, as the buyer, you must always remember that the broker’s true client is the seller, not you, even with companies claiming to provide “dual agency.”