As a Transition Specialist, AKA Buyers Transition Advocate at MaK Concepts, we recognize that the acquisition phase for buyers can be quite frankly, clear as mud. At times, it even feels like trying to put a puzzle together with missing pieces. This is often due to poor advice, lack of direction or both. The solutions and clarity needed are found through expert advice. This is referred to as solid strategy. Understanding the relevance of the right team of advisors, and their key roles, can set buyers on a path toward confidently navigating the acquisition process and making informed decisions. BUYERS NEED to KNOW- Accountability is your ultimate responsibility.

Consider Resources

Let’s take resources into consideration. This can help us determine why it’s critical to understand the acquisition phase, and which advisor’s buyers should enlist, always! We would be remiss if we didn’t clarify one specific title. Transition Consultant is used heavily in the dental acquisition world and generally describes brokers involved in the transaction phase. These Brokers/Transition Consultants are valuable in representing the seller's practice. They present pertinent information to support market value, goodwill, assets, and details of the financials for disclosure, to name a few basics in their scope of service. BUYERS NEED to KNOW- This is Seller representation.

Team of Trusted Advisors

It is to the benefit of buyers to engage a Team of Trusted Advisors during the acquisition/due diligence phase. This team includes the following:
  1. The Lender
  2. The Buyers Transition Advocate ( MaK Concepts)
  3. The Dental CPA
  4. The Dental Attorney

Transitions - A Specialized Niche

While some buyers engage the services of the entire team listed above, some mistakenly omit key advisors. Transitions are truly a specialized niche. Experience dedicated to this process is invaluable. Consider the unique service scope of the Buyers Transition Advocate (MaK Concepts) who represents only the buyer and performs a Comprehensive Practice Evaluation. This includes production and collections trending, goodwill offer in team and patients, key procedures review, active patient base confirmation, hygiene value and possible missed treatment, insurance analytics and when indicated, DELTA Premier analysis data when Delta PPO is NOT contracted, and much more.

Due Diligence for Buyers

The buyers Transition Advocate does NOT use this process to find a reason for the buyer NOT to purchase. Rather, they illustrate a plan of understanding and process map for the buyer. In other words, this is the ultimate in-depth look at the practice management and operation on the buyer’s behalf to perform due diligence effectively. The Buyers Transition Advocate offers the representation necessary to ensure the buyer has another set of eyes, and an expert with extensive experience in this niche transition business. BUYERS NEED TO KNOW-This is Buyer representation. Click here to read Part 2 of this series.
Tags:

Did you enjoy this article?

Let Teri know
Share:

Comments