Have you ever received an unsolicited call from someone offering to buy your practice? It could have been a friend in the community, a fellow dentist, or a new Dental Service Organization (DSO) that has come to town. What about a piece of direct mail from a company offering 100% of last year’s revenue for your practice? If you own a multi-practice group or DSO, it is likely that you have been contacted by a Private Equity Group or larger DSO looking to buy you out.
If you receive an unsolicited offer to buy your practice, take the call! Just be sure to ask the following questions:
How did you get my information?
What attracted you to my practice?
Can I get your offer in writing?
Can you provide a link to your company website and a list of referrals?
Once you have this information, you have something to consider. If you are considering a sale after the call, contact a reputable broker or M&A Advisor for feedback. If the offer sounds good, why not go through a Marketed Process with that broker to ensure that you find the best possible buyer for your business?
A Marketed Process is a systematic approach to sharing your practice opportunity with as many purchasing candidates as possible in the shortest period of time. With some unsolicited offers, time is of the essence, so be sure you choose a broker that can work fast and get your practice in front of as many potential purchasers as possible.
At TUSK, we work with our clients to ensure our Sellers (Groups and Solo) understand the differences of each offer. The highest bid is not always the best offer.
Have you received an unsolicited offer and would like help taking the next step? Learn more.