How to build your dream practice acquisition teamYou know what experts to hire — now you have to determine who.
You know what experts to hire — now you have to determine who.
Earlier this month, we shared the five key experts you need in your corner when you decide to acquire a practice. To help you get started, we created this guide to walk you through how to assemble your team.
#1 Talk to your industry peers.
Taking a look at the people in your industry network is a great place to start: Did anyone recently buy or open a new practice, or did they expand their existing practice? Reach out to your friends and mentors who have gone through this process and whose opinions you trust, and ask for their recommendations and referrals.
Beyond people you already know, leverage online and in-person communities to make new contacts. Search relevant hashtags on Instagram and LinkedIn, such as #healthcarefinance, #dentalpracticemanagement and #veterinarian. Join groups like DentalTown and Veterinary Career Connection and raise your questions to members. You can also call your local dental or veterinary chapters/associations to explore potential referrals.
#2 Take notes.
You can easily lose information when you collect a handful of business cards or write contact information on the back of receipts and gum wrappers. Create a dedicated Google Sheet, Excel file or Notes on your phone to record the details of referrals you receive. Be sure to record this information to refer to later:
- First and last name
- Contact information
- Why were they recommended
- Who referred them
- Date of referral
#3 Gather your thoughts.
Before you contact the experts your network referred to you, decide how you will introduce yourself and what you will ask them to determine if they’re the right fit for you and your practice acquisition. When reaching out, be sure to mention your mutual connection who referred you to establish a familiar connection (and to give your referrer a pat on the back). Once you’re introduced, a few starter questions could be:
- How many years of experience of practice acquisitions do you have?
- Have you worked on practice acquisitions in the [your field] industry?
- Can you share your portfolio with me, or do you have a former client I can talk to about their experience working with you?
- Is there anything I should know before acquiring a practice that I might not already know? (This will provide insight on how experienced and nuanced they are in your area of expertise and practice acquisitions in general.)
#4 Measure the pros and cons.
After you meet with the experts, compare your notes of how they answered your questions. The rubric method, a scoring guide consisting of three parts — performance criteria, rating scale and indicators — is a great tool to use when weighing the pros and cons of your potential partners. We created a blank template for you, but see the below example to get started. Download the template to update it with criteria you want to measure, and go through the exercise for every contact you meet.
Great job. You put in the work, and now that you have a team of trusted experts around you, you’re on your way to owning your dream practice. If you’re still missing a team member or two, contact us at email@example.com. We are happy to connect you with trusted experts in your area.
Already have your dream team in place and ready to hit the ground running? Pre-qualify for financing in as little as two minutes, with no effect on your credit score, completely from your mobile device.
This content is for informational purposes and it does not constitute the rendering of legal, accounting, tax, or investment advice or other professional services by Provide or any of its subsidiaries or affiliates, and it is being provided without any warranty whatsoever. Please consult with appropriate professionals related to your individual circumstances.
All lending is subject to review and approval. Provide, Inc. is a wholly owned subsidiary of Fifth Third Bank, National Association.