1. Get pre-qualified for financing first
Before you seriously evaluate practices, talk to a lender who specializes in dental acquisitions. Many lenders that specialize in dental practices offer high loan-to-value financing to qualified buyers, and SBA 7(a) loans are a common route; terms vary by lender and borrower (see the financing guide).
A pre-qualification tells you your realistic budget and signals to brokers and sellers that you are a serious buyer, which matters when good practices receive multiple offers.
2. Define what you want
Decide on location, specialty (general vs. ortho, perio, endo, oral surgery, pediatric), minimum collections, and whether you want the real estate. Practices vary widely in size, so decide what scale of practice you can staff, finance and run.
Browse listings by state and specialty to see what is on the market in your target area before you commit.
3. Evaluate the listing
Most listings are anonymized to protect the seller. You will see collections, asking price, operatory count, and high-level details. After signing a confidentiality agreement (NDA), the broker releases the practice identity, financial statements, and tour access.
Focus on collections trend (is it growing or declining?), payor mix (fee-for-service vs. PPO vs. HMO), new-patient flow, and how dependent production is on the selling doctor.
4. Ask how the asking price was set
The asking price on every listing is the listing broker's figure. This site does not set, estimate or review it. Ask the broker how the price was set, and for the add-back schedule behind any adjusted figures.
Take that schedule to your own CPA and lender to see what the practice's cash flow can support: loan payments, a salary for you, and a cushion.
5. Submit a Letter of Intent (LOI)
An LOI is a non-binding offer that sets the price, structure (asset vs. stock sale — most often asset), what's included, transition terms, and timeline. It opens formal negotiations without yet committing either side to close.
6. Due diligence
Once your LOI is accepted, you verify everything: tax returns vs. reported collections, accounts receivable aging, the equipment list, the lease and its assignment clause, staff compensation, and any liens. Your CPA and a dental-specific attorney are essential here.
7. Financing, lease assignment, and close
Your lender finalizes underwriting using the practice financials and your credentials. In parallel, the landlord must consent to assign or issue a new lease — this is frequently the slowest step, so start it early.
At closing, funds are wired, documents are signed, and you take ownership. A short transition period with the selling doctor (a few weeks to a few months) helps retain patients and staff.