By Charles Loretto, Partner
When you have your eyes set on a practice opportunity, one of the most valuable conversations you’ll have is the interview with the seller. This meeting allows you to look beyond the financials and gain insight into the heart of the practice and owner’s story. And on the other side, this gives the seller a chance to determine if you’re the right fit to carry on their legacy.
To encourage a natural and genuine conversation, it’s recommended to come prepared with a list of topics for the seller. Start with these questions to help uncover details about the practice that financial reports alone never could.
INTERVIEW TIP:
Practice your talking points out loud in front of a mirror or with a friend or family member. Ideas and responses often sound clear and polished in your head, but when spoken aloud, you may discover areas that need refinement, clarification, or a different approach.
Topic #1: Start General – About the Practice
This broad opening topic allows the seller to tell the practice’s story and can reveal what’s most important to them. Many sellers have spent decades building their business, so giving them the opportunity to share what they’re proud of will provide valuable insight into what made the practice successful.
Questions/Prompts to Explore:
- Tell me about the type of practice you’ve built.
- What has contributed most to the success of your practice?
- What opportunities do you still see for growth?
- How would you describe your clinical philosophy?
- What is your typical procedure mix, and what procedures are being referred out?
- What education or training has shaped the way you practice?
INTERVIEW TIP:
Allow the conversation to unfold naturally. Avoid firing questions like a Q&A session, and instead, pay attention to the seller’s answers and ask follow-up questions accordingly.
Topic #2: The Patients
For many sellers, their patients feel like family. Understanding the patient base helps you determine if you’re a good fit to provide clinical care, and it also shows the seller that you care about continuing the relationships they’ve built.
Questions/Prompts to Explore:
- Tell me about your patients and their demographics.
- Tell me about the community (i.e., nearby schools and businesses).
- What qualities would make someone a good fit for your patients?
- How do patients typically find your practice?
Topic #3: The Staff
A successful practice involves more than just the seller. The team can often play a significant role in patient retention and experience, daily operations, and office culture. This discussion can help you understand the type of people you would be leading, and it can assure the seller that they would be leaving their team in good hands.
Questions/Prompts to Explore:
- Tell me about your team, their positions, and how long each team member has been with the practice.
- What are each person’s responsibilities and strengths?
- Are there any struggles or weaknesses within the team?
- Do they know about the transition, and are there any anticipated team members leaving?
- What qualities would make someone a good fit for your team?
INTERVIEW TIP:
Take time to learn about each team member beforehand and ask thoughtful questions about them, demonstrating your preparation and genuine interest.
Topic #4: The Building and Practice Layout
The physical office and real estate play a critical role for patient experience and clinical care. Factors such as location, visibility, accessibility, office layout, condition of the facility, and available expansion opportunities can influence patient satisfaction, operational efficiency, and future profitability.
Questions/Prompts to Explore:
- Tell me about your practice layout, number of operatories, and any operatories that are plumbed but not completed.
- Is the building owned or leased?
- If the building is leased, tell me about the landlord and other tenants (if applicable).
- Is the building for sale?
- If you were going to practice for another decade, what changes would you make to the office?
- Is there room for future expansion?
Topic #5: The Marketing
Whether the practice relies almost entirely on referrals or invests in a variety of marketing avenues, understanding how the practice attracts new patients can provide insight about the practice’s growth. You can start preparing for this subject area by exploring the practice’s online presence, including its website, Google Maps listing, and social media channels. Use your research to customize the questions below for a tailored approach.
Questions/Prompts to Explore:
- How do most of your new patients find you?
- What marketing efforts have worked best for the practice?
- Approximately how many new patients do you see each month?
Topic #6: The Ideal Transition
As the interview begins to wrap up, shift the conversation toward the future by inviting the seller to describe what their ideal transition looks like. Understanding these expectations early in the process helps both of you determine if your goals and timelines align.
Questions/Prompts to Explore:
- What does your ideal transition timeline look like?
- What would a workback period look like for you?
- What are your plans post-closing?
Topic #7: Final Words of Advice
The final topic should end on a positive, relaxed note. After years of practice ownership, most owners will be eager to share wisdom with someone who is just beginning their journey.
Ask the seller: “If you could go back in time, what would you do the same, and what would you do differently in your career? And what advice would you give a new doctor?”
This question demonstrates humility and a willingness to learn, qualities that many sellers appreciate in a prospective buyer.
The goal of the buyer’s interview is not to simply go through a list of questions; instead, it’s to help both you and the seller determine whether the opportunity is the right fit. The best thing you can do is come prepared, actively listen, take notes, and let the conversation unfold naturally while using these topics as a guide. The more you learn about the seller and practice, the stronger the foundation you’ll build for a successful transition.
If you’re an aspiring practice owner with potential deals on your horizon, or simply need help finding the right practice opportunities, NDP can help guide you every step of the way. Contact us to book a complimentary coaching call to discuss your circumstances.
Charles Loretto
Founding Partner
Charles founded NDP in 2005 to support dentists through his passion for business ownership and education. He is also a partner of Cain Watters & Associates, where he leads the New Client Services team. Read more about Charles.