#8: The Build-Up Weekly

Dear friends and colleagues,

Welcome to the 8th edition of The Build-Up, where we deliver weekly insights and inspiration for dentists on every stage of the private practice journey.

I hope you’re all well!

Today is National Kindergarten Day. I don’t remember much from those early days, but I’ll tell you that scheduled nap time sounds pretty great right now.

Here’s what we’ve got lined up for this week:

• 🚀 The Acquisition: LOIs and Dating

• 🪴 Growth Stage: “None of us is as smart as all of us.”

• 🤝 The Transition: When Tulips Are Too Good to Be True

• 💡Weekly Inspiration: A “Rapid Unscheduled Disassembly”

And with that, let’s get started!

What is a Letter of Intent (LOI)?

A letter of intent (LOI) is the initial, non-binding commitment between the buyer and seller that outlines the major terms of their proposed deal.

It’s kind of like a dating relationship that sets the terms for a future marriage. You’re not committing to marriage yet; you’re outlining what needs to happen before you say, “I do.”

You might feel nervous or excited, but remember, it's just the beginning!

Here's a quick rundown of some things that should be included in this "getting to know you" document:

The main characters: List the buyer, seller, and the seller’s broker, including names and contact information.

A brief description of the dental practice: Address, major assets, and excluded liabilities. Essentially, what's on the table and what's not.

The offer: Purchase price, financing terms, and expected contingency dates. You want to be clear about what you're getting, how you're paying for it, and how you can ensure it is what it’s supposed to be.

Disclaimers: Circumstances under which either party could terminate or void the agreement. It's like having an escape plan if things don't work out as planned.

Date of acceptance: When both parties agree to the LOI. It's like saying, "Yes, I'd like to proceed with this relationship, starting now!"

So, be prepared, have fun, and remember, it's just the beginning of your exciting journey to practice ownership!

Want to learn more? Here are a few articles for a deeper dive:

And if you think you’re ready to start making offers, sign up to receive customized alerts about practices that fit your criteria.

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I’m going to let you in on a little secret.

When we work with dental practices as consultants, we always administer individual team surveys to gain insight into the thoughts and ideas of each staff member.

The secret? We then take what the team members share with us, repackage it, and promote it to the doctor as the way forward. (This makes us look smart, and often is the exact thing the office needs.)

VERY OFTEN, the team knows what needs to change. The collective wisdom of the people we work with every day is real.

The team can help you identify problems AND find solutions!

“None of us is as smart as all of us.”

When it comes to our practices, don’t be like the dude.

Listening well not only helps in identifying problems but also in finding effective solutions together.

As a dental practice owner, it is crucial to create an environment where team members feel comfortable sharing their thoughts, ideas, and concerns.

Here are a few tips for having productive team conversations:

• Encourage open communication: Create a culture of open dialogue, where team members are encouraged to speak up and share their thoughts without fear of judgment or retribution. We do this by scheduling time to talk. A longer team meeting can work wonders.

• Actively listen: When team members speak, make sure you are genuinely listening and giving them your full attention. Ask follow-up questions to show your interest and clarify any misunderstandings.

• Promote inclusivity: Ensure that all team members have the opportunity to contribute to the conversation. Sometimes the quiet team members have some of the best contributions, so make a conscious effort to include everyone.

• Stay focused on the issue: Keep the discussion focused on the topic at hand and avoid getting sidetracked by unrelated issues. This helps in making the conversation more productive and efficient.

• Be open to feedback: As a leader, be open to receiving constructive feedback from your team members. This can be hard, but it helps improve the practice and builds trust within the team.

By following these tips and engaging in meaningful conversations, dental practices can tap into the collective wisdom of their teams, leading to more effective problem-solving and a stronger sense of camaraderie.

Remember, when you work together, there is no limit to what you can achieve.

When the Offer is Too Good to be True…It May Be

In our work with hundreds of dental practice sellers, we've encountered offers that raise eyebrows because they seem too good to be true. And often, when something looks that way, it is that way.

Take, for example, a letter going around with an offer that's got that "too good to be true" vibe. Word on the street is that it's a guerrilla marketing ploy to identify potential sellers. In this case, I think, too good to be true = not true.

Mice die in mouse traps because they don’t understand why the cheese is free.

Speaking of things that seem too good to be true, I had the opportunity to check out the "super bloom" this past weekend.

The flowers were as spectacular as advertised, but they reminded me of "Tulip Mania" in the 17th century. A quick history refresher:

In the 1630s, the Netherlands got caught up in a whirlwind of speculation around the tulip bulb market. Prices soared, and folks eagerly invested in tulip bulbs, hoping to make a killing. Sadly, the bubble burst, leaving many investors high and dry as tulip bulb prices plummeted.

That tulip frenzy was too good to be true, and many people only realized their mistake after they'd sunk their money into a market bubble with no real substance.

Now, there isn't a dental practice bubble, but the core lesson still applies: be cautious of things that seem too good to be true.

Here at Integrity, we strive for transparency and work hard to put your best interest first. Sometimes that means understanding the finer deal points to get you the best possible offer.

The devil's often in the fine print, which can turn seemingly amazing offers into total duds.

So, like those wildflowers, appreciate the beauty of an enticing opportunity, but don't let its charm blind you to any hidden risks.

And speaking of hidden risks, download our new guide below!

You can download it for free here. It’s material that I’ve covered in this newsletter before, but - if you’re contemplating a practice sale - the advice in this guide is crucial.

And if you’re ready to have a conversation with a practice sales professional, get connected with your local Integrity Practice Sales broker here.

It’s worth having a conversation no matter your current transition plans. You never know what you’ll discover together.

Perhaps yesterday you got the chance to watch the largest and most powerful rocket ever built liftoff from Boca Chica Beach in South Texas…and then explode four minutes later.

SpaceX considered the launch a huge success, despite the massive explosion, or as they called it, the “rapid unscheduled disassembly.”

Was it a failure?

Success comes from what we learn.

Embracing failure as a learning opportunity is the key to growth and success.

Naturally, some failures pack a bigger punch. Some are more painful and costly than others. But, at the same time, every stumble and setback is a chance to grow stronger and wiser.

And when we're fortunate enough to glean wisdom from the missteps of others, we're granted an invaluable gift—one that helps us sidestep pitfalls and chart a smoother course toward our goals.

With an open heart and a curious mind, we can transform obstacles into opportunities and failure into success.

And with that, I hope you enjoyed our eighth edition of The Build-Up Weekly.

Please consider using the link below to share our newsletter. 🙂 

With best wishes to you and your families,

Trevor Kimball, PhD

p.s. feel free to respond to this email! I’d love your feedback and suggestions.