The Transition Timeline: What Happens After Your Offer Is Accepted on a Dental Practice
So, your offer was accepted—congrats! That handshake moment is exhilarating, but let’s be clear: you’re not an owner yet. The time between a signed Letter of Intent (LOI) and final closing is where the real work happens. If you walk into this phase blind, you could end up with a practice you don’t understand—or worse, one you regret buying.
This post walks you through each phase of the transition timeline, so you know exactly what to expect and how to prepare.
Step 1: Letter of Intent (LOI) Signed
Once the LOI is signed, the seller has officially taken the practice off the market—for you. But don’t confuse this with a binding contract. It’s a loose agreement with some legal weight, giving you a period (typically 30-60 days) to conduct due diligence before drafting the final Purchase Agreement.
Key Tip:
Make sure your LOI includes clear language about:
- Purchase price (or price range)
- Timeline
- Access to documents
- Exclusivity period
Step 2: Due Diligence
This is where the rubber meets the road. You need to dissect the practice from every angle—financials, operations, patient base, and legal obligations.
Focus Areas:
- Financial Reports: Profit & loss, tax returns, production/collection breakdown
- Patient Metrics: Active patient count, new patient flow, procedure mix
- Staffing & Contracts: Employee agreements, compensation, non-competes
- Facility & Equipment: Lease terms, maintenance issues, technology
Don’t go it alone here. Hire a dental-specific CPA and attorney to analyze every detail of the practice with you.
Step 3: Secure Financing
You can’t buy a practice without funding—even if it’s a sweetheart deal. Most buyers work with dental-specific lenders who understand the industry’s risks and returns.
What You’ll Need:
- LOI
- Practice financials (usually 3 years)
- Your personal financial statement
- Production history or resume (especially if you’re newer)
Pro tip:
Lenders love well-organized buyers. Having your due diligence documents in order helps speed things up.
Step 4: Final Purchase Agreement & Legal Review
Once due diligence is complete and financing is underway, the attorneys begin drafting the Asset Purchase Agreement (APA).
Expect negotiation over:
- Allocation of purchase price
- Transition period and seller involvement
- Non-compete clauses
- Equipment lists
- Accounts receivable (if included)
This is a good time to lean heavily on your dental attorney—preferably one who’s seen hundreds of these.
Step 5: Closing & Transition
Closing day arrives—and you finally get the keys. But it’s not quite time to sit back.
Key Actions Post-Close:
- Notify patients and staff
- Set up credentialing and insurance transfers
- Integrate new software/accounts
- Begin the transition plan with the seller (if agreed upon)
How well the seller stays involved (or steps away) can make or break your early momentum. Make sure that part is crystal-clear before the ink dries.
Bonus Tip: Transition Planning Is Easier With Support
This timeline may seem overwhelming—and truthfully, it can be. But you don’t need a broker, a recruiter, or a DSO middleman to walk you through it.
At Practice Matchmaker, we’ve organized thousands of real, dentist-submitted listings by state so you can skip the noise and find your match faster. Our premium member platform also includes direct resources for every step: due diligence checklists, courses, trusted partners, and more.
If you’re a serious buyer, it’s one of the best moves you can make.
Become a member here
Final Thoughts
Buying a practice is a life-changing move—but it doesn’t have to be a mysterious one. Knowing what happens after your offer is accepted puts you in the driver’s seat, and makes your transition smoother, faster, and more confident.
Because ownership isn’t just about buying—it’s about taking control.
