Most dentists assume practice sales are won with numbers: collections, EBITDA, loan approvals. But here’s the truth: deals are won (or lost) on something you won’t find in a spreadsheet—likability.
When a seller hands over their life’s work, they’re not just transferring patient charts and equipment. They’re entrusting their goodwill—the trust, loyalty, and reputation they’ve built over decades. Goodwill is the single most valuable asset in any dental practice, and it only transfers if the seller believes the buyer will preserve it.
The Psychology of Trust in Practice Sales
Think about it: a seller has spent 30+ years caring for patients who feel like family. Their team has been with them through thick and thin. Goodwill is what keeps patients loyal and staff committed—and it doesn’t survive a transition unless the seller trusts the buyer.
If the seller believes in you, magic happens:
- They’ll personally help transfer that goodwill so patients stay loyal.
- They’ll extend the transition period to ensure continuity.
- They may even collaborate on the asking price.
That’s not a soft skill—it’s a strategic advantage.
The “Dinner Test” Every Buyer Must Pass
I tell buyers all the time: before the spreadsheets, before the bank approvals, you’ve got to pass the Dinner Test.
Would the seller and their spouse want to sit down and have dinner with you?
If the answer is no, the deal is already in jeopardy.
Sellers look for signals:
- Do you listen more than you talk?
- Do you respect their team?
- Do you value the practice’s story as much as its numbers?
Real Story: Winning With Likability
One buyer I worked with had the funding lined up and the numbers were strong. But what sealed the deal was a simple gesture. She asked the seller what first sparked his passion for dentistry and listened intently as he reminisced. By the end of dinner, he told me privately, “She reminds me of myself 30 years ago. I want her to have this practice.”
That wasn’t a financial decision—it was about entrusting goodwill.
CEO Takeaway: Numbers Get You Approved. Likability Gets You the Keys.
Yes, you need clean financials, active patients, and strong margins. But the human factor—the goodwill—matters most.
The seller has choices. The bank has checklists. The staff has doubts. Patients have loyalty.
Goodwill is the thread that ties it all together. When you combine credibility on paper with connection in person, you don’t just buy a practice—you inherit its most valuable asset: trust.
Final Thought
If you’re preparing to buy or sell a practice, remember: the numbers matter, but the goodwill matters more. In Dentist to CEO, I walk you through both sides of the equation: how to master the metrics and how to build the trust that gets deals done.
Grab your copy on Amazon and start preparing to lead like a CEO—on paper and in person.