So You Want to Buy a Dental Practice
by Buck ReasorFirst you must be able to answer "yes" to these two important questions:
Are you ready to buy a practice?
Most dentists do not have MBA's, so yes to the second question can be based on any combination of experience, education, advisers and confidence. Whether you buy now or later is an individual call based on a thorough, thoughtful examination of your needs and goals.
- Do I feel comfortable with my hand skills?
- Am I ready to tackle the business end of a dental practice?
When you are ready to buy a practice, there are several more considerations to address before you start looking.
Buying a dental practice will be one of the biggest monetary and emotional decisions you will make in your dental career. It is critical to outline your goals and objectives on paper, consult with the people who matter most in your life and make an informed and educated decision. More than likely it is a decision you will live with the rest of your life.
- Where do you want to purchase a practice?
- What type of practice do you want? Fee for service? An HMO? Would you accept PPO's? Would you welcome welfare patients in your practice?
- What size do you want? How many operatories? How much square footage?
- What kind of practice do you want?
- Are you looking for a retired dentist whose practice has slowed down over the years and is producing less but may have a lot of undone dentistry to be performed?
- Do you want a practice that is still thriving and growing and has high production numbers but maybe has less undone dentistry?
- Do you have the skills to perform the type of dentistry the seller is doing?
- What type of facility do you prefer? A free-standing building? An office in a shopping center or other retail building? In a professional office building?
- Do you have a lot of debt and need a high-producing practice to meet your debt obligations? How much do you need to earn?
Contact us to learn more.