Buying a dental practice is a big step in the career of any dentist. The good news is there are likely many different dental offices for sale that you can choose from. Before you can make your decision, it’s important to prepare properly. Here are four steps that you should take when buying a dental practice.
1. Dental Brokers
A dental broker is someone you can rely on to help you through the entire process of buying a dental practice. They have an in-depth knowledge of the industry and will be able to explain things in a way that is easy to understand. Without the help of dental brokers, you may have a hard time finding all of the different practices that are ready for purchase. Make use of their resources and get started with one today to make the process easier.
According to IBIS World, the dental industry employs around 1.1 million people in the United States. This means that you shouldn’t have a problem finding staff for your new practice. However, you will have to keep in mind that the dental practice you purchase may already have a full staff. Be ready to make the decision of whether to look for new staff members or stay with the employees who currently work there.
Finding the best location is another important step that you will have to take. Just like any business, where you are located is going to affect how easy it is for you to grow your practice. It’s a good idea to research the region around you so you can get an idea of which offices are located in key areas. A dental broker will be able to help you in this area, but it’s always good to be informed.
4. Property Viewing
Once you’ve narrowed down your options, you should visit them each in person. This is important so that you can see firsthand what you are dealing with. It also helps you avoid problems down the road. By viewing the space in person, you are able to see any issues they have, any renovations that need to be made, and if they have the proper equipment.
Overall, there’s a lot to think about when buying a dental practice. If you have any questions, feel free to reach out to Professional Practice Sales today. We are more than happy to walk you through our process.