Are you a dentist ready to buy your first practice? This is an exciting time, but when it comes to dental practice sales, there’s a lot of work that goes into finding the right option for your needs. Here are some tips to help you in your decision.
1. Get Advice
Regardless of how long you’ve been practicing dentistry, taking a bold step into starting your own business is another ball game. Don’t be afraid to humble yourself and get advice from people who may know more than you do about the process. Talk to other dentists who run their own practices to see if they have any tips. In addition to working with a dental broker throughout the whole process, it’s also wise to find a good business lawyer who knows about buying small businesses or dental practices. Starting a new business can also have tax implications, so consult with an accountant as well.
2. Do Research
Research your market with the assistance of your dental broker before you jump into buying a practice. Consider the location you want to work in, especially if it’s different from the area you’re in now. Decide what dental services you need. Think about the type of help you need to hire and in what capacity. For example, will you be the only dentist on staff, or do you plan on having other dentists working with you? Don’t be afraid to check out the competition. See how well they’re faring in the area and what you’re up against.
3. Conduct an Evaluation
Thoroughly evaluate any practices on the market that catch your eye. Get an overview of patient records, staff, and the practice’s reputation. Visit the person selling their practice and get a good overview of what has made it work and where it may be lacking.
4. Don’t Rush the Process
No matter how excited you are about a particular practice, don’t rush the process. It may take time to finish the final sale and do a thorough investigation to ensure it’s the right choice for you. Plus, keep in mind the current market may not have enough dental practices available that suit you. If that’s the case, don’t try to force yourself into buying something that doesn’t feel right. In our professional experience, most dental practice sales can be made within 150 days of listing, but no matter how long the process takes, getting the results you need is worth the wait.
Becoming a business owner is an exciting time for any dentist, but remember that a lot of moving pieces go into local dental practice sales. That’s why you should take the time to do your due diligence and work with an expert dental broker. Contact Professional Practice Sales today to get started on buying your first practice.