Buying a Dental Practice: The Leap of Faith for First-Time Buyers
Buying a dental practice. This is the culmination of the dream for many individuals who first gave thought to becoming a dentist and now wish to create something truly special.
Something they can stand behind with enormous pride as they nurture and grow a trusting following of consumers who entrust them with their oral healthcare.
First time buyers buying a dental practice had no problems in making this decision in the past. If a practice was located in a community near where they wished to live and with the economics of the targeted practice penciling out, the buyer submitted an offer and acquired the practice.
Today, we are witnessing first-time buyers so concerned about making the wrong decision that they cannot bring themselves to pulling the trigger and buying a dental practice. They believe there is a better opportunity out there that they have not yet found, so the search continues.
And their never-ending due diligence continues as they search for that item in a targeted practice that will guarantee their success if acquired. Many such buyers continue to kick tires year after year while walking away from great opportunities that they are unable to understand.
Contrast this with dentists who own a practice and understand how to effectively manage and leverage their time. Along with having invested in technology and improving their skillset, they are quick to make offers on another practice as they expand their network. What is the difference?
Growing practice owners have confidence in their abilities and are not concerned about risk.
They know which procedures they wish to deliver, and they hire dentists to infill other service areas.
Many first time buyers seeking to buy a dental practice simply lack confidence and are unable to take that leap of faith.
So, if this is your first time buying a dental practice, how do you become a practice owner? Seek out and engage the best dental accountant you can find as your Buyer Advocate. Find someone who has been in the trenches a long time. Someone who is an optimist, not a pessimist. You need a great coach who will have you busting through brick walls!
Align with a long-established dental accounting firm as within that firm they have witnessed hundreds of sales and purchases. They have witnessed superstar clients and what they have done to create successful Centers of Excellence. They have also witnessed clients who have struggled. They have a collective empirical database that shall be a huge asset in your search in buying a dental practice. They understand “best practice” applications.
As your Buyer Advocate gets to know you and your designs on what your intent is with an acquired practice, they can quickly ascertain if an opportunity you are investigating is a good fit, if it is priced properly and if it warrants serious attention. They understand what that practice can do if properly tweaked.
They also know all the players in this industry of buying dental practices: the dental brokerages and their agents, the lenders, consultants, attorneys, escrow agents, etc. And they are looking after your best interests as their fiduciary duty is centered on you.
Consumers deserve optimum oral healthcare. And for this to happen, the profession needs you to transition from buying a dental practice to being a dental practice owner. Thousands have done this. Why not you? You simply have to believe in yourself and align with a great Buyer Advocate.