Buying an established dental practice could be a practical option for an associate dentist ready to step into their own practice or a dentist with their own practice looking to expand to a new location. How do you buy your own practice?
Prepare for Practice Ownership
Before purchasing a dental practice, you first have to take a deeper look at your checkbook. Much like buying a home, you want to make sure you can afford the purchase comfortably. It’s also important to evaluate the goals you hope to achieve by owning a practice. That will help in later steps.
Make a List of Suitable Ones
There are likely to be dozens, if not hundreds, of practices available in your area. Looking at all of them would be overwhelming. Instead, you should take a cursory glance at each one and quickly determine whether you should consider it further or it just doesn’t suit you. When hiring a firm to help you buy a dental practice, they do this for you.
Evaluate Your List
Now, it’s time to take a closer look at the practices that made it onto the first list. When taking more time to evaluate each business, some might quickly drop off the list. For others, you want to look at their financials, what a fair price would be, their demographics and more. Because this research is a little more involved, a firm can help.
Make an Offer
Once you determine the best practice for you, it’s time to make an offer. If your Letter of Intent is accepted, you can start getting excited! However, there is a lot more to this step. You can now perform a more thorough audit to make sure you know what you’re getting into with this new practice. The legal process of obtaining the right financing option for you and closing the deal can take some time.
Grow Your New Dental Practice
Buying a dental practice doesn’t end when you have the keys to the front door. It never ends at all. Your focus now will be on growing your business into the thriving practice you know it can be. Team training is at the forefront of this. It would be best if you were sure to gain new and retain patients while cutting costs where you can to maximize revenue. Knowing how to do this is essential.
Buy the Right Practice can guide you through the steps above to buy your own dental practice. Their proven assessments, analyses, audits and more ensure that you find the best practice and get the most out of your investment with long-term growth.
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