What really gave me that "aha!" moment, was coming to the realization that the key to successfully transition into practice ownership is being able to recognize what a great practice to buy actually looks like.
If you’re unaware of what these characteristics are, then, much like many others, you’re bound to pass on the right practice, or worst, buy the wrong one.
Well, I’m here to ease your worries and tell you that there is no need to repeat the mistakes that many dentists make.
That's because I'm going to show you exactly what great practice purchases have in common, so you can rest assured that you're following a road that has already been paved.
About 2 years ago, I worked with a dentist whose story still deeply affects me to this day....
His situation may sound very familiar to you...
He was an associate at a corporate dental office.
He still felt very frustrated that his income was capped (he had close to $250,000 in Student Loans), and he just couldn’t stop thinking about how he was capable of much more
He wanted to go into practice ownership so he could increase his income, pay off his Student Loans faster, practice dentistry the way he believed in, have control over his schedule, and build up equity in his own dental practice.
He really needed a proven system that he could follow and know exactly what to do and what to look for in a practice purchase.
That is where I came in. We worked with him to find a great practice to buy, which was perfectly aligned with what he was looking for.
But it wasn’t without first going through many challenges, when he first called me, he had already put in a Letter of Intent (a non-binding offer) on a practice that he was enthusiastic to purchase.
He believed he had found that ‘diamond in the rough’.