However, when our analysts vetted the practice opportunity, we found many red flags.
Besides the fact that his take-home income would decrease, the practice had a very large amount of patients that were overdue for money owed to the practice.
However, he believed this was the right practice because it was located in a great area of town and it was only a short 10-minute drive from his house.
Consequently, he was basing his decision on two ‘emotional’ factors. 1. The short drive from his home, and 2. His belief in himself as a great dentist.
By the end of our 5-hour call, he went from the blind excitement of purchasing his first dental practice, to an optimistic relief that he dodged a bullet, and he really did!
After passing on this practice, we found him a practice to purchase that met the 8 Secrets of Buying the RIGHT Dental Practice, and he ended up purchasing a practice that was not only already very profitable, but it also had the upside opportunity to grow another 30% – 40% without having to add an associate.