January 19, 2022
If you’re gearing up to purchase a dental practice, you might have questions and concerns about such an endeavor. Fortunately, purchasing a dental practice can be a fairly straightforward process if you have the details figured out and know who to talk with. That said, here are some tips to help you navigate the process and ensure that you and your new practice hit the ground running.
Much like how you’ve educated yourself about dentistry, you must also educate yourself about the process of purchasing a dental practice. The easiest way to do this is by assembling a team. An attorney who regularly handles dental-practice transitions will be able to provide specific details about acquiring the practice. A dental CPA who handles ongoing CPA services for dental practices is also valuable, as they’re able to help you assess a practice’s performance, so you understand exactly what you’re buying. You might also consider speaking with a lease negotiator who has experience handling leases for dentists.
Inspect the Practice
You should consider speaking with an equipment repair or salesperson who can inspect the dental practice; everything from the dental equipment to the furniture needs to be evaluated before your practice can open its doors. It doesn’t hurt to have it appraised, either. It’s important to know that the stuff you’re buying will work when you take over the practice! You might also consider having a practice-management consultant or coach on hand that has experience working with new practice owners. If you’re able to perform certain services that other practitioners don’t offer, you should consider seeking a practice with room and accommodation for those services.
Crunch the Numbers
Get a handle on your personal financial situation! Lenders will be checking your financial health as part of their due diligence to you, so you should have a solid idea of how much you’ll need to earn before and after income taxes, including how much you’ll need to pay towards your loans. If you can, consider where you’ll want to live and work for the next 15 or so years. You also need to have a good idea of how much dentistry you’re able to produce; this will help you determine if the practice is the correct size for you.
When it comes to purchasing a dental practice, being educated and staying diligent is crucial throughout the entirety of the process. That said, following these tips will help you stay on track, find the professional help you need, and ensure that your new practice is set up for a successful and healthy run.
About Next Level Consultants
The team at Next Level Consultants is proud to provide doctors all over with the skills they need for their practices to thrive. Under the leadership of Mike Dinsio and Paula Quinn, Next Level Consultants has helped hundreds of specialists open their doors and start changing lives. If you have any questions about purchasing your first dental practice, don’t hesitate to reach out to their team online or by phone: (720) 309-9551.