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Are you planning to buy dental practice as well? No matter what is your reason why you want to buy a dental practice, whether you are a veteran dentist who is planning for relocation or a fresh graduate who want to establish a career in dentistry, it is very important that you take a look at every aspect of the business and seek guidance from a professional broker who can help you navigate through the entire process. Before buying expensive dental tools like dental loupes and headlights, you usually think about it, again and again, to make sure you get the value of your investment. How much more if you are going to make a huge investment that can either break or make your career.
Below are some of the important aspects that you need to consider when buying a dental practice.
The goodwill is the established reputation of the current dental practice. You have to consider it as a quantifiable asset. Choose an existing dental practice with excellent goodwill as this will give you a higher probability that the old clients will still patronize the services it offers even if such dental office is already managed by the owner. This also gives you higher chance that the dental business will continue to grow and do well in the future just like it was in the past.
For any business, location is everything. Make sure that the dental office is located in an accessible area regardless of whether it is situated in a rural, urban, or suburban environment. This will also help you know if you can survive in such environment with your specific lifestyle.
Area of Specialty
Although you can buy an existing dental office that offers general dentistry services, it is still important to choose the one that is in line with your own specialty. Not only is this a practical choice, it will also make changing of ownership easier and quicker.
One of the primary reasons why dentists choose to buy dental practice instead of pursuing other dental career opportunities is to earn a higher income. A private dental office is also a business and you should treat it that way as well. This means you should also be concerned about the current and future cash flow of the dental office that you want to purchase most especially if you have a specific target as to how much income you want to earn.
Process of Transition
You need to know the entire process of transition or changing of control. Are you going to retain all the staff or will you hire your own? How are you going to assume control over the business once the deal is complete? How about the dental tools, equipment, and devices such as the dental magnificaton loupes, dental headlights, and operating chairs, are they part of the package? It is important to communicate this matter to the selling dentist before closing the deal.
The price is the most important aspect that you need to consider. Be sure that the price is fair enough for the above-mentioned aspects. It is also important to pick the business that matches the required amount of the financing to make sure you qualify.