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According to statistics, there are roughly 128 million Americans who visited a dentist during the year 2017. It means one thing, having a dental practice in the United States is a lucrative business and a promising career for dental practitioners. In fact, the latest report by the U.S News shows that dental profession was ranked second among the "100 Best Jobs" list and ranked first for the "Best Healthcare Job" category.
Dentists can earn up to $155,000 every year, that's a bit higher than some other professions. This could somehow be attributed to the shortage of dentists in the country. Many states are suffering from the shortage of dentists which is expected to increase in the coming years.
Owning a business is one of the best options for many people because they can run their own life without someone dictating them what to do or how to do things. One can definitely become the boss of his/her own business.
Although the dental practice is a thriving business in the U.S, there are many business owners who are planning to sell their dental practice. Dentists who will be retiring tend to sell their dental practice to spend the rest of their lives traveling and making the best out of it. Some other reasons include illness. The doctor could have been very ill and needed a big amount of money to finance the treatment. Things like buying and selling of dental practices are currently upbeat in The U.S.
If you are a buyer, perhaps a new dentist who wants a dental practice business, you certainly have the options to start a dental practice on your own or simply purchase an established one.
Just like any other, risks are inevitable in every business. Starting your own dental practice, for instance, a smart marketing is very crucial. You need extra effort to attract or gain clients compare to the established dental practice where clients are readily available depending on how the transition is being handled. If the transition period between the new and previous owner was smoothly done, then there is a huge chance that clients of the previous owner will also be retained. Furthermore, to keep the clients, working with the previous owner would also be a good idea. You can ask the previous owner to be the specialist or an associate of the business. In that way, the confidence and trust of the clients will not be compromised.
On the other hand, if you are the seller of the dental practice, consider the following suggestions:
-- Make necessary renovation of the clinic or purchase new dental tools and instruments (e.g. dental loupes, headlights, overhead lamps, dental chairs, etc) to increase its value
-- Create a team that will be responsible during the transition period. This is to ensure that the operation, while the transition is still ongoing, will not be interrupted.
-- Have a comprehensive plan for your employees.
-- Lastly, hire a competent broker who will guide you through the selling process
Whether you are selling or buying a dental practice, the most important thing to be considered is the welfare of both the staff and the clients above anything else.