March 28, 2019
3 Types of Dental Practice Buy-Ins
Deciding to start the buy-in process for your dental practice isn’t cut and dry. A buy-in allows you to become a partner with an ownership stake in the practice, but from there, the options will depend on your end goals. Here are three types of dental practice buy-ins, broken down by their pros and cons.
Single practitioner office
Cons: A partnership is similar to a marriage in that it can sometimes be great but other times you may need to work through problems. To ensure a happy and successful partnership, communication is key. And since you will have a partner, you won’t have full control.
Pros: In addition to the same advantages a single practitioner office provides, a group practice is even more stable and tends to be more successful so you can expect more income from the beginning. Because there are more decision-makers, there is a higher delegation of duties and more responsibilities to share, and in turn, less management. With a larger group, there are more skill sets so you can focus on your specialty.
Cons: If you are the last person to buy
Pros: In addition to the same advantages single practitioner offices and group practices provide, buying
Cons: In a corporate buy-in, you will most likely only be a minority owner as it is incredibly rare to be a majority owner in this type of situation. You can expect to pay upfront for a larger monthly sum, in addition to having lower responsibility. This option also leaves you with a similar position as in associateships because you are the minority owner and will still be beholden to the majority.
Read more on the different options for buying