May 18, 2017
Checklist for Buying a Dental Practice
There are many reasons a dentist would consider buying an already-established practice. Whether you’re coming out of a dental school residency, a corporate environment or just want to move, the process of merging or buying a dental or medical practice is an intricate one. It includes not only the financial and physical challenges, but emotional ones as well. We realize every situation is unique, but many buyers have some similar concerns. Professional Transition Strategies (PTS) can help you navigate through this process because we have been there and we know the components needed for a smooth transition. The first step is addressing concerns.
Many life factors can play a part when determining which practice is the right purchase. Some common situational issues that many buyers consider are student loans, where the practice is located, how far it is from their residence or desired residence, and/or the cash flow necessary to match their current lifestyle. Each of these poses an important consideration. They are all components that can and will affect where and when a practice is purchased.
We provide potential buyers with an outline of each practice that is listed on our Dental Practices For Sale page, giving general information like size, location and cost of the practice. Regardless of what your current situation is, this is an easy way to see what types of practices are available, as well as one that fits into your current life or where you want to be in the near future. We also provide potential buyers with knowledge of dental practice competition and patient demographics in and near the locations where they are considering buying.
The level of technology the practice has is something that can be a concern for buyers. Though many practices are up-to-date on important technological tools and digital systems, many are not. As a buyer, this is important to know because it could end up costing a sizeable amount of money in the future. At PTS, we provide this information. We want you to decide on a practice knowing the updates that have been or need to be made.
Clients are the future of any practice. The current client load of a practice, retention rate, longevity of client commitment and size of the facility are all extremely important pieces of information for a buyer. We will provide all this information to a prospective buyer considering a practice.
Depending on the situation of the seller and type of transition both the seller and buyer want, the seller may stay on for several months. This would be to ensure successful transition with referral base.
Cost versus return
We provide you with the information you need to determine if the return of the practice will fit your lifestyle. These services include expertise in practice appraisals to determine fair market value. In addition, we provide financial assistance for purchases and upgrades. Whatever your financial goals are, we try to find a practice that will best fit those goals.
Regardless of your current or desired future situation as far as location, cash flow, client load or type of practice, we have the tools to help you buy a practice that is the right fit. Learn more about buyer representation by contacting us.