You now have your dentistry degree in hand and it's time to decide: do you open a new practice or buy a dentistry practice? There are many advantages to buying an existing dentistry practice: you'll have an established patient base and all your equipment and, possibly, your staff in place. In contrast, it could take years to get a new practice fully functioning and profitable.
Locating the right dentistry practice for you is one of the most important aspects of buying an existing practice. Size, location and value are the things you should look for. You might also consider sharing the costs of running a dental practice by entering into a partnership. When it comes to dental practice sales, consider the following:
1. Find dental practices for sale in the area you most desire.
2. Get a dental practice appraisal before making a purchase.
3. Determine how to manage the transition when taking over an existing practice.
Action Steps
The best contacts and resources to help you get it done
Location is key when it comes to buying a dentistry practice
Before size and even patient base, location is considered to be among the most important aspects of buying a dentistry practice. You can find a dentist office for sale anywhere from New York to California. No matter where you want to set up shop, decide between newer practices and older, more established offices in a marketable location.
I recommend: BusinessesforSale.com offers an extensive list of dental practices available for purchase throughout the United States.
ProMed Financial, Inc. has a list of dental practices for sale, listed in convenient alphabetical order by state as well as giving a detailed description of what is included in the sale and whether the practice is a sole ownership or a partnership.
Get an accurate dental practice appraisal
You wouldn't buy a car without driving it around the block and probably even reading reviews about the performance of that particular type of vehicle. You should also get accurate dental practice valuations before you purchase a dental practice, preferably with the assistance of dental practice sales brokers. Know the costs, income potential and actual business generated by any practice before you buy.
I recommend: Assist to Practice conducts in-depth dental practice appraisals, covering everything from floor plans to patient-flow analysis.
Practice Management Associates will assist you throughout the process of buying a dental practice, including offering a comprehensive appraisal of a practice you wish to purchase.
Make dental practice transitions as smooth as possible
Chances are, you might be overwhelmed when buying a dentistry practice. Let the professionals step in and help. Dental practice transition consultants can help guide you through the process of buying a dental practice and take some of the heat--and headache--off of you.
I recommend: CTC Associates has an hourly or flat fee charge to help make dental practice transitions go smoothly for the buyer, assisting with everything from evaluations to closing.
New England Practice Transitions offers an affordable program that will help you with everything you need to transition into a new practice.
Tips & Tactics
Helpful advice for making the most of this Guide
- The American Dental Association is a valuable tool when gathering information about buying a dental practice. Their website lists dental practices for sale as well as dental practice brokers in your area.
The official source of Dental Practice Sales is the Dental Practice Sales page at Business.com
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