When you start looking to buy a dental practice, where do you search? Are you looking only for a specific area that interests you right now, or are you considering a longer-term approach? Location is one of the biggest factors in buying a dental practice. It also affects your practice’s overall success and your own happiness for years to come.
Is it the right time to purchase a dental practice?
Now is the time to buy a dental practice in America. This is true, regardless of the practice location. Single-owner businesses in the U.S. have enjoyed four to five percent growth in the past three years. The dental industry is only promising to continue growing and doing well, too. This is particularly true, thanks to ongoing advancements in dental technology and services.
As you start looking to buy a dental practice, location is one of the top considerations. But other factors related to location also weigh heavily in a good decision-making process. These factors are what make the overall location worthwhile. They also predict the future success of your business.
After all, owning a business and living in Houston, Texas is very different than doing so in Syracuse, New York. On the same note, buying a dental practice in Raleigh-Durham, North Carolina affords a very different lifestyle than Las Vegas, Nevada.
To determine your new location, consider factors such as:
- Personal interest in the geography
- Demographics of the community
- Market competition
- Ease-of-access to your practice
- Lifestyle the area enables
Digging Into What Makes Buying a Dental Practice Smart
First, consider your personal interest in the geography where you want to buy your practice. Is the climate one where you will feel energized and able to engage in your community? Have you visited the region and found it attractive as a place to settle down for your future?
How are the demographics, in terms of potential practice growth? Does the population suit your area of dental specialization? For example, a family dentist requires exposure to a population of families. A cosmetic dentist should seek an area where people earn enough to afford cosmetic dentistry, along with being one where people put high value on looking their best.
Market competition is very critical to the success of your dental practice. Is the market able to support another dentist in your field of specialization or general practice? In looking at your competitors, conduct a quick “SWOT” analysis of their offerings. Do you see their strengths, weaknesses, opportunities and threats? If so, do these provide room for you to join the market and compete with them or even better satisfy the market?
Is the potential practice in a good location, near main roads and with good parking? Making sure your patients can get to you without hassles plays a major role in actually booking appointments and keeping your exam rooms filled.
How does the location suit your personal lifestyle needs and wants? Can you build a happy future there, one that engages you in the community? When you buy a dental practice, you have the chance to live almost anywhere in the U.S. that you want. Can you see yourself being happy in Las Vegas, Houston, Raleigh, Charlotte, Syracuse or Atlanta?
Let the Experts of Encompass IHC Help You Flush Out The Perfect Location For Your New Practice
Let the experts of Encompass IHC help you find the right fit for your new dental practice. We currently feature available practices coast-to-coast. Through our national approach, current listings and industry contacts, we have a listed practice that suits your needs or can locate one passively interested in a sale. Talk to us about your interests and we will help you make that location happen.
Current dental practice listings include:
- Columbus, Georgia
- Houston, Texas
- Western North Carolina
- Raleigh-Durham, North Carolina
- Upstate New York
- Las Vegas, Nevada
- Atlanta, Georgia
As you consider where to buy a dental practice, connect with Encompass IHC. Call us at 919-395-0444 for help making this important decision and finding the perfect fit for your future.