Whether you just graduated from dental school, are an associate or want to expand your practice footprint, buying a dental practice in South Carolina is an exciting time in your life. But you cannot do this alone. You need a team of experts helping you understand your options and make the right decisions. So, who do you need on this team and how do they help you? Learn about the experts you must involve in your search and transition, for the greatest peace of mind.
Is buying a dental practice the right option?
Before engaging the experts, consider the pros and cons of buying a dental practice, according to where you are in life right now. Really thinking about this next step in your career helps you create the timeline to achieve related goals. It also helps you prepare for the involved processes.
You will experience moments of feeling overwhelmed. That is normal. After all, you face many small and large decisions over the coming months. But success comes from keeping yourself well-informed, engaged in the process and focused on your ultimate goals.
Buying a dental practice in South Carolina or anywhere else is a risk, certainly. But any business startup or expansion presents risks. With effort and time, those risks fuel your greatest rewards. On the up side of these transactions, buying an established dental practice gives you many immediate benefits. To start, you build from an established patient base and cash flow and do not have to start from zero.
Besides buying the right practice and making a smooth transition into everyday business, you want to protect your investment. You also must protect yourself from unnecessary liabilities. These protections, like well-informed decisions, come from having the right team of experts on your side.
First Enlist the Experts in Dental Practice Transitions
When buying a dental practice, you cannot simply search your chosen region for telltale “for sale” signs on the lawns of dental offices. You need experts in dental practice transitions, those who work in the field of dental practice sales. These experts know of the available practices in your ideal market and represent you throughout the buying process.
As dental practice brokers, your transition experts have advanced industry knowledge. Only work with those focused on the dental industry, as they understand your needs best. Even better, find brokers with experienced dentists on their team.
Your dental transition consultant and practice broker helps you avoid risks and problems. They also help you negotiate your deal, first by helping you find the best fit. Overall, your chosen consultant helps you avoid unnecessary costs and disputes, while advising you through many of the business hurdles associated with transitioning into a practice.
Your dental practice broker and transition consultant advises on many matters, including:
Patient retention
Regulatory compliance
Employee transitions
Transition communications
Technology and software quality
Property selection
When your practice brokerage does not provide these services themselves, they maintain access to the right experts to help you.
Dental Attorney
Everyone involved in medical or dental practice must retain a good lawyer. You need your attorney’s help from time to time, ranging from collections needs to major litigation. You also need a dental lawyer when buying a dental practice in South Carolina.
Do not risk your interests by using a general business attorney. They do not have the necessary experience or knowledge specific to dental law in your state, to best represent you. In fact, you do best by securing a dental lawyer with experience in practice transactions. Otherwise, you face a series of hurdles that slow your progress, open you to liabilities and cost you more money.
To qualify your dental transaction attorney in your state, look for one with experience in non-compete provisions and re-treatment clauses. Also ensure they hold experience in patient record transfers, accounts receivables purchasing and collections and practice transition agreements.
A Dental Certified Public Accountant
As with your attorney, your accountant must also maintain experience in dental practice business. They must fully understand dental accounting. Your CPA must efficiently find discrepancies in the seller’s representations or books, as part of the sale’s financial due diligence. Otherwise, you face financial problems after taking over an existing practice.
Dental Practice Lender
Your best choice for a lender also specializes in medical and dental transactions. They best understand your needs and what you face ahead, as compared to other types of lenders. Many dentists first seek loans from a conventional bank. But experienced dental lenders better appreciate the value of your proposed practice and offer better flexibility in granting a loan.
Especially if you are new to dentistry, you likely face high payments for your educational loans. At the same time, you probably have little, if any, collateral. A dental practice lender understands these types of situations and work with you more closely to help you secure the funding you need. In short, they help you close on the practice in a timely manner, before you lose the right opportunity.
Talk to the Dental Practice Transition Experts in South Carolina | Encompass |
In South Carolina and through the United States, Encompass IHC provides experienced dental practice transition consulting. This consultation includes helping you find the right practice to buy, from the seasoned perspective of practice real estate experts and dentists. In only minutes with Encompass IHC, you simplify the process of buying a dental practice and building your brightest future.
