Starting or expanding your dental practice is an exciting time. This excitement soon gives way to stress, if you let it. But you can clear some of the stress out of buying a dental practice, simply through a little preparation. Use some of the tips below, to make your decision to buy an easier one.
Determine Your Own Career Objectives
Buying a dental practice should be a step forward in your career. So what are your career objectives and how does this purchase help you reach those goals? By knowing your goals, you find yourself better able to narrow your field of options and make the right buying decision.
What Are Your Practice Priorities?
You need to know your practice priorities to make the right purchase. Do you want to expand your current practice footprint, or are you starting from scratch? Are you more interested in existing practice technologies? Get to know your priorities, starting from the most general to your most specific. List them according to importance and ensure the practices you consider satisfy the most important needs.
What Is Your Budget for Buying a Dental Practice?
Budget is one of the first factors in the practice buying process, certainly. Knowing what you can afford helps you narrow the field and focus on viable locations. When it comes to making your buying decision, one or more options outside of your budget range inevitably come into play. But really consider your quality of life and how the practice price tag will affect your day-to-day stress and long-term potential for success.
Location, Location, Location
When considering location in the process of buying a dental practice, one of your biggest deciding factors is the purpose of your new facility. Is this purchase for a second office, or your primary practice?
For a primary location, look closely at factors like lifestyle, demographics, ease-of-access and competition. Does the location support development of a thriving practice? For a secondary or satellite location, is there enough distance between your main office and this one, that it fulfills the purpose of market expansion?
Whether you are buying a dental practice in Syracuse, New York or one elsewhere in the U.S., will you and your business achieve goals in that location?
Take some time to learn more about the practice reputation, beyond surface sheen. Overcoming a bad reputation is difficult, if not impossible in some markets. On the other hand, a positive reputation helps you enjoy success more rapidly than when you face hurdles. Knowing the practice reputation helps you make the right decision, so you do not bite off more than you can chew.
Closely Examine the Financials and Legalities
When you are buying a dental practice, you need to ensure the price fits what you get. This is where you must rely on qualified experts. Having consultants who help you work past surface appeal to the actual, hard numbers proves priceless. Enlist the help you need, instead of trying to figure out practice value and viability.
Find the Right Experts Who Understand Your Needs
As said above, enlisting the right experts when buying a dental practice helps you flush out the right options and forget those that do not present a good fit. After all, buying a dental practice in Syracuse or anywhere else is a huge decision. It affects every aspect of your life.
Encompass-IHC has the experience and dental industry knowledge you need on your team when buying a dental practice. Our dental practice brokers engage with you in the process from start to finish, using a hands-on approach. Because Encompass-IHC is led by actual dentists, you can also trust our consideration of your business needs from all sides.
Las Vegas, NV
Call upon the experts of Encompass-IHC to take the stress out of buying a dental practice. You do not have to navigate the process alone. Call 919-395-0444 today to speak with a dental practice broker and learn more about available properties.