There is a lot to consider when buying a dental practice. It can be a little overwhelming. Here are three tips for things you should definitely ask about.
Can I see financial records?
You will want to know what kind of income the practice you are looking to buy has been bringing in. This will give you a good idea of what you are getting into.
Naturally with any change there will be a bit of a transition period. Knowing what the practice was making before you bought it will give you a good idea of where you are in relation to where you could be.
Is the equipment up to date?
Dental equipment is not cheap. If you are looking to buy a practice then you need to be aware of what you will need to upgrade.
Most dental offices don't update their equipment with each new release. Chances are the practice you are looking to buy might not have the newest gadgets that you want.
You need to be aware of this when you are negotiating the price.
Dental equipment is not cheap. If you are looking to buy a practice then you need to be aware of what you will need to upgrade.
Most dental offices don't update their equipment with each new release. Chances are the practice you are looking to buy might not have the newest gadgets that you want.
You need to be aware of this when you are negotiating the price.
What about patient and staff continuity?
One of the biggest advantages of buying a practice rather than starting a new one is that you already have a patient base and experienced staff.
When you start up on your own you will spend a great deal of resources finding customers and qualified staff.
You will want to get an idea from the dentist you are buying the practice from whether any of the staff will be leaving during the transition and how many plan on staying on.
You will also want to see if you can get an idea about patient retention as well. If possible you should find a way to make the transition easier for the patients.
Remember that your dental practice broker is on your side. They are there to make sure you and the dentist who currently owns the practice can come to a suitable agreement. Make sure you ask your questions. They will be happy to answer.
This message is brought to you by ADS Transitions.
One of the biggest advantages of buying a practice rather than starting a new one is that you already have a patient base and experienced staff.
When you start up on your own you will spend a great deal of resources finding customers and qualified staff.
You will want to get an idea from the dentist you are buying the practice from whether any of the staff will be leaving during the transition and how many plan on staying on.
You will also want to see if you can get an idea about patient retention as well. If possible you should find a way to make the transition easier for the patients.
Remember that your dental practice broker is on your side. They are there to make sure you and the dentist who currently owns the practice can come to a suitable agreement. Make sure you ask your questions. They will be happy to answer.
This message is brought to you by ADS Transitions.