Buying a dental practice is probably one of the biggest decisions you will ever make in your career. Whether you’re a recent dental school graduate looking to establish your career or a seasoned dentist with dreams of relocating, it’s important to have an experienced dental practice broker by your side as you navigate through the process. U.S. Dental Transitions will help you find the right dental practice that’s in line with your goals and values.
Our approach at U.S. Dental Transitions is to match the philosophies of both the buyer and seller so that both parties are satisfied at the end of the dental practice transition. Finding your perfect fit is our mission.
There’s more to buying a dental practice than finding a retiring dentist and making an offer. You first need to understand why you want to buy a dental practice, what risks you’re willing to take, and what rewards you want to reap from the business.
Before you start looking at practices to buy, you’ll need to consider the complex facets of a dental transition, including legal documentation, financing, and how you’ll keep current patients and staff members happy after the transition process.
The following are some of the most common factors we assist purchasers in understanding so they can create a specific target practice profile so we can ensure a perfect fit:
Is this practice in an urban, suburban, or rural environment? Location could influence both future revenue streams and access to specific amenities you may require. This is particularly important if you have a specific lifestyle you wish to lead.
Businesses come in all shapes and sizes. If you have specific ideas about how much gross or net revenue you’d like the practice to be at before you buy, paying attention to current and future revenue streams will influence your purchasing decision.
There are several business models for dental practices, and they all have their pros and cons. Some practices are Fee for Service only, others mix FFS with PPOs and HMOs, and others rely on Medicaid for new patients and cash flow. It’s important that you understand these various business models and choose wisely.
There are many schools of thought and specializations in dentistry. It’s a practical choice to buy a practice that is already operating under the philosophy you subscribe to. This makes change in ownership easier on everyone — including your new patients.
Determining the change of control, or transition, is critical for a successful dental practice purchase. That’s why U.S. Dental Transitions works to ensure there’s a good fit between the selling dentist and the buying dentist. After you purchase the practice, how will you want to assume control? Sometimes, the selling doctor will stay on staff, working for the buying doctor for a period of time. There are other instances where the selling doctor walks away once the transaction is complete. Each has benefits and drawbacks.
Price is a major consideration when it comes to how much financing you qualify for. The criteria above will be what drives the decision based on the goals for your practice. Price should be used to screen out dental practices that may have otherwise been a fit if you cannot qualify for the required financing.
We have some excellent dental practices for sale right now. Visit our Dental Practice Listings page. If you do not see a practice that meets your specific needs, contact us and we’ll discuss finding a practice that is right for you.
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