Today we are seeing a huge increase in buying or buying into an existing, established dental office. This is a great option for many dentists as they start their career as someone has already established and created the business and all of the processes. Depending on the health of the practice however, it can sometimes cost less than, same as, or even more than starting your own dental office.
If the dental practice is inexpensive to purchase, this usually means the office has not been properly worked or invested in. So buyer beware of the work that will probably need to be done. This can be as simple as new marketing, remodeling the office, changing personnel, etc., or it could be as major as there is no market, making the business not salvageable.
Keep in mind, it’s good to have professional help whenever you purchase a dental practice and to make sure they are representing you only. This will insure that you are properly represented and are getting the best price for what you are buying.
Make sure that the existing records and files of patients are properly checked to verify that what is being presented for your purchase is factual and substantiated. There are professionals that do this. It may cost some money, but it is a small investment when you consider what the consequences can be!
If you are also purchasing the office building or extending the lease in the transaction, make sure to look at the facility…does it need repairs or remodeling? Before you sign… get a professional contractor to evaluate the office and get a budget for the work you may want to do. This expense or repairs/remodeling should be included in your loan amount so you can do the work upon closing. Many times extra monies will not be loaned for several years after you are re-established in your new setting.
The Bottom Line…
Surround yourself with accountable professionals that can help make sure you are making a good, well informed decision.
” Four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently.”– William A. Ward