If you are dreaming of buying a dental practice, be assured that dentists enjoy a unique opportunity to create a profitable enterprise and a memorable legacy. Buying a dental practice promises growth, independence, professional fulfillment, and long-term wealth for innovative owners. At DDSmatch, we understand the intricacies of this transition process and enjoy helping doctors connect with opportunities for practice ownership.
Just like preparing to buy a home, you need guidance on how best to prepare to buy a dental practice. The Transition Professionals at DDSmatch have helped hundreds of dentists successfully transition their dental practices and have put together a list of the first 3 things you should consider before buying a practice. (Keep scrolling for bonus content.)
- Plan Now for Future Transition Success
Pull out your calendar and set a realistic time frame with your Transition Professional. Buying a practice doesn’t happen overnight and you will have some tasks to complete before that time.
- Review Present and Prior Contracts
Next, make sure you have copies of your current and past employment contracts, and take a close look at the non-compete clauses they may contain. Familiarize yourself now so there are no surprises later. Consult an attorney if necessary.
- Know Your Style
Did you spot a potential practice you like on paper? It might be tempting to get caught up in a potential dental practice match because you’re ready, but be sure your approach to treating patients matches up. Consider location, standard of care and approach to patients, too.
Bonus content:
Transitions are complex, and 3 things won’t cover it all. So let’s talk about the rest of our top ten tips for preparing to buy a dental practice:
- Your Credit Makes You Credible
Now is the time to investigate where your credit stands, to protect your credit and to address any blemishes on your credit report. Investigate, analyze, act.
- Prove You Can Produce
Keep good records of your production by retrieving day sheets from your associateships. Now is also the time to update your CV with speaking engagements, professional associations and volunteer work.
- Stay Fresh
Expand your knowledge with Continuing Education in dental specialties that round out your skills. Attend networking events, join a study club, and follow dental industry leaders on social media.
- It’s Your Call
Meet with multiple Transition Professionals to get a feel for what services they offer, how they work and the depth of their contacts. Make sure you sign a confidentiality agreement to protect you and your information.
- Assemble a Team of Professionals
Your expertise is in dentistry, not accounting, banking, practice management or law. Begin to assemble your professional support team by asking for referrals from trusted sources. Each advisor will have insight about your specific situation, so you can transition on your terms.
- Facts and Figures
As you consider potential matches, demand to see the facts and figures of the practice. Ideally, there will be a third party valuation and/or full appraisal to give you the most complete practice picture possible.
- The Dental Practice Transition
Consider the type of transition that might work best for you: turn-key, a short-term transition (less than 6 months), long-term transition, associate to owner, or buy-in over 5 years? Your team of advisors can help you determine what is best for your situation.
DDSmatch has practices for sale across the country. Check out our listings.
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