In almost any area of the country, especially in competitive markets, adding an existing practice to your dental practice is a no-brainer for growth and additional sales opportunities. We have never failed to recoup the price of a practice several times over with new eyes looking at ‘new to you’ patients.
What would be the advantages of adding a second practice? If you are familiar with seeing the same patients and the same treatments, adding a practice infuses a whole new sense of awareness and vitality to you and the team. Adding hygiene patients whom already have demonstrated they want to keep their teeth is stimulating. Another benefit is you could eliminate a younger competitor whom may have a larger debt than you and is hungry. Why struggle when you can add patients who already appreciate the importance of dentistry?
But wait, you are wondering about the “how”? We lost you at how? Think bigger. What is your bigger future? How do you want to be known? Can adding a practice of a departing Doctor help you reach your goals? Don’t get stuck at “how” and miss out on the deal. We can always figure out the “how” which will work best for you, once you have found a prospective seller.
Dial your phone to learn whether a practice in your area is available. It is not just older dentists, but doctors at varying stages of careers whom decide to sell their practices. A script might be, “Hello, this is Dr. Jake. I met you several years ago and have enjoyed my five years as a dentist here. I was wondering if you are planning on any kind of a move in the near future and want you to know, I would like to be first in line to buy your practice.” Ask a broker, your dental supply representative, and your laboratory if they know of anyone moving. Be acquainted with local dentists of all ages and let them know you are a permanent fixture in the community and you want to be the first if they make a move. Do your homework.
You will find opportunities. An available practice may even be larger than your existing practice, and the leased space may be more adequate than your current facility. Again, dentists worry about the “how” rather than seeing the entire, bigger picture. We can help you find and make the most of an opportunity.
Do not tell anyone you are looking to buy because the opportunity is too important to let it fall prey to team gossip or misunderstood intentions. Purchases and sales are discretely handled to preserve the value of practices. Make no promises about the sale price, or whether the selling Doctor may continue, or whether you will move, or whether you will retain the team, or whether you want the office, etc. MAKE NO PROMISES, initially.
Blatchford Transitions is your advisor with experience in successful dental practice sales. We are here to represent you and to make your interests our priority.