Regardless of the situation, buying a dental practice can be stressful. Doctors just out of school, seasoned dental practitioners and those who would like to branch out on their own are just a few of the people who want to purchase a dental practice.
Buying a dental practice takes patience. If you are already stretching your time between work and home, researching dental practices in your area may never get accomplished.
Work with a Professional Broker
Working with a professional dental practice broker that is also a practicing dental practitioner assures that you will be aware of all of the details, even the minor ones, before you sign on the dotted line.
Blatchford Transitions are both practicing doctors and professional dental practice brokers who understand more than the average real estate Broker.
Before you buy a dental practice Blatchford Transitions recommends that you:
- Secure all financing. Delayed financing can mean the end of the deal. Get your dental practice loan in place before you head to the negotiating table. Blatchford Transitions will point you in the right direction for dental practice financing.
- Know everything there is to know about the dental practice. The financials are important, but so are the demographics and the frequency of dental visits. How is accounts receivable doing? Are there any important upgrades that need to be utilized before you buy the dental practice?
- Hire an attorney as buying a dental practice can be risky. Have a financial and legal team of experts available to help with the purchase, is an essential part of the dental practice purchase plan.
- Gather all financial data. Ask for all financial data. Ask for tax return statements, profit and loss statements, and balance sheets. Be sure and review the overhead costs of the dental practice and the mortgage or lease terms of the property.
Once you have the above in place, write a list to ensure you have a clearer picture.
Include on the list:
- All financial data and documents
- A list of patient financing options and accepted insurance providers
- A detailed patient list that is broken down by demographic, zip code and visit frequency
- A record of patient communication via bulletins, newsletters, and e-mail blasts
- A summary of all equipment and inventory included in the transaction
- Staff schedules, licenses, benefits and pay
When you put together a checklist of the items above, you will be covering all bases.
Buying a dental practice can have its pitfalls. Let Blatchford Transitions make it easy to acquire a dental practice that will be the business that dreams are made of.
Call for a dental practice transition consultation from Blatchford Transitions today.