Are you considering a new dental practice? Are planning to buy a dental practice? If you are, do you really think you are ready for the transition?
According to Blatchford Transitions, a majority of dentists buying a dental practice are not ready when they start shopping for a new dental practice.
Making the Right Decision When Buying a Dental Practice
Because your dental practice will probably be at the top of the list of your most expensive purchases ever, you need to be prepared. According to North America’s top dental brokers Dr. Christina Blatchford and her Dad Dr. Bill Blatchford, your dental practice is not only a monetary investment, but an investment in the rest of your life.
If you are not making the right decisions before you purchase, you are setting you and your family up for failure.
Talk with a Professional Dental Broker
Before you start shopping, talk to a dental broker. Blatchford Transitions are dental coaches and practicing dentists who have been in the buying and selling forum more than a few times. With their experience, you will have the right tools you need for buying a dental practice.
According to the team from Blatchford Transitions, there are many things to consider before you begin.
What to Consider Before Buying a Dental Practice
Ask yourself if you are going to buy a new office or acquire a smaller dental practice with a nice group of patients and good cash flow. Remember, although a new office sounds appealing, you will have to fit it out.
When you do your research, you will learn that fitting out a new dental practice from the ground up is expensive. You will also have to create a great marketing campaign to attract patients. Unless you already have an established patient base, you will have to find patients. Blatchford Transitions explains that a smaller office will give you dental flow before you open the doors for business.
Become an Expert before Buying a Dental Practice
Remember owning a dental practice means you need to be a dental practice management expert, an expert doctor and an expert at managing a business. While dental school covers the clinical side of dentistry, it does not give you much information about running a successful practice.
A good dental broker will give you the tools you need to shop for a dental practice that fits and suits your needs.
When your purchase a practice that is already in business, you will have perspective, something that is impossible with a startup.
Be Patient when Buying a Dental Practice
Patience is the key if you are buying a dental practice. When you take the time to find a practice with a similar mission statement, the rest of the transition becomes much smoother. Also, search for a practice that has the team you are looking for and the patients that you want to help.
If you are considering buying a dental practice and would like some advice, call and talk to a team member from Blatchford Transitions. It will make the entire process much quicker and smoother.
Call for a no obligation dental transitions consultation with Blatchford Transitions today.
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