Acquiring an existing dental practice for sale is an exciting time, but can be a daunting task and a complicated endeavor. However, when equipped with accurate, data-driven knowledge and a team of specialized professionals, one can set themselves up for a rewarding career and a smooth transition process.
This article aims to equip readers with the tools and information necessary to purchase a dental practice for sale.
Location is one of the most difficult of all the things one can change after purchasing a dental practice. Therefore, choosing a dental practice that’s located conveniently for one’s patients and themselves is vital.
After all, this location could be where one travels every day for the next 20 years of their career. Many factors go into determining the ideal area, including housing, schools, community, etc., that will impact the type of patient they see and the quality of life for them and their family.
When purchasing a dental practice for sale, it is important to consider the style of practice clients want to have and the demographics of the area in which the practice they are considering is located. Some of the different types of practices include Medicaid-driven, private insurance-driven, and fee-for-service.
Many practices are a blend of some or all types. It is important to understand the demographics both of the area clients are considering and any particular practice they are considering to make sure those demographics align with business expectations and goals. Getting a handle on the area – and practice – demographics will allow the business to better understand the type of patients they will see and the pool of staff they can hire.
Build a Team of Dental Professionals
Once a dentist has determined the type of practice they want and the location they want to be in, it’s time to start building their network to find the perfect opportunity. They’ll want to start reaching out to dental professionals who operate in the area frequently.
Not every practice that comes on the market is the one for them, but once they find the right opportunity, they’ll want to be able to move quickly and effectively. The team of dental advisors will help them through every step of purchasing a dental practice for sale.
There are many CPAs out there who are general practitioners, all of whom will want you as a client. Perhaps, dentists already have a CPA they’ve been using for several years for personal matters.
However, the benefits of working with a CPA that has dental expertise cannot be overemphasized. They can provide valuable industry knowledge, best practices from existing clients, overhead and cost analysis, fee schedule analysis, and advice on hiring and equipment purchases. A Dental CPA can be a long-term adviser for every business and personal goals.
Once a dentist has found the right dental practice for sale in their desired area, it’s time to begin the acquisition process. The market for dental practices is highly competitive so they want to be able to move quickly and confidently. Hopefully, by this time, they have identified the dental professionals that will help them at every step of the process to facilitate a smooth transaction.