2023 has a few things going for it. Who knows what will happen in the wider world, but in the world of dentistry, I’ve got some trends I’m looking forward to this year.
#1. There are more practices to buy than ever before
We’re getting to the tail-end of the Great Baby Boomer Retirement, and with all those retirees, there are plenty of practices coming up for sale. In fact, there are more practices on the market now than ever.
I’m even seeing some DSOs offloading practices. While I would generally steer you toward a single-owner practice, it’s still more practices on the market, which is good news for you, the buyer.
Now’s your chance to snatch up that dream practice. Whether you’re looking for something extremely specific, or you’re open to lots of possibilities, 2023 is an excellent year to make that purchase.
#2. Interest rates aren’t great, but they’re not bad either
Over the last few years, buyers have been spoiled with some unbelievably low rates—4%, 3%, I even saw a few in the 2’s. But that couldn’t last forever, of course.
But “not as good as a year ago” isn’t the same thing as “not good”! Interest rates are still below the historical average, so get on it while it still makes sense.
If you’re still worried about interest rates, think of it this way: a slightly higher interest rate will have very little effect on your monthly payments. And those payments have the most immediate effect on your cash flow. So in this case (and I don’t say this often), it’s okay to think short-term.
#3. More and more free (or free-ish) resources for YOU
It used to be a serious chore for dental practice owners to take care of the business side of their business. Fillings and crowns? Piece of cake. Continuing education and understanding industry trends? That’s a different story.
But there are more resources out there than ever before—just for you! And that trend seems to be accelerating. And it’s not just me! (Yes, I’ll toot my own horn here and remind you that I have a free podcast and blog, a nearly-free book, a course, etc.)
Obviously, not all of these resources are created equal, but there really are some excellent ones out there. Just search “practice transition” into Dental Town and you’ll find 15 podcast episodes on the subject just in the last month!
More important than any trends, of course, is that you make 2023 the year you finally achieve your independence. If you’re ready to own your own practice, schedule a call with me and I’ll help you make it happen.
- Understanding the Asking Price – Is It a Good Practice to Buy?
- Yes, It’s Okay if the Practice You Buy Is Close to 5 Others (or 10) — Here’s Why
- 3. Why Demographics Is the Least and Most Important Thing to Consider