Identifying Habits of Successful Dental Practices | Negotiating a Dental Practice Purchase

A two-fer! In this blog post, I give some advice to dentists who will become business owners after buying a practice. What are the habits you can cultivate to help your business stay on track?

And in the video (click through to watch), I tackle a related topic. If you’re looking at a dental practice to buy, there are plenty of numbers and hard data to look at to assess the health of the practice. But outside of the quantitative data, what about the qualitative aspects? What should you be looking at to judge whether a practice is the right one for you to buy? I’ve got three business habits that a practice should exhibit to let you know it’s worth your consideration.

Labs and Supply Costs – the Magic Number | Evaluating a Dental Practice to Buy

When you’re looking at offices that you’ll potentially buy, let the supply costs be your canary in the coal mine. How they manage their supplies and labs may be an indication as to how well, or poorly, the office is managed in general.

What is the most important quality to look at when buying a dental practice? | Finding a Dental Practice to Buy

The most important quality to look at when buying a practice is one with strong office collections. 

As a general rule of thumb, I strongly encourage you to ignore any practice that is not collecting at least $750,000, preferably $800,000+.

Why is that? Read on to find out. (More detail in the video after the jump.)

Should I buy a dental practice or begin a startup? | Evaluating a Dental Practice to Buy

For the vast majority of dentists purchasing an existing practice is easier, faster, less risky, and at least as rewarding as going the startup route.

Now, my purpose here is not to completely poo-poo the idea of startup practices. Sometimes doing a startup is a great option. But there are three very common myths circulating about the [false] “cons” of buying an existing office. I want to dispel these myths and break them down for you based on my years of experience.