If you want to own a dental practice, you’ll need some skill with that drill. That’s not according to me, that’s according to the banks that will be loaning you the hundreds of thousands of dollars for the practice purchase.
Category Archives: Before You Buy
The point isn’t whether you should or shouldn’t buy this particular practice; the point is to start looking at practices with an eye toward ownership. And what better place to start?
I was recently asked to explain, well…what it is I actually do! Good question. Here’s how I can help you and your career, starting NOW.
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.
Before You Buy
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.)
Make sure you include the three (well… technically four) S’s in your mailers: Specificity. Seller’s Shoes. Sincerity.
What do those actually mean in practice? Click through to find out.
Before You Buy
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.
Just like asking strong questions can work for your benefit, asking wrong questions will be to your detriment. Here are 4 questions to avoid at all costs when meeting the seller.
That first meeting with a meeting with a seller is vital, and so is the first impression you give them. Making that great first impression will largely come down to the questions you ask, and how well you listen to the answers.
Here are 4 excellent questions to ask to set yourself apart.
There are two ways to find good practices for sale: brokers and private sellers. You should spend 80% of your search time with private sellers and the remaining 20% using brokers to search.
Click through to learn more about what I mean by that.