After nearly a decade helping over 500 dentists buy practices, I’ve learned a thing or two. Here are my top 3 pieces of advice to make your search for a practice, the purchase itself, and your entire career go much more smoothly.
Category Archives: Finding a Practice
2023 is the best year for you to buy a dental practice. Well, let me back up and say, it COULD be the best year for it. Depending on you.
While the conventional wisdom out there says “go rural,” my first question is: “What do YOU want to buy?” While there is no right or wrong answer, I can help you think through the options and implications so you can make the right choice for you.
Ultimately, though, it’s about what will make you and your family happiest. Either way, there are some considerations to keep in mind.
Q: How do I analyze production when buying a dental practice?
A: When reviewing office production, look into three categories: ratio of collections to production, hygiene production, and procedure production.
This breakdown, though seemingly simple, speaks a lot to your future in the practice and how well it aligns with your skillset.
Now is probably the best time to buy a practice for most of you! Most dentists wait too long and after they own, wish they’d done it sooner. The three most common concerns tend to be 1) “I don’t have the money,” 2) “It’s not the right time in my career,” and 3) “The market is too high / too low.”
Let’s look at each of these.
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.
When my team completes an assessment for the practice of interest, we always request a staff census.
Does this report impact the worth of the practice? No, but it sure does impact your excitement and can be an indication of potential hurdles or triumphs.