STEP 1: Before You Buy

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You’re Probably Ready Sooner Than You Think

A lot of dentists say they want to own a practice, but instead of data they talk about their feelings. While understandable, it can be an expensive mistake. Instead of hard data, numbers or statistics they say things like:

“I don’t feel ready.”

“I feel like I need to practice a little before I settle down into ownership first.”

“I feel like I need to get my student loans under control, and then I’ll be ready to own a practice.”

Feelings are important. I never want to diminish the importance of someone’s feelings. But, let me give you some perspective on what it actually takes to feel ready to own a practice. With some education and additional information, you might feel ready a lot sooner than the average dentist.

The Five Things You Need to Buy a Practice

You’ll need five things to buy a practice. These five things are generally dictated by the banks from whom you’ll be borrowing the money you need to buy the practice.

  1. Cash
  2. Production History
  3. Credit Score over 680
  4. Clean Credit History
  5. About 1 Year’s Worth of Experience

Read more about the five things you need to buy a practice here.