There are two routes dentists can take when they are ready to own a practice. It can done by buying a dental practice or starting a dental practice from scratch. Both routes have their unique benefits and challenges. If you are a dentist ready to take the leap to ownership, we can discuss what are the benefits and drawbacks of both these routes. We can also guide you through the steps you may need to take to achieve your goals. We can get you in touch with people in the industry who may be able to help you with each of these step like attorneys, financing, equipment providers, etc.
Buying a Dental Practice?
Here are 5 tips to help you succeed:
- Do not overpay for the practice. Pay the right price.
- Do your due diligence. OR Hire an expert to do it for you.
- Work with a knowledgeable dental lawyer and a dental CPA.
- Track revenues and expenses after taking over operation of the practice. Compare the results to presale numbers.
- Market the dental practice.
Starting a Dental Practice?
Here are 5 tips to help you succeed:
- Talk to industry experts: dental space advisors, insurance reimbursement experts, consultants, lawyers and accountants.
- Select a location that can grow into your ideal practice. Do demographic studies and check out the competition.
- Prepare a financial budget which includes expected revenues and expenses for the first 12 months on a monthly basis. Ensure that the expected revenues are realistic. AND DO NOT forget to budget for marketing.
- Engineer a marketing plan to promote the practice. Track revenues and expenses for each marketing method. Increase funding for methods that are working and decrease funding for those that aren’t.
- Track your actual revenues and expenses. Compare this to your budget. Make changes as necessary.
Call us for a free consultation today. 512-497-4946 or 214-277-8118.