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Key Takeaways when buying a practice

  • Find the right clinic for you the first time; there are no do-overs.
  • Owning a clinic is like owning a dog; it’s a long-term commitment that requires constant attention.
  • Be 100 percent sure that owning a dental practice fits your personal and professional goals, aspirations, and capabilities.
  • Owning a dental practice means managing a clinic; it requires leadership.
  • Practice ownership is an excellent investment, but the financial exposure of ownership is not for everyone.
  • Be confident you can handle the pressure of meeting your monthly financial obligations. Just don’t get into arrears with the bank, or you face the prospect of them shutting you down.
  • Build a team of capable advisors knowledgeable about dental transitions to assist in the purchase. Inexperienced advisors can cost you money and maybe even the deal.
  • Get your spouse onside, especially concerning location.
  • Use a short-term associateship to hone your clinical and patient communication skills and learn as much as you can about how a clinic should be managed. However, enjoy the benefits of ownership as soon as is feasible. Don’t wait too long.
  • The financial benefit of taking the early practice ownership route is significant. Many practice owners generate more than twice as much income as that of an associate.
  • It is better to overpay for a good practice than get a poor one for cheap.
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