By the time you finally graduate from dental school, you might be eager to open your first practice. Instead of purchasing an existing practice, you might be tempted to break ground on your own building, hire a graphic designer to create your own custom logo, and start interviewing dental assistants and account managers. However, while it might seem enticing to build your own practice from the ground up, most new dentists can’t afford to do it.
The simple fact of the matter is that there are more expenses to think about than your building and equipment costs. In addition to paying your employees and investing in scheduling software, you might also be faced with student loan payments as soon as you have been out of school for a while. Fortunately, here at ADS Precise, we match new dentists with established practices for sale.
Benefits of Buying An Existing Dental Practice
As a new dentist, you have decades ahead of you to put your own stamp on your practice, but it isn’t always easy to get started. Fortunately, there are many benefits to taking over an established practice, including:
Existing Patient Accounts: Start generating revenue right away by offering services to existing patients. Established patients will feel comfortable in the building where the practice is located, and can give you a better insight regarding how the previous practice handled things.
Built-In Employees: Although you might lose a few employees during the switchover, it never hurts to gain built-in employees who have experience with the current system and who know the existing patients. Also, employees of the former dentist can make the transition easier for old patients.
Brand Identity: Because people in the area will likely be familiar with a dental practice being in your building, you won’t have to worry as much about people being able to find your business. Instead, you can focus on building your brand identity, while you reap the benefits of people being familiar with a dental practice in your location.
Let ADS Precise Help You Evaluate Potential Practices
Our consultants will meet with you to discuss your practice goals, vision, and budget. After we have a good idea of what you are looking for, we will carefully evaluate potential practices to help you to find the right business. We have over 25 years worth of experience, and we maintain a network of contacts in Utah, Nevada, Nebraska, Arizona, Kansas, Colorado, and Wyoming. Here are just a few things we evaluate carefully as we research potential practices:
Cash Flow: We will inspect the health of potential practices by evaluating their current cash flow. In addition to calculating liabilities and assets, we also study things like customer retention and overall satisfaction rating. We will also evaluate the potential profitability of the practice by evaluating what marketing and retention practices the previous dentist was using.
Demographics: We also check the demographics of the area surrounding potential practices, so that you can determine whether or not your business would thrive in the location. For example, we will evaluate potential competitors and current growth patterns to give you a good idea of your risk.
Transition Plans: To make the transition of ownership as smooth as possible, we work hard to create a transition plan for you and your new employees.
If you are interested in purchasing a dental practice, contact us as soon as possible. Our professionals would be more than happy to answer any questions you may have.