Purchasing an existing practice provides a great many benefits to dentists wanting to own their own office.
Simply put, with owning a dental practice, you’ve bought a turnkey solution with these three major benefits. Immediately, you will have:
- An immediate stream of income
- A business with systems and equipment are in place
- A practice that is fully staffed
This article will expand on each of these benefits.
You have cash flow from your first day of business
Purchasing a dental practice from a selling dentist involves comparatively little risk of failure. It’s almost a certainty that you will match the income and success of the previous dentist. It all comes down to fitting the right buyer with the right seller, negotiating mutually beneficial terms, and helping the buyer find the best funding.
If the fit is good, the deal will be good, and your practice will prosper. You will have a sustainable income from the very first day you take over the practice. Bank of America, a primary dental practice lender, states the success rate for dentists buying a previously successful practice is over 98%.
There’s another element that complements a “good fit” and increases the success rate of the transition. When you purchase a practice, you’ve purchased all the business systems and equipment that make practicing modern dentistry possible.
All the business systems and equipment are in place
For the most seamless transition possible, there must be as little obvious change as possible. Patients were comfortable with the old doctor and the old practice. If disruptions and changes are minimal, most patients will stay with the new dentist if everything else seems to be the same. They will begin to see the new office as an extension of the old practice.
Using the same equipment and systems the selling dentist had means less disruption. These systems may be unfamiliar to the new dentist, but when you buy a dental practice, you’ve purchased the services and experience of the staff.
Buying a dental practice comes with the office fully staffed
In most practices, patients spend more time with the dental staff than with the dentist. A competent, well-trained staff that operates the office smoothly is a great comfort to patients and an invaluable asset for the new dentist. They know their jobs with minimal supervision. They usually get along well together and know how to function as a team.
It can take years to pull the ideal staff together. It can be costly to find and hire the right people. Hiring the wrong people is even more costly, time- consuming, and disruptive. When you purchase a practice, that headache is gone. Your staff is already on board.
Is there any benefit to starting my practice from scratch?
In our opinion, there are almost no benefits to starting a practice from scratch. Since we’re dental practice brokers, people may think our answer is biased. However, consider this: Our entire industry wouldn’t exist if there were no need for us. We perform a vital, necessary function that has practically no downside for you.
If you start your dental practice from scratch, it can take years of time, effort, and money to reach the income level you have immediately upon purchasing a thriving dental practice.
We can match you with the ideal seller in a matter of weeks. We help you find the best location and financing. We help you negotiate everything from the initial letter of intent to the final closing. If real estate or a lease is involved, we handle that, too.
How we can help you purchase a dental practice
Our firm, Health Care Practice Sales, LLC was founded over a decade ago by a former dentist, Dr. Gary Boyajian. Dr. Gary made a commitment to put his client’s needs first. That’s why he’s available 24 hours a day, 7 days a week, 363 days a year. (He only takes off Christmas and Easter). No one we know offers this level of commitment. Dr. Gary and his two accounting professionals do their due diligence helping you navigate the steps to buying a dental practice.
If you are interested in buying a dental practice, call or text Dr. Gary at 201-663-0935. You can also email him at Performdent@aol.com. There’s no pressure to do anything right away, but remember, it’s a seller’s market. You don’t want your ideal practice to be purchased by someone who called earlier.
We suggest visiting our other web pages to learn more about us. Our Buyer’s Page gives a great introduction to how we can best help you. Our Testimonials Page will give you a better idea of how we’ve helped our clients achieve their dream of owning their own dental practice. Our Valuations Page will help you understand more about the specifics of how a practice is valued.
