Becoming a dentist did not just happen out of circumstance. You had to take the first step in realizing your goal. The four years of dental school took tremendous drive, dedication and dollars. But you got through it. Boards were passed, and now you are a licensed dentist. Now, you have been practicing in the “real world” as an associate dentist for a few months, maybe a few years. Maybe you work for a solo practitioner. Maybe you work for a corporate dental practice. Undoubtedly you have spent time envisioning what your practice career will look like. What is your next goal? Do you want to work alone or with a small group? Is your only option to work for corporate dentistry? What other options do you have? Despite what you may have heard to the contrary, private dental practices are alive and well. For many of you, there may not be a better time for you to take this first step towards practice ownership than NOW!
Read MoreWhat to Consider When You are Buying your First Dental Practice
For many doctors, owning their own practice is the ultimate achievement. Ownership allows you to set your own hours, decide the scope of your practice and maximize your earning potential. With all that to gain, the prospects of buying a practice can still be both exciting and overwhelming. What can you do now to make your dream a reality?
Read MoreA Good Broker = Peace of Mind
There is nothing more comforting than knowing that everything is going to be all right. Whether it’s a small child with their favorite teddy bear or your insurance being in “good hands”, the knowledge that a project will be handled properly gives one peace of mind.
The same is true of a practice broker. When a doctor hires a broker to handle the sale of his/her practice, the selling doctor must have ultimate confidence in that the practice broker will handle all the details ethically and capably. The two broad criteria I would recommend for hiring a practice broker are: (1) the broker must be competent; and (2) the broker must be honest.
Although a broker may be honest, if they don’t have the degree of experience and expertise necessary to handle your transaction, your practice sale might be fraught with mistakes, stress and failure. A capable practice transition specialist must be well versed in a variety of different areas, such as: (1) proper appraisal methods; (2) fair and effective sales techniques; (3) in depth knowledge of the legal and tax implications incidental to the practice sale. Overall, your practice broker must have good business judgment that they can apply to your practice transition.
Some questions you can ask your practice broker in order to ascertain their competency are:
Read MoreBest Reasons Why you Should own your own Dental Practice
1.You earn MORE MONEY! The vast majority of dental practice owners have a greater net
income than dentists who work for someone else.
2. You can build the practice of your dreams. Unlike working for someone else (in which you work under the conditions established by the owner), you can build the practice of your dreams. This means you can adopt the type of facility you want, practice philosophy and a schedule that is desirable for you.
3. You are your own boss. When you own your own practice, you have the unique ability to control what happens in your practice.
Read More10 Essentials for a Successful Practice Buy-In
- A comprehensive practice appraisal within a reasonable time of the associate’s start date.
- A thorough plan regarding the buy-in, including the beginning, middle and end of the buy-in relationship.