Buyer Beware: What You Need to Know When Buying a Dental Practice | Baltimore Dental Brokerage
Dental Practice Sales & Transitions
You have put in a lot of time and effort and you are ready to purchase your dental practice, but choosing the “right” one is no easy task.
When the time comes and you are entertaining the idea of owning your dental practice, you want to be sure that you are making a good investment. It’s not an easy decision, and there is risk involved, but if you know what to look for, then your chances of succeeding will be much higher. Dental brokers can assist in the decision-making process and relieve some of the stress associated with such a large purchase, but it’s always a good idea to know what factors will help improve your chances of success.
One of the first things to take into consideration is the location. This is important because you are making a huge investment and need to consider the amount of time you will be spending in that general area. Research the surrounding community as well as the success of local businesses. You are a provider, and therefore, you need to be strategic with location and whether it is an area with growing families and a good school system. Is this an area where you could potentially raise your own family? Make sure you research demographics as it relates to your target market. A pediatric dentist would struggle to find work in an area where the majority of the population is over the age of 65.
When looking for a dental practice to purchase, be certain to research the overall success of the practice and how well it has performed over the last several years. Look over their website and pay close attention to recent reviews. If a practice has had a steady decline in positive reviews, it may negatively impact your chances of success. Request information on performance metrics to assure that you will be in a good position to see a positive return on your investment.
Schedule some time to fully inspect the dental practice facility as well as equipment. You may be purchasing a busy practice, but if you have to spend a great deal of time and money on repairs, then it will not be a profitable investment. You may even consider having an inspection of the building as well as any equipment by a professional.
Consider using the services of a dental broker. A dental broker is trained to help guide you through every aspect of purchasing a dental practice. They can help you evaluate your purchase, negotiate any contracts, and alleviate the stress accompanied by such a large purchase.
With good research and careful planning, you will have a solid foundation for success as you move forward with the purchase of your dental practice. Please contact us to schedule a consultation with an experienced Maryland Dental Broker.