Dental Practice Sales Maryland | Questions to Ask Before Finalizing Purchase of a Dental Practice
Dental Practice Sales & Transitions
Are you looking forward to managing your very own dental practice? The prospect of running your own business and doing what you love is exciting and challenging; but before you make a down payment, weigh the pros and cons carefully, and understand the different types of arrangements.
There are a number of boxes you should check off with prospective sellers. Here is a list of essential questions to ask a seller before buying a dental practice:
How many patients does this practice serve?
In your excitement, you may lose sight of how many patients you can handle. This is especially true if you are a solo practitioner or new to practicing. Before you begin your career at a particular location, it is vital to get a full understanding of the scope of work. If this practice has a huge roster of regular patients and you are on your own, you might consider a smaller patient load or less populated location for your first practice. You can also think about partnering with another dentist.
How many employees does this practice require to operate?
After you have determined the typical patient volume, you need to take a hard look at how many employees can handle the flow. Managing scores of employees — scheduling, payroll and taxes — is a large undertaking on its own. Are you and your budget up to the challenge?
Who are your current suppliers?
You’re going to need a never-ending stream of supplies at your office. If you are already practicing, your current supplier may or may not be the best choice for the new location. In addition, the current practice owner may get a fantastic deal with their current resellers. To make the best determination, get connected with the owner’s best suppliers and get a head start on the process. If you’re diligent, you can make the transition seamlessly.
Have you faced any challenges due to the office location?
While this may be a broad question, it’s important to scope out any problems you may have down the road, such as planned construction, location on a one-way street, or an undesirable neighborhood. You may be surprised by the advice the previous owner provides.
How did you arrive at your asking price?
Evaluating the value of a dental practice is no easy task. It’s difficult to gauge whether the owner’s valuation is in the ballpark. The best way to know you’re getting a good deal is to hire a professional dental CPA.
Schiff Dental Brokerage, LLC, can help you secure the practice of your dreams at a price you can afford with confidence. Contact our office today for a complimentary consultation on the best dental practice.