How Can I Tell if A Practice is the Right Fit For Me? | Maryland Dental Brokerage
Dental Practice Sales & Transitions
With so many dental practices on the market, it can be nerve-wracking making the decision to purchase a dental practice. Purchasing a business is a huge investment. There is no “perfect” practice and many times there won’t be one practice that stands out over the others. How can you know if you are making the right choice? There is no exact science to choosing a practice that is an ideal fit, but the following tips can help lead you along the correct path.
Evaluate Your Dental Philosophy
Do you believe in creating a warm, small-town environment with a minimal number of team members? Are you looking more for a large, modern practice that has a massive potential for growth? Evaluating your goals and your long-term philosophy can help you to decide if the practice is right for you. You should be able to see yourself working in the current practice and should be somewhat compatible personality-wise with the dentist that is practicing currently. This will ensure a smooth transition with the team members and patients.
Location, Location, Location
Location is one factor of a dental practice that can be harder to change, so it is one of the more important things to evaluate. Is the practice in a location that is convenient to where you will want to live and/or commute to long-term? If you want to focus on younger families, is it located in a young community? Will parking become an issue at some point? Be sure to research the town and surrounding areas before coming to a decision.
Analyze Your Strengths
Determine what you want to use to make the practice stand out (your unique selling proposition). What are your strengths as a practitioner? If you are great with children and hate doing removable partial/full dentures, a practice with an older patient base is probably not the best practice to purchase. If you like to refer out your endodontic treatment, you may not want a practice that brings in the majority of its production based upon root canals. Our dental CPA in Towson recommends to analyze your strengths and use them to help you determine if the practice is feasible for you.
There are so many different factors that go into choosing a dental practice and we know that it can be overwhelming. Surround yourself with a support system and a brokerage firm that truly knows the ins and outs of dentistry. Contact our dental brokerage office in Towson, MD today for a consultation and let us help guide you through this decision-making process.