buying a dental practice
Are you a dentist? Do you practice in the dentist field? Are you looking for help on buying and selling a dental practice? Are you looking for help on buying a dental practice? Have you started buying a dental practice? Do you need advice on buying a dental practice? Do you need an advisor on buying a dental practice?
What is buying a dental practice
buying a dental practice is one side of a dental transition that is defined as the comprehensive and systematic process of incorporating another provider into your practice with the mutual intent of being to eventually either share or transfer ownership of the practice at an agreed-upon. In the future. Unlike a straight sale, a dental transition may be executed as either a practice growth strategy or an eventual ownership exits strategy. In fact, it is often for an evolutionary combination of both scenarios to happen. The most important distinction between an immediate sale of a practice and a dental transition of the practice is that the former is a transaction driven dynamic while the latter is a relationship driven dynamic. Transitions are relationship driven due to both the owner doctor and the associate who intends to transition to ownership of the practice either through a partnership or ventral buy out, will be working together. Typically for several years or more but could be less depending on the dental transitions agreement.
Who typically is buying a dental practice
On many occasions, if you were getting ready to graduate, you’re probably considering your professional options moving forward which may include buying a dental practice. Many new graduates decide to work as associates to start paying off their student loans. After all your hard work, you’re ready to run your own practice, but you may be unsure whether or not you can afford it. The key is to find a practice that meets your needs professionally and financially. Having a dental transition firm can help you find a Worthwhile buying a dental practice.
A new graduate may think your student loans disqualify you from buying a dental practice, but the truth is banks or lending to new graduates. The most important step to ensure you’re eligible for a loan after graduation is the minimize the debt you cumulate while still in school. Do your best to live within your means and avoid taking on new loans with me and you’ll be well on your way to buying a dental practice.
After graduation, the next step is to find a practice that will allow you to succeed. Some senior officers that have been declining in numbers for several years are not going to fit your financial needs. You will want to look for an office that is still at its peak and then work as an advisor to analyze the numbers before buying a dental practice. The goal is to find a practice that suits your professional preferences and allow you to pay off your debt in a reasonable timeframe. Because you wouldn’t want to be caught in a buying and selling a dental practice circle.
What to know for buying a dental practice
Buying a dental practice will most likely be the most expensive purchase you will ever make. It’s a huge investment that not only does monetarily but future as well. If you aren’t looking at the right metrics, you could set yourself up for failure before you even get your name on the door. Because there are so many things to know and steps to consider, we have listed some things to know before you buying a dental practice. They go as follows:
- First, is important to understand the patient behavior, payment methods, financial data, and business statistics of a certain dental practice you’re considering buying.
- Pay close attention to the cash flow related information is also a very critical component as it helps with understanding the solvency and profitability of a possible buying a dental practice.
- Know the reasons why the dentist is selling their business/practice will guide you through the history, strengths, weaknesses, potential issues and other opportunities of that specific dental practice.
- Investing in the location of the practice as important as it will help estimate the number of existing competitors. Understand the demographic mix and project any additional advertising expenses that is needed to strengthen the brand of your possible new dental practice.
- Engaging competent and experienced accountant and attorney will ensure a smooth her and say for a negotiation process as they will provide you with professional advice that is more reliable and crucial to the choosing of a certain dental practice and ignoring conflict of interest to ensure the quality and integrity of your professional service.
- And effective transition plan should have sufficient details and strategic planning on timeline so that all items are executable in a timely manner to avoid any unnecessary hassles and expenses.
- It’s extremely important to get educated on taxes and find an experienced mid-sized regional bank to work with for easier lending. It’s proven that getting into business with the least that will serve you better in the long run.
- The key to success is to have a good staffing model they consist of high performers. Letting go of people who do not fit in the new environment as a necessary decision that needs to be made.
- Doing things in moderation with careful thoughts will ensure sustainability and bring joy to the entire process.
- Perform independent studies on all the information yourself so that you do not do a reality check and get views that are unbiased. Look at the historical reports closely and understand the underlying details will help you get a better assessment of the business and its transparency before buying a dental practice.
Jaquay Enterprise buying a dental practice
For years, Tabitha Jaquay-Fernandez has worked as a Practice Transition Advisor. Analyzing your systems, providing direction to reduce expenses, looking at ways to work smarter not harder while producing and collecting more and increasing new revenue flow. Her passion to help clients reach and exceed their goals drives her motivation.
When a client is ready to sell his or her practice, Tabitha spends time getting to know the seller and what’s important to them. After determining the fair market value of the practice, it’s time to find the “right” buyer. Incorporating the critical details of personality styles, professional ability, financial vetting and looking at the best fit for the seller’s clientele base and team to insure a successful transition, are just a few steps to finding the “right” buyer. Having analyzed hundreds of practices across the country provides Tabitha a unique perspective in the transition business. And with her focus only in Oklahoma, she is able to dedicate more time and attention to her sellers and buyers.
Regardless of how long you have been in practice, Jaquay Enterprise can help you transition to the next chapter of your career!
For more information on your go to buying a dental practice company, contact Jaquay Enterprise here.