Buying a Dental Practice | Due Diligence
Buying a dental practice is a big deal. You want to make sure you make the right decision. But, when done properly, buying a dental practice will put you a step ahead in your quest for a successful dental career. After all, you’ve put so much time and effort (and money) into getting the best education and training. It’s well worth every minute you spend on carefully investigating each opportunity. To be totally confident in your purchase, let our team at Menlo Dental Transitions help you find a practice that is a good fit with your skills and background. Our goal is to help you examine every detail of the dental practice before you sign on the dotted line.
Reputation Says it All
When buying a dental practice, you want to start out with investigating an office’s reputation. What you’re really looking for is a well-respected practice with a competent and well-liked staff. Because even with an impressive list of equipment, assets, liabilities, etc, nothing is more important than a dentist’s reputation. It’s more than just about the money. A good name must be earned by providing excellent care and service. Checking online reviews such as on Google+ or yelp! is one option to see how the practice and the dentist are perceived. It would also be wise to check the standing with the dental board as well as any previous board violations. If the dentist and practice appear to be in good standing, this is an indicator that the business has potential for continued growth.
Checking Out the Details
Once you have a good feel for the practice’s reputation, it is prudent to run through the financials. When buying a dental practice, you also want to ask for a list of everything included in the selling price and whether the dental real estate is rented or owned. At Menlo Dental Transitions, we can help you gather information on insurance payments, advertising contracts, outstanding leases and obligations to the current staff. We also suggest that you order detailed reports on every dentist that is involved in the practice.
If buying a dental practice is in your future, you will most certainly want a partner who can help you find the best practice on the market to meet your goals. We invite you to contact us at Menlo Dental Transitions. We’ve helped countless others with their search for a dental practice. We can help you, too.