Buying a Dental Practice | Should You?
Graduating from dental school is a big deal and quite an accomplishment. You’ve spent the better part of a decade learning and perfecting your craft, and now it’s time to head into the world and help people. But the question is: Should you be thinking about buying a dental practice right after graduation?
What to Consider Before Buying a Dental Practice
For the most part, you have three choices after graduation: buy an existing dental practice, start your own dental practice, or work for another dental practice. Some experts contend that you should wait a bit before buying a dental practice. Timing is critical, and they say that working as an associate for 2–3 years allows you the opportunity to gain valuable knowledge of how a dental practice works.
But no matter when you determine that buying a dental practice is the right choice for you, you can start one from the ground up or purchase an existing practice. While it might seem more cost effective to start from scratch, remember that if you do that, you’ll need to build up all of your patients and do quite a bit of marketing. If you would rather not go that route, perhaps your best option is to purchase the practice of a retiring dentist.
Don’t Go It Alone
Buying a dental practice may be easier than you think—if you have the right partner working on your behalf. At Menlo Dental Transitions, we are on top of which practices are for sale and what questions you should be asking. Such inquiries include information about the patients, area demographics, the practice profile, and valuation report. Armed with that knowledge, you can make an informed decision, whether you’re buying a dental practice right out of dental school or many years into your career.
So, however you decide, Menlo Dental Transitions has the experience to make buying a dental practice a smooth transition that will set you up for success for years to come. Contact us to learn more.