Making Dentistry Fun Again
Often times I hear of dentists holding off on practice transitions. They’re in their late 60’s, early 70’s, and even in their 80’s. They either think they don’t have enough money to retire, or they simply enjoy dentistry.
In many cases, those who have sold and worked back for the buyer found an associate position or volunteered at a clinic and found a more rewarding and less stressful life. They have no management or financial responsibility and can usually work when they want to.
So, if you’re holding on to your practice “for the fun of it”, look around you. There’s more fun to be had when you have less responsibility and risk. Call me and I’ll help you develop a practice transition plan.
Read MoreIn many cases, those who have sold and worked back for the buyer found an associate position or volunteered at a clinic and found a more rewarding and less stressful life. They have no management or financial responsibility and can usually work when they want to.
So, if you’re holding on to your practice “for the fun of it”, look around you. There’s more fun to be had when you have less responsibility and risk. Call me and I’ll help you develop a practice transition plan.
Essential Reports To Obtain When Buying A Practice
When buying a dental practice, there are several essential reports you absolutely must have in order to evaluate the practice. The reports are as follows:
- Minimum of 3 years Tax Returns and Financial Statements
- Minimum of most recent 3 years annual productions, collections, and adjustments
- Most recent production by procedure code report
- Fee Schedule
- Patient demographic information
- Accounts receivable and insurance receivable aging
- Employee census information
- Copy of the lease
- List of included equipment and furniture
- Outstanding treatment plan report
Now that you have these reports, it’s essential you understand what they mean. If you don’t know how to read financial statements or tax returns, be sure you have a knowledgeable OMNI accountant on your team. If you need help with the practice management reports, hire a consultant or third-party practice broker, like myself and my OMNI colleagues. We can help you evaluate the practice.
In the long run, hiring OMNI experts to evaluate the reports will more than pay off.
Olympia Dental Practice For Sale!
We just listed another dental practice for sale. This one is in Olympia, WA.
This Olympia practice has 3 operatories with a couple of pulse oximeters, x-rays and more; everything a practice needs. Chairs are older but in good shape. There are “thousands of patients”, but the doctor estimates the active count to be around 2,000. No financials on the practice will be provided by the doctor, and she would like to get $50,000 based on the equipment and the charts. It’s a unique situation.
If interested in this dental practice, give me a call at 206-979-2660 or email me at rod@omni-pg.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Remember that you receive new practice listings as well as practice tips and advice once you LIKE US Facebook.com/OmniPracticeGroup.
Read MoreThis Olympia practice has 3 operatories with a couple of pulse oximeters, x-rays and more; everything a practice needs. Chairs are older but in good shape. There are “thousands of patients”, but the doctor estimates the active count to be around 2,000. No financials on the practice will be provided by the doctor, and she would like to get $50,000 based on the equipment and the charts. It’s a unique situation.
If interested in this dental practice, give me a call at 206-979-2660 or email me at rod@omni-pg.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Remember that you receive new practice listings as well as practice tips and advice once you LIKE US Facebook.com/OmniPracticeGroup.