There are a number of things to look out for when buying a dental practice. If you’re not careful, you could end up with a bag of tricks. Here are some of the top pitfalls to avoid when buying a practice:
1. Not understanding the numbers. Be sure and know what normal dental expenses are and what may be extraneous.
2. Assume the staff are all on board and will be staying with the...Read More
Caveat Emptor is not a garnish at your local Italian restaurant. As you go through the steps in buying a practice, you should be cautious while going through due diligence. Due diligence is the thorough, in-depth analysis of the practice charts, equipment, systems, computers, and everything else in the practice. If you missed our buyers’ seminar last month, you would have received...Read More
I get the question a lot, “do you think I am ready to buy or start a new practice?” I’m probably the wrong person to ask as I’m somewhat of a serial entrepreneur. I tend to live by the quote “Fortune favors the Bold”. Maybe I can answer better by giving you a few real-life case studies.
Case Study #1 – I helped this young dentist locate a practice...Read More
By working with trusted industry specialists, dental practice owners can ensure a swift profitable sale for their business. The team at Omni Dental Practice Group has many years’ experience within the dental practice marketplace. They have helped hundreds of owners understand the sales process and worked with a range of clients to ensure their practices are sold with a seamless precision for...Read More
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...Read More
