Buying a dental practice can be and is a daunting task. It’s much more involved than purchasing a car or even a house. You have to wear many hats including shopper, negotiator, accountant, finance, lawyer, practice management expert, equipment specialist and even human resources manager. One wrong step and you could set yourself back financially, legally and even personally if...Read More
If you already own a practice, have you ever considered buying an existing veterinary practice located close to your first practice and merging the two together? If you ask most doctors, they will say the best way to build a practice is through taking care of your patients and bringing in new patients via word of mouth and marketing. And, they would be correct. However, acquiring a...Read More
If you already own a practice, have you ever considered buying an existing practice located close to your first practice and merging them together? If you ask most doctors, they will say the best way to build a practice is through taking care of your patients and bringing in new patients via word of mouth and marketing. And, they would be correct. However, acquiring a second practice and...Read More
You’ve heard it before, the separation is in the preparation. This is a quote that is typically heard in athletics, but can be applied to other endeavors as well, including buying or starting a new practice. But, what do you prepare for before you jump into dental practice ownership. Just ask any practice owner, there are a lot of things you can prepare for before you buy a dental...Read More
You’ve heard it before, the separation is in the preparation. This is a quote that is typically heard in athletics, but can be applied to other endeavors as well, including buying or starting a new practice. But, what do you prepare for before you jump into Veterinary practice ownership. Just ask any practice owner, there are a lot of things you can prepare for before you buy a...Read More
Buying a practice can be a daunting task. That’s why it’s important to not only have the skills and education to analyze a practice, it’s also important to have a good team on your side. On your team, you will want a Certified Public Accountant that has a big emphasis or specialization in your field. They need to know the industry, numbers, etc., they should also be accredited in practice...Read More
Buying a practice can be a daunting task. That’s why it’s important to not only have the skills and education to analyze a practice, it’s also important to have a good team on your side. On your team, you will want a Certified Public Accountant that has a big emphasis or specialization in your field. They need to know the industry, numbers, etc., they should also be accredited in practice...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
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
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
