ALASKA 721 Depot Drive, Anchorage, AK 99501
ARIZONA 3260 N. Hayden Rd, Suite 210-363, Scottsdale, AZ 85251
CALIFORNIA-NORTH 2059 Camden Ave. #159, San Jose, CA 95124
CALIFORNIA-SOUTH 2629 Townsgate Road, Suite 235, Westlake Village, CA 91361
COLORADO 3000 Lawrence Street, Denver, CO, 80205
IDAHO 800 W. Main St. Suite 1460, Boise, ID 83702
KENTUCKY 6844 Bardstown Rd #532, Louisville, KY 40291
NEVADA 1489 West Warm Springs Rd, Suite 110 PMB #284, Henderson, NV 89014
OHIO 1421 Lexington Ave Ste 255, Mansfield, OH 44907
OREGON 3519 NE 15th Ave #201, Portland, OR 97212
TENNESSEE 6339 Charlotte Pike #809, Nashville TN, 37209
TEXAS 539 W. Commerce St #6141, Dallas, TX 75208
WASHINGTON 6141 Bothell Way NE #301, Kenmore, WA 98028
December 27, 2019
Making the decision to purchase a dental practice is one of the biggest career benchmarks a dentist will make. It’s not an easy decision to come by because there are a lot of variables to consider. Then, there are the questions of how you will go about buying a dental practice. The decisions you make when buying a dental office can either create a successful practice or have devastating financial consequences. It’s best to consult with a dental practice consultant to ensure you make sure you follow through with the right processes so that you can have a successful dental practice transition.
6 Questions to ask yourself before making your final decision
These are important questions you need to ask yourself when looking to buy a dental practice.
Is the location of the dental practice conducive to your practice goals and work/life balance?
Location, location, location doesn’t just apply to real estate. You always want to make sure your practice is easily accessible by patients. But it’s also nice to have an easy commute each day. Having a short commute to your practice helps establish you as the go-to dental practitioner in case of emergencies.
Will the selling dentist be able to offer assistance in introducing you to existing patients?
Before you sign any contract, ask the seller if they will introduce
you to existing patience so that you can get to know them and assure them that their quality of care will not change. Having the support of the selling practitioner can really help smooth over the transition.
Does the dental practice support your professional vision?
Will this dental practice office allow for you to attain your professional goals? If you are looking to evolve your dentistry to include wellness services, would this dental practice be able to accommodate
that?
Does the practice seller share the same quality of care philosophy as you?
When your quality of care philosophy aligns with the philosophy of the dental practice seller, it makes the transition much easier. When you visit your potentially new dental practice, look for these elements:
- Training and support for continued education for staff
- Measures in place to ensure patient safety
- Procedures for bookkeeping and maintaining records
- Upkeep of the facility, equipment, and sterilization process
Will you have to replace any medical equipment?
Replacing medical equipment can be expensive. From X-ray machines to lighting, medical equipment is not cheap. When purchasing a dental practice with equipment that is outdated or broken, you need to factor in the costs of replacing equipment into your offer. You also want to make sure that the existing equipment is up to industry standards.
Will
you be able to offer the same specialty services that were offered in the practice being sold?
If you’re purchasing a practice that specializes in cosmetic surgery for children, and your primary patients are adults, would treating children be within your comfort zone? You will need to make a decision on whether or not your skill extends to treating children or if you will refer child patients to a pediatric specialist.
Purchasing a Dental Practice: Top 10 Questions to Ask the Seller
When purchasing a dental practice, meeting the seller for the first time is an excellent opportunity to determine whether a practice presents the right opportunity for you. Below is a list of the top 10 questions we recommend the buyer consider when visiting the seller.
- When do you want to sell the dental practice?
- What plans do you have after the sale of your dental practice?
- Do you anticipate the staff staying after the sale?
- What benefits do you provide to the staff?
- What advertising methods does this dental practice currently use?
- How have you historically attracted new dental patients?
- What dental procedures do you refer out?
- What is your dental practice philosophy?
- What do you believe has contributed to the success of your dental practice?
- What advice would you share with me if I were to buy the dental practice?
The above questions are meant to provide a good starting point for the conversation and are by no means exhaustive. We also highly recommend that the buyer ask the dental transition broker questions regarding the practice appraisal and tax returns before meeting with the seller. And it’s important that the buyer defer all questions regarding the sales price to the broker.
The buyer should be prepared to ask good follow-up questions. If the seller does not have an answer to one of the questions, the buyer should be patient and understanding. It is recommended that the buyer brings with them their list of questions as well as a pen to take notes.
To learn more about buying a dental practice, see our buyer’s steps and view our list of dental practices for sale.