It’s easy to feel anxious when you’re a dentist opting to buy your first dental practice. There are many questions and considerations you have in mind. But while it’s only suitable that you think about anything and everything before making an actual decision, it would be best to focus on elements and areas relevant to buying your dental practice.
Often, first-time buyers lose track of their goals after worrying and obsessing over the details of buying a dental practice. So to make sure you’re on the right path, here are five tips to guide you in investing in one.
It’s critical to narrow down your search first before doing anything else. Before you set out to hunt for dental practices, you must first decide where you want your practice to be. Do you want to be near your friends and family? Could you handle a commute? Are you in an area with potential to build up a private patient base?
There are many considerations to think of, but it would be best to decide on a place where you are most comfortable. In this way, you’ll know the ins and outs of the vicinity, so you won’t have any problem addressing issues that might arise later on.
Most people shy away from seeking professional help. But if you’re making a significant investment, it’s crucial to acknowledge that you will need people by your side who are experienced and knowledgeable on these kinds of transactions.
There’s nothing wrong with consulting specialists that have years of hardened experience. Don’t be afraid to reach out to banks with healthcare teams, dental practice brokers, healthcare accountants, specialist legal advisors and many more, who can help you make more informed, sound decisions in buying a dental practice.
Needless to say, you’ll have to shell out money to buy a dental practice. Thus, it only fits that you critically assess whether you have enough to cover all the expenses. Expect to have additional expenditures, as you’re not only paying for the practice itself.
It’s necessary to have an understanding of your financial situation. Since you’re practically a novice, you must anticipate financial bumps in running a dental practice. Consider some of the following:
- Will the equipment need replacing?
- Is the property in need of repair?
- Are you likely to lose patients or referrals because people are loyal to the seller?
Ensure you factor in what could be costly expenditure once you are in ownership and ensure you have a financial safety net to rely on.
Online tools and resources only present limited information. So to make sure you’re making a sound investment, it would be an excellent idea to come and look at everything yourself.
This doesn’t just help you assess whether you’ll be comfortable working and running a particular clinic but also get an honest close look at the practice.
Note that buying a dental practice goes beyond just purchasing the surgery. In a way, it’s pretty much like starting your own business. Hence, it only fits that you conduct actual feasibility research.
Has the practice had any issues such as poor patient reviews and negative CQC reports? . In addition, it would also be helpful if you’ll try to research the marketing possibilities within the area – are you able to expand your services such as facial aesthetics or rent out a room to another healthcare/beauty practitioner?
For first-time buyers, buying a dental practice is like a leap of faith, which is why the process can sometimes be overwhelming. Nonetheless, it’s a good idea to venture on your own to plant your roots as a professional.
Goodman Grant Solicitors is a distinguished leading law firm that specialises in providing dentists with legal support and advice. If you require reliable and experienced dental solicitors in the UK to guide you in buying a dental practice, we’re here to help. Give us a call today – 0151 707 0090