|Purchasing a practice is a life-changing event. Below is a list of the top 6 reasons to consider purchasing an existing dental practice:|
|1. Experienced Staff – High performance practices generally have hardworking and well-trained staff that greatly contribute to the practice’s success. Experienced staff can provide a wealth of knowledge to the buyer as the practice transition commences.|
2. Mentors – In some cases, the former practice owner may stay on in order to assist they buyer with a smooth transition. A seller can serve as a tremendous resource for learning the practice’s procedures and the business side of practice management.
3. Proven Location – Location is one of the most important and difficult decisions to make when deciding to practice. The successful operation of an existing dental practice can give a buyer confidence that the location will hopefully remain successful in the future.
4. Established Patient Base – Many dental practice start-ups face adversity in the early stages, such as building brand awareness and establishing a patient base. An existing patient base gives the buyer a steady stream of revenue, while allowing continual growth and expansion.
5. Immediate Cash Flow – An established dental practice provides the buyer with immediate cash flow to cover overhead, loan debt payments, and other expenses. Often, start-ups begin with delayed cash flow as they build their practices from the ground up.
6. Upside Potential – A functioning, successful practice gives the buyer a base to grow and expand. A new practice owner has the ability to improve practice efficiency and explore various marketing techniques to increase patient growth and revenue.