March 28, 2016

So you want to buy a dental office?

March 13, 2016
Top 4 things young dentist need to know when buying a dental practice

Top 4 things young dentist need to know when buying a dental practice

Top 4 things young dentist need to know when buying a dental practice If you’re a young dentist looking for your own practice, there are many things to consider before you buy. Here are four: Is your personality compatible with that of the selling dentist? At first blush it may seem irrelevant whether your personalities mesh. After all, you will be in charge, and they will be riding off into the sunset. What’s the issue? The issue is that your new practice will have been built around someone else’s personality. Whether they are dominant or passive, outgoing or introverted, both your patients and your employees will be accustomed to working with that type. If your patients are comfortable being told firmly what they need to do, they may not like being presented with a range of choices. And don’t forget that it’s expensive to lose patients. Not only do you waste the significant money you spent on your patient list in the first place; you are also looking at increased marketing costs to bring in new patients. The same holds true for your employees. If they have been pretty much left alone to do their jobs for the past decade […]
March 3, 2016
5 pitfalls of buying a dental practice

Buying a New Dental Practice? Avoid These 5 Pitfalls

To buy a new dental practice and learn to run it successfully, you’ll have to digest a lot of information in very little time. Along the way, you’re bound to make mistakes, but with guidance, you can avoid the most damaging. Here are five pieces of advice to keep you from getting too battered and bruised as you climb your very steep learning curve. Don’t buy if you’re not ready. You can be a brilliant young dentist and still not be ready to buy your own practice. The reasons will probably be financial: If you left school with a lot of credit card debt, for instance, you may be better off taking a few months and shoring up your personal finances before you take on major new debt. Don’t alienate your new staff. Unless your dental school offered an education in employee relations, you will want to go into your new business with a light touch, especially at first. If you did learn about employee relations, then you already know to step softly. Getting up to speed with your new practice will be difficult under the best of circumstances. It will get much, much harder if you have to start out […]