Dental Practice Ownership
Two Paths to Dental Practice Ownership
Owning a dental practice is one of the most challenging and rewarding things you can do as a dentist. Next Level Consultants can help you through the process of opening a dental practice. There are two ways to get into dental practice ownership.
When doctors decide they want to go through the process of buying a dental practice. They start looking for practices for sale in a market. After some time of constant searching of practice broker listings and waiting for the best opportunity or that perfect practice to show up… They will decide to switch to starting a dental practice.
So either pathway is an excellent option toward owning a dental practice and becoming a business owner. When you work with Next Level Consultants, we can work with a dentist on either of these two options. Finding the best option for you is key to becoming a successful dental practice owner. Starting a dental practice requires a very different strategy and mentality than buying a dental practice.
Working with a dental startup consultant can significantly increase your chances of being set up successfully from day one. Working with a dental consultant minimizes the amount of stress, time, and cost on a startup project, ultimately giving you more working capital to jump start your business.
On the other hand, when working with a dental consultant/buyer’s rep purchasing a dental practice, we can also save you time and money. Working with an experienced dental practice buyer’s representative provides you with an advocate who helps negotiate on your behalf throughout the entire process. Because we have been involved in many transactions, we can foresee issues you wouldn’t be aware of saving you thousands of dollars in the end.
Starting A Dental Practice
When starting a dental practice, it requires a completely different approach and mentality compared to purchasing an existing one. On the surface, starting a dental practice may appear daunting. You will be building a business from the ground up, and you need to establish that patient base from scratch. However, when you work with dental consultants at Next Level Consultants, failure is not an option! We have navigated this process hundreds of times and have developed a system that truly sets doctors up for success from day one. It’s a tried-and-true process that has been executed repeatedly.
Starting a dental practice becomes more and more popular as doctors discover they want a dental practice that represents “who they are” and why they originally got into dentistry. Starting up encapsulates the doctor’s “vision.”Depending on the market and area you want to start up in, there could be a slow growth trajectory toward your ideal income level. Some markets have higher demand for dentistry and lower ratios of dentists per population. In these markets you can hit the ground running and explode your patient base much more quickly.
There are many factors to consider, but by having a Next Level Consultants coach advising you every step of the way sets you up to have the best possible outcome. Reach out to discuss what working with a dental startup consultant looks like for you.
Step 1: Location strategy
Step 2: Deploy Your Team - Lending, Construction, Equipment
Step 3: Leasing a Space - Legal Counsel & Negotiations
Step 4: Business Planning
Step 5: Construction & Building
Step 6: Opening Day
Buying A Dental Practice
When buying a dental practice, you can walk right into a profitable business day one! This is appealing to many doctors because the idea of owning a dental practice can be realized almost overnight. We have seen dental practice acquisitions close in a matter of 90 days. As exciting as that sounds… realistically there are many more factors to evaluate before jumping right into dental practice ownership.
Next Level Consultants coaches are dental practice buyer’s reps. We represent the buyer in an acquisition. A practice broker represents the seller, but as a buyer, you also need representation. To be completely honest, practice brokers can’t logically represent both parties 50/50 in a transaction. So when you hire a buyer’s rep, who has also seen hundreds of transitions, you get an experienced negotiator and an extra set of eyes looking at the deal more fairly.
Below are the significant benefits of hiring a dental practice consultant to help guide you through the dental practice acquisition process.
Below are the significant benefits of hiring a dental practice consultant to help guide you through the dental practice acquisition process.
- Determine if the price is appropriate for the selling practice
- Determine what your “real” cashflow will look like once in the practice
- Discover if there might be any “red-flags” that need to be addressed
- Assemble a team of professionals to make the acquisition and transition smooth
- Access to “pocket listings” through networking and relationships w/ brokerages
- Give you confidence and minimize risk in a high dollar transaction
- Post close sets you up for a smooth transition and a game plan for success
Step 1: Location strategy
Step 2: Evaluation & Prospectus review
Step 3: Letter of Intent - Making an offer
Step 4: Due Diligence
Step 5: Deploy Your Team - legal, banking, credentialing, HR, etc..
Step 6: Closing Day & Transition Plan
Becoming An Owner Blog Articles
- Buying
- Startup
3 Must-Know Tips When Launching Your New Dental Practice
Next Level’s “BIG Guide” to Buying a Dental Practice
