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Location Strategy When Buying a Dental Practice
Find the Right Place for the Next Step
They say that the most difficult step of any process is the first one, but at Next Level Consultants, we help our clients get a strong start when buying a dental practice by beginning with a solid location strategy. Our proven method is designed to help a client find the right physical site for a practice while also increasing their chances of purchasing and thriving for years to come. By doing great work upfront, we’re able to make the experience much smoother and less stressful.
Why Choose Next Level Consultants?
- Experience Purchasing Hundreds of Dental Practices
- Passionate, Engaged, & Highly Skilled Team
- Access to “Pocket Listings” Not Found Online
Demographic Analysis
The key to choosing the right location for your dental practice is getting the right information, which is why we perform a very detailed demographic analysis to help both us and you understand what an area is all about.
Competitive Landscape
Needless to say, you don’t want to purchase a practice where there is already 1 dentist for every 100 people, nor do you want to be in a situation where you’re the only dentist in a 100-mile radius. We can help you find an area with the right level of competition so you can work as much (or as little) as you want to get your name out there and reach your career goals.
Culture & Socio-Economic Conditions
If you’re hoping to base your practice on high return cosmetic dentistry, then you probably shouldn’t buy in a rural area with a relatively low population. Based on the types of services you plan to offer and income you want to make, we can place you right in the heart of a population that wants exactly what you’re providing and can afford it.
Personal Lifestyle
Of course, after you buy a dental practice, you will be doing more than just working. A big blind spot many of our clients have is thinking about what they will be doing when they aren’t serving patients, which is why assessing someone’s lifestyle is a big part of our location strategy.
Non-Compete Restrictions
Are you leaving a dental practice and will be contractually obligated to not compete in a certain area? Or, do you want to make sure the dentist you’re purchasing from doesn’t open up another practice in the same area after you buy their current office? We keep this kind of thing in mind to prevent future headaches.
Drive Time
People are becoming more and more aware of their commute time in all sectors of the economy. Are you willing to drive an hour to your practice every day or take a train or bus? Would you rather be in an area where you can live right around the corner and walk to work? As you can imagine, this can greatly influence where you choose to purchase, and finding the right location with this in mind can help guarantee long-term satisfaction.
Community “Feel”
Every community has a unique vibe, and seeing as how you may be serving the area and living there yourself, it’s important to find the right fit for your personality. There is a big difference between being in an artsy neighborhood, the middle of downtown in a large city, or an area that is mostly suburban or rural. Finding the right feel for both your career goals and personality will not only improve your success as a dentist, but safeguard your happiness as a person.
Practice Search
Once we have the location narrowed down, then it’s time to look at actual listings. With Next Level Consultants, this involves doing more than just hopping online and seeing what’s available. Many listings never make it to directories (“pocket listings”), and by knowing the right people and how to look, you can gain access to options that the other guys don’t even know exist.
Brokered Listings
A quick way to find available dental practices is to talk to a local broker, but one thing that we do is work with multiple brokers in order to get a full picture of what’s in the area. Not only that, we also regularly touch base with each broker and form a relationship with them, as this will enable them to better steer you toward practices that will be the right fit.
Targeted Letter Drops
You don’t want to contact every available practice in an area and let them know that you are considering purchasing. Dentists talk, and “letter bombing” a location can quickly lead to a surge in prices and more difficult negotiations. Rather, we’ll show you which specific practices to send letters to, which will save you time and make your life easier when working out terms.
Industry Networking
Our team knows a lot, but the people on the ground in a certain area will definitely understand the dental landscape better than we do. That’s why networking with local professionals, both inside and outside of dentistry, is so important. We can connect you with nearby specialists you may be working with, labs, equipment technicians, and several other people that will influence your day-to-day experience after purchase.
How to Get Started
There is certainly a lot that goes into our location strategy, and if you’re feeling a bit overwhelmed, don’t worry! Mike Dinsio and our team have walked hundreds of dentists and specialists through this process, and we’re ready to guide you step-by-step so that it flows quickly and you feel like progress is being made.
To learn more about our location strategy when buying a dental practice or the other ways that Next Level Consultants can help you advance your career, give us a call today.