Buying your first dental practice can at times be a lot like pulling teeth! It’s a big step towards success but an even bigger leap from Associate to Practice Principal. The planning process alone can be daunting, but with just a bit of time and effort, it doesn’t take long to set the wheels in motion. All you need to know is where to begin so that when the time comes, you’ll be ready.
Over the next coming weeks, I will be sharing with you all you need to know about buying your first practice.
Before owning your own dental practice, you’ll more than likely get to finish each day without any major worries or headaches and most importantly, no exorbitant expenses. You don’t even have to give a second thought to overheads, such as payroll, staffing and unexpected repairs. All of which is simply scratching the surface!
An informed and thorough decision can lead to a successful career and financial stability. A misinformed or hasty decision, however, could lead to financial troubles and a career with unnecessary emotional stress and struggles. Exemplary clinical skills just don’t cut it I’m afraid. As a dentist, focusing on business operations is vital towards the success of your practice.
When advising potential purchasers, I join their journey from start to finish. Breaking the process down makes it all much easier to digest.
• Why do you want to buy your own practice?
• What is the best location for your practice?
• What type of practice?
• Am I getting a good deal?
• Overall finance from deposit to funding
• What Professional help and advice do I need?
• Legal Processes
• CQC and NHS contract issues
The Dental Practice Consultancy Service offers free consultations with one of our dental practice consultants. With our little black book of contacts plus over 25 years in the industry, we certainly know a thing or two about buying your first practice. We can understand your needs, goals, professional experience, areas of interest, and timeline. Contact us today and let us take that first step with you.