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Thinking about buying a practice?

When it comes to buying a practice, knowing the vital information is crucial. That’s why we do hard work behind the scenes to provide all the necessary information you need to make an easy decision.

Building vs. Buying a Practice:

Both building and buying a practice have perks, however, there are some considerations to make before making your first move.

Building a practice is not an easy task. First, you must obtain financing (which can be extremely difficult), and assuming you do, the break-even period is generally 3-5 years as there is no immediate cash flow. However, if you are determined to build a practice from the ground up and make decisions on important aspects such as the building layout, selecting equipment, recruiting staff, and decorating and landscaping, buying a practice could be the best route.

Buying an established practice has much less work up front in the financing aspect, but you’d be adopting someone else’s taste, ideas, etc. However, these are easily remedied with landscaping, decorations. A large upside to this is that you would inherit the practice’s clientele. The average period for a client is 3-5 years, so you would have them during that time. You would also inherit staff who are familiar with the practice. Because of these reasons, the transition would be easier than building from the ground up.

Benefits of Owning a Dentistry Practice:

Are there Drawbacks to Owning a Clinic?

  • The drawbacks to owning a Dentistry clinic are slightly different depending on whether the clinic is a new or existing practice.
  • Buying a new practice means that more infrastructure must be established to find a client base and create a cash flow. Hiring new employees, buying new equipment, and marketing the business from the ground up are all costly expenditures.
  • These drawbacks may be reduced by buying an existing practice, where much of the infrastructure is already in place. However, the expenses would still apply.

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How Should You Decide?

  • Owning a Dentistry practice allows you to control your business’s procedures and use its success to build personal equity. This is impossible as an employee of someone else’s business.
  • By purchasing an existing practice, you can have a level of certainty concerning the success of the brand and the devotion of your employees. Starting your own practice requires more overhead in money and time but gives you greater control.
  • Either way, the benefits in freedom and profitability should make owning your own Dentistry clinic a serious consideration for those that want to increase the value of their degree, their personal equity, and their business.

The Takeaway

  • While owning your own Dentistry clinic comes with drawbacks, mostly related to high overhead costs, the independence and increased profitability prove that it should be part of the long-term plan for many dentistry. The decision to buy an existing practice or start a new one could change its value, but the process has every reason to be profitable either way.
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