Starting a successful dental practice requires a lot of planning, preparation and effort in getting the practice going. You can buy an existing practice and at the same time also inherit some of its existing patients. This checklist is designed to provide you with some key issues frequently confronted by dentists opening a new practice — each practice situation presents unique challenges.
There are various resources that provide information on practices available for sale. They are dental colleges, associations, professional journals, dental dealers and practice brokers. With the advent of Internet and search engines you also have a wider option of searching for appropriate sellers or vendors dealing into practices.
One of the existing practices is up for sale. What next? Check on the few facts:
The practice suits your needs. Next, prepare to negotiate on its purchase value.
Assess the market price in the locality. Add to it the cost of the physical assets such as the dental, office equipment and furniture in the clinic. You may have to add to the cost the price for goodwill created by the existing dentist. As you will inherit some patients on his behalf.
The purchase value would definitely be higher than building up an entire independent dental practice. It is for the individual to decide which one would be worth investing in. 'Negotiate for the Price'