9 Steps to Buying a Dental Practice
With so many things to think about, buying outright or buying into a dental practice is one of the most important steps in your career so it is imperative you select the right dental practice for you. So often viewing a dental practice is seen as the first session step towards practice ownership. Indeed, it is a critical step, but some firm foundations need laying well before this time.
This short video explains more about the 9 key steps involved in successfully buying a dental practice.
Step 1: Location – decide where you want to buy.
Step 2: The Daily Grind – be honest about your daily commute and visit the practice you want to buy on different days and times.
Step 3: Work out your budget. Speak to an independent, commercial finance broker who will be able to guide you on the price range you should be looking within. Consider getting an Affordability Assessment Certificate which confirms you have been pre-assessed for finance and impresses sellers that you are serious.
Step 4: Size matters. Look for a practice you will feel comfortable managing.
Step 5: Experience and Ambition – Ensure the practice matches your clinical experience and caters for your future needs and ambitions.
Step 6: Use specialist advice – surround yourself with an experienced team who know the dental market.
Step 7: Practice viewing – use this opportunity to learn more about the practice and its culture.
Step 8: Take decisive action. If you like the practice, then move quickly.
Step 9: Keep momentum through the purchase process.
Successfully purchasing a practice requires commitment from Step 1 through to 9, so you need to make sure that the deal keeps moving forward. This will require the constant nagging of your solicitor, lending bank, valuer, CQC and others to get it over the line. Keep the pressure on all parties as the sooner you can take over and take control the better.
Good luck in finding the practice of your dreams.
If after watching the video, you have further questions about buying a practice, please give us a call on 0330 088 1156.