Mistakes That Can Derail Your Dental Practice Purchase
Most dentists aspire to own their own dental practice, making it a lifelong dream. It is crucial to strive towards turning this dream into reality!
Here are some common mistakes that you can avoid when buying a dental practice.
Neglecting Research in Practice Acquisitions
Gathering necessary information from the selling party is crucialKey details to consider: active patient numbers, PPO patient percentage, lease information, etc.
Retaining old staff members who may be resistant to change
It is crucial to form a high-performing team that aligns with the dentist's vision.
Not purchasing the accounts receivable
Dentists should acquire the accounts receivable to maintain a steady cash flow. This includes insurance accounts receivable and outstanding patient balances
The selling doctor staying on after the sale
For a smoother transition, the selling doctor should gradually transfer procedures and introduce patients to the new dentist.
Falling in love with a practice
Dentists should not settle for less than what they believe is their ideal practice.