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Starting up a new dental practice is an incredibly risky venture as a result of increased competition and an unpredictable economy. A dentist would be wise to consider purchasing an existing dental practice instead of starting a new one from scratch.
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A recent dental graduate had an opportunity to purchase a large practice (over $1,000,000 of annual gross income) in his chosen area. The practice represented a once in a lifetime opportunity that would place him years ahead of all his classmates, in both practice size and income. The current owner wanted to change careers and would continue to practice two days a week for a few years while building a new and different business.
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Would you like to know where, in this day and age, a dentist is still called “Doctor” and is held in the highest esteem by his/her neighbors? Would you like to know where a dentist’s standard of living could be considerably increased without having to devote most, if not all, of his/her waking hours in the office? Would you like to know where you can afford to buy a big house your first year in practice instead of living in a cramped apartment for years?
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Ask a recent dental graduate for a description of the practice he or she would like to purchase, and you will hear, “I want a high-quality crown and bridge practice, in the best area of town, where I can do my kind of work on my type of patients.” For that matter, it would be amazing if a purchaser ever had a different response. Vanity is usually the reason he or she wants to purchase this kind of practice, but is it the best opportunity?
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You are either ready to graduate from dental school, or you have recently graduated, and now it’s time to think about what you should do for the rest of your life. You have probably talked to a lot of other people in the dental business for advice, and have gotten a plethora of answers, and some for questions that you may not have known to ask! This type of advice that you get is usually as good as the price you pay for it. People can tell you what they think based on their own experience, but t
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