In order to earn more money, you have to invest in yourself by getting an education. Yes, there are distinct parallels between the amount of education you receive and the amount of money you can make over your earning lifetime. However, education costs money, and you don't have money, so what do you do?
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 kind 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 really the best opportunity?
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When you recognize the clinical and management compensation as an overhead expense, the overhead percentage should be 80% to 85% of annual gross collections for a well run general dental practice.
The most widely used method for determining practice value is fair market value. The commonly accepted definition of fair market value is the price which a professional practice would produce, allowing reasonable time to find a purchaser, with both buyer and seller having access to full disclosure of information about each other.
Clinical supply expenses indicate good business acumen or sloppy oversight...
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