Purchase a Practice vs. Startup
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.
A Diamond in the Rough
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?
It’s Time to Grow Out of Solo Economic Dependency
Since you are reading this article, it's safe to assume that you have a pretty successful practice. You are probably in your mid-to-late thirties or forties, and your practice is grossing in the mid-six figures. You should be feeling pretty secure, comfortable and pleased by your success. Maybe, however, you are wondering “So, what's next?”