I met a recent dental school graduate looking for a practice to buy. He was married and had one child and a second on the way. He was trying to decide what area he was interested in purchasing a practice and he felt compelled to explain to me that “the money was just not that important.”
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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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Mary Smith was a forty-two-year-old office manager who had been working for Dr. A for the past twelve years. Mary enjoyed a good salary and benefits from her job. She and her husband had purchased a new house a few years before, and her children were approaching college age. As a result, her income was necessary to support her family’s current lifestyle, and she felt she had job security for as long as Dr. A remained in practice.
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