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It would be wonderful if we could all go through life completely free of debt. There are a fortunate few who are born into wealth and have enough money to provide for themselves and go through life free of debt. Then there are the rest of us who face debt as a fact of everyday life (something you learn to contend with, live with, and yes, for many of us, die with it). Unfortunately, it’s even something we can pass on to our children someday. If you are already wealthy, then you may want to read
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If you are considering acquiring a dental practice, keep in mind the following thoughts and suggestions as you proceed:
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A practice is a business. This is becoming more apparent to dentists every day. A practice is made up of an office, a doctor, a staff and patients. A practice brings in income, pays expenses and (hopefully) makes a profit. Income must exceed expenses in order to make a profit. A practice must be profitable in order to stay in business, etc., etc., etc.
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Ask The Experts
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.
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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.
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