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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Dr. A owned a successful practice in a friendly community. Three years earlier he hired a young dentist as an associate. This young man was a former patient who had known Dr. A for many years. He was a nice young man who seemed incredibly grateful for the opportunity to join Dr. A’s practice. Dr. A was thinking about retiring in four or five years and thought the associate would be the perfect candidate to buy his practice from him when he was ready.
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Doctors invariably want to sell their office building at the same time they sell their practice. Selling the building with the office will usually result in tens of thousands of lost dollars for the seller. It is known as the “I just don’t want to be bothered with anything after the practice is sold” syndrome. It can have a devastating effect on the financial net worth of the retiring doctor at a very critical time in his or her life.
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