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Wednesday, December 22nd, 2021 | by
Buying a practice? Here are some important questions to get answered.
If you’ve decided to buy your own dental practice, there are some important questions you may want to consider asking the seller, once you’ve found a practice you’d like to purchase. It’s important to be prepared for what is ahead. Your best option is to surround yourself with an experienced team of professionals, in addition to your broker, like a CPA and attorney who specifically focuses on dental. These professionals will help you avoid overlooking important items.
However, even though you’ve hired a team for their expert assistance, as a buyer, it’s still critical to understand a few basic questions to ask. For example:
What is the overhead and profit margin in the practice?
What procedures are referred out?
How many active patients are there, and what is the average number of new patients per month?
Are collections back on track in 2021, as compared to 2019, given that 2020 was an off year due to COVID?
Are you open to a transition period of a few weeks to complete treatment in progress and provide mentoring?
Buying a dental practice is a complex process that involves far more than finding a seller and closing the deal. It’s important to have all the background and solid guidance. You want to find the right seller who has a practice that fits your dream.
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