Graduation from dental school? Check.
Accept position as an Associate at a dental practice? Check.
Work several years in the industry? Check.
…. Now what?
You’ve spent the first several years of your career working as an associate in a dental office. As you look to the future, you recognize an opportunity for success; to create more income, independence and control through practice ownership. You’ve decided that you want to own your own practice! Now, you must decide whether to start your own practice from scratch or purchase an existing one.
The thought of starting your own practice may seem exciting. You’ll get to choose a location, design your space, pick from the latest technology/equipment and set your own rules and procedures. But what if I told you that, by purchasing an existing practice, you can spend less money upfront and acquire a dental practice with an immediate source of income that you can run and profit from, on your first day of ownership? Now that sounds exciting!
There are many benefits to purchasing an existing dental practice, including:
1. Existing client base! That means profit, starting day one.
2. You will acquire staff who know the building, the procedures, the systems and the patients.
3. The clinical systems, equipment and procedures will all be in place already.
4. You can gain knowledge and career advice from the prior owner.
5. There is an established Billing & Payroll system.
6. You have access to current and prior years’ financial statements to review business stability.
7. There will likely be an available Marketing program already in place.
Are there risks? Sure, with any new business venture there are risks. The biggest risk you will face in purchasing an existing dental practice involve all the benefits listed above. Will they fit your style? Will the staff and patients and office be a good match for you? Will you be familiar with the clinical systems?
That’s where we come in.
We at Commonwealth Transitions are a concierge brokerage firm for dentists, specializing in dental practice and commercial real estate transitions throughout Virginia. We excel in making the right match between seller and buyer, then ensure a smooth total transition of the practice and real estate.
Let us help you find your perfect match! With over 14 years of experience, we have the expertise and dedication to ensure successful and exceptional results.