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We often get the question "I'm ready to buy a practice, what should I do?"
Joe Jordan will outline our 3 main tips for buyers in this video:
AS PROFESSIONALS AND BUSINESS PEOPLE, most of us have been taught that a deal is not a deal worth having until it has been negotiated to the "nth" degree and every last bit of wiggle room has been captured. The back and forth is what makes us feel like we’ve gotten what we want, on our terms.
As you begin your transition from dedicated dental student to dental practitioner, you are faced with certain decisions that will shape your career for years to come.
Whether it is the area you choose to practice in or whether to start a practice from scratch, be an associate, or purchase an existing practice - all of these options require an exercise in due diligence.
Although many of these options are ones you will be faced with, we will focus on just one parameter regarding the forecasting for the busyness of a potential associateship.
The new patient flow in a prospective practice is all important as it directly affects an associate’s potential busyness. Consider a new patient to be one that is x-rayed, examined, and treatment planned. It is not an emergency patient!
Today, more than ever, it is important to ensure that every dollar you invest is a wise dollar spent. The average person spends countless hours researching any major investment or future purchase. Why should an investment made in your professional career be any different? Fact is, the largest investment you will make in your professional career, other than education cost, will be on your dental practice setting. Whether you start a fresh practice or purchase an existing practice, it is absolutely necessary that you spend the adequate time and effort to make sure your investment is sound.
There are few tasks in a doctor’s professional career that are as daunting as transitioning out of a practice. Regardless of why a doctor finds themselves in the midst of a practice transition, whether it is to relocate, simplify life, or finally make that step into retirement, it is important to get it right the first time. The average doctor will not have the luxury of learning as they go, most will only experience one practice transition in their professional career. So, what are the common traits that help to make a practice transition smooth, less stressful, and ultimately more successful?
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