Some dental practice owners own the building where their practice is located. The longer the doctor has owned the practice, the more equity they may have in the building. They also are paying themselves a high rent for tax planning purposes. One of the questions we get asked when a dentist is considering selling their practice is, “Should I also sell my building?”
One thing to consider...Read More
By Steve Kikikis
Today we address a question we hear frequently from dentists: If you are at a point in your career where you have paid off your school and initial practice loans, and are tired of paying your landlord’s mortgage payments for him or her, then now is one of the best times to purchase real estate as an owner-user.
As everyone knows, we are in the midst of a good economy....Read More
Every potential practice owner comes to a crossroad where they ask themselves, “Should I buy an existing practice, or should I just go start up a new practice at a new location?” We typically suggest you find a good existing practice to purchase, but if you cannot find one that fits your needs and desires, then the alternative is to start one from scratch. There are pros...Read More
Happy New Year! Is this the year you finally take the plunge and buy your own practice? Or are you content with being an associate working for someone else? Here are a few reasons why 2019 should be the year you become a practice owner:
Interest rates are starting to move up. The past few years have rewarded buyers with interest rates in the 4% to 5% range and some with as low as...Read More
When you buy a house, there are certain key things you check to make sure it’s a good, solid house. Those include the condition of the roof, foundation, electrical, plumbing, etc. Well just like buying a house, there are key things to look for when buying a practice. Here are a few I suggest you look at to make sure you are getting a good practice:
Cash Flow – This is how much cash the...Read More
Do you know everything you need to know when you’re looking at buying a practice? There are so many different things that require expertise to evaluate a practice. There over 70 things you need to do in order to get the practice ready to close so you can start practicing. There are an overwhelming amount of decisions to make during the process of buying and setting up a practice. It can...Read More
Given it’s almost Halloween, I thought we would cover a scary topic when purchasing a practice – Skeletons in the Closet. If you have purchased a practice, or are about to purchase a practice, the skeletons in the closet are those unknown things that can come back and BITE YOU! after you have taken ownership and moved in.
The first one to look out for is staff embezzlement. You can tell if...Read More
By Rod Johnston, MBA, CMA Here are 10 of the most frequently asked questions we get when buyers come to us looking for a practice to purchase:Q-1: When should I buy a Dental Practice?A-1: Most buyers are out of school at least two years. This allows the dentist to increase his hand speed and allows them to be an associate in a practice or two where they can see how a practice is run....Read More
All practices have something wrong with them. Some have more problems than others. The key to analyzing and acquiring a practice is having a vision and being able to know how to overcome and fix the problems.
Case Study #1 – A practice has historically produced $800,000 but is now down to $400,000 with no new patients coming in the door. Turn and run, or look into it further? If you...Read More