WHEN DO YOU KNOW YOU’RE READY FOR YOUR FIRST DENTAL PRACTICE? 

You have been out of dental school for over a year now, working as an associate, or a GPR assignment.  You’re getting antsy as the owner keeps giving you the new patient exams, fillings and the mean, nasty patients they don’t want to see.  You’ve got the itch for a change, either to do a startup, or buy your first dental practice.   But, how do you know you’re ready?  Here are a couple of questions to ask yourself:

1.  Are you confident in your clinical skills?                                                            
2.  Do you have savings to live on for 6 months, just in case of emergencies?        
3.  You have a part-time associate position that will keep the bills paid.                  
4.  You have good chair-side skills and can get patients to accept treatment.            
5.  You know, at least the elementary aspects of running a practice.                         

If you answer yes to these questions, you’re ready to buy your first practice.  You should start taking courses on practice management.  The county associations often have courses on various aspects of running a practice.  There are also Dentaltown podcasts, courses at your community college etc., which will help you get ready.                                                  

So, if you’re on the sidelines, not sure if you’re ready to own your practice and can answer yes to these questions, jump on in, you’re ready.  Give us a call if you’re still not sure.     

-Rod Johnston, MBA. CMA