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Avoid common mistakes in buying a dental practice

When you begin to think about buying a dental practice, there are many things to consider. After all, this will be one of the most important decisions you will ever make. Have you prepared to do this alone? Should you form a corporation? What legal and financial questions should you ask? What regulations do you need to follow?

To make sure you address all the legalities and possible pitfalls, you may want to put together a team of professionals who can guide you and ensure that you do not overlook any issue when you find the practice you want.

Take your time

You may find a dental practice that appears to be a good fit for you right off the bat. Perform your due diligence before getting too excited; there may be negatives that you do not see right away. As a prospective buyer, you will want to go through a full clinical, financial and legal audit. This is where the team of professionals you assemble can be very helpful.

Do not overpay

Every dental practice is unique and there is no standard for valuation. The current revenue may be quite good in your view, but it is not the only consideration in terms of value. You should rely on your team to help you look at all the factors that have an impact on worth. 

Consider the comfort factor

Where is the dental practice located? Would you enjoy becoming part of this neighborhood? You should feel comfortable working in this community. Also think about your ability to maintain the existing patients and whether the services you will offer and your clinical philosophies are in sync with those of the current owner.  

This is your future

In buying a dental practice, you will be facing many questions, business issues and legalities that you must sort out. This is your future; you do not want to make a mistake and purchase the wrong business. With help from professionals experienced with the many matters involved, you will be able to find and purchase the ideal dental practice.

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