Every dental Practice follows its own unique lifecycle, however, there are a few main phases it will pass through as it continues to grow and evolve that we’d like to focus on:
• Start Up & Acquisition
• Growth & Maintenance
• Sale of Practice & Retirement
Before you enter any phase, we highly encourage any future Practice owner to seek out professionals who specialize in the dental industry. There are many pain points that can be avoided by working with a CPA, attorney, banker, etc. who specialize in the dental industry and can guide you in the right direction from step one. Once you have your Practice advisory team in place, it’s time to look at the next big questions: Do I want to start from scratch or purchase an existing Practice? And where will my funding come from?
If you’d prefer to purchase an established Practice, our dental team works with you to find purchase options and review these options through our Practice Scorecard Analysis and due diligence process. Much like the Due Diligence period of buying a house, this is where you have a chance to review various aspects of the Practice and determine if it’s right for you. Many items are looked at during this but we help our clients to focus on what the historical financial data of the Practice shows and how it will apply to you, your future ownership of the Practice and if this coincides with your ownership goals.
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