We are proud to announce our partnership with accounting technology company, Ceterus. Through this strategic partnership, our firm will be better positioned to provide client accounting services, particularly for our growing client base in the dental industry.
After the start-up and acquisition phase is complete and you have a regular patient base established, you’ll find yourself in the growth and maintenance phase. At this point, you may be wondering how your Practice compares to others in the industry or maybe you’re ambitious and curious about growing into a two-Practice owner (three-Practice, four-Practice or more)!
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.
Over the next few weeks our dental team here at LBA Haynes Strand will be presenting a series of blog posts related to the lifecycle of a dental Practice. Items we will be highlighting include:
• An overview and introduction to the stages within the dental Practice lifecycle
• Key questions to ask when buying a dental Practice
• Selling your dental Practice
As we move through these topics we will strive to provide up to date, informative and helpful information for today’s dental Practice owner whether you are in the first stages of starting your Practice or looking at retirement.