According to the American Dental Association, in the 2017 graduating class, 6,238 students graduated from the dental program, ready to start a dental practice. More students are graduating each year, and when they get ready to get a dental practice, there are some ground rules they should consider and things they should look out for. For those planning to purchase a dental practice sale in California, they should go in armed with a little information about the practice they are considering purchasing. Here is a look at some of this information.
What to Know Before Purchasing a Dental Practice
A budding dentist should consult with the current owner of the dental practice and get an idea of how the practice has been operating, and take the opportunity to ask any pertinent questions. For example, the dentist may want to know if the existing patients will become a part of the new practice. The dentist may want to find out if the existing staff will stay, and if so, what kind of work ethics they have. It is important for the new dentist to establish a rapport with the new staff.
What Else to Know about a Dental Practice
The dentist who is buying the practice should find out if the practice is worth what the seller is asking and should work to negotiate a fair price. The dentist should keep in mind that purchasing the real estate of the practice is not the same thing as negotiating a lease for the office, so perhaps the dentist could work with the lender on settling the matter. The dentist should prepare with a plan of how the practice will pay off, especially for the lender’s sake.
Purchasing a Dental Practice in California
New dentists who want to establish a practice in California can search many avenues for dentists who are selling their practices. Western Practice Sales is a broker that helps to negotiate sales between buyers and sellers of dental practices in California, Nevada, and Arizona. If a dentist is interested in a dental practice sale in California, the broker is available and offers more information on its website.