In an American Dental Association and BMO Harris Bank advice column, one expert provides advice for dentists considering going into solo practice via acquisition.
The article was penned by Christine Olmstead Lopez, a commercial banker who advises mid- to large-size dental practices.
Establishing a solo dentist practice may require the acquisition of an existing one, according to Ms. Olmstead Lopez.
Here are four basic considerations to ensure dentists find the right practice:
1. Timing. Dentists should have built up successful strategies for managing employees, negotiating contracts, monitoring cash flow and marketing. BMO Harris Bank has found that associates who acquire a practice after at least two years of practice experience are best positioned for success.
2. Lifestyle. Dentists should assess if they want a location in an urban, suburban or rural area, and how many days a week they prefer to work.
3. Practice size. Consider time required for patients and the attention required for additional team members.
4. Transition plan with the selling dentists. Dentists should know if they want the selling dentists to still work for a period of time or not. A sound transition plan is critical to ensure patient and staff retention.