A Buyer's Quandary
Statistics reveal that out of about 15 would-be practice buyers only one will actually buy a dental practice. It is important that potential sellers be knowledgeable on what buyers go through to actually become practice owners. This is especially true for those who have started their own dental practice or have forgotten what they went thorough prior to buying their practice.
If a prospective practice buyer is employed, he or she has to make the decision to leave that job and go into business for and by himself. There is also the financial commitment necessary to actually invest in a dental practice and any subsequent loans that are a result of the purchase. The new owner will likely need to execute a lease or assume an existing one, which is another financial commitment. These financial obligations are almost always guaranteed personally by the new owner.
The prospective practice owner must also be willing to make that "leap of faith" that is so necessary to becoming a dental practice owner. There is also the matter of family and personal responsibilities. Practice ownership, aside from being a large financial consideration, is very time consuming, especially for the new business owner.
All of these factors have to be weighed very carefully by anyone that is considering practice ownership. Buyers should think carefully about the risks - and the rewards. Sellers should also put themselves in a buyer's position. The services of a professional dental business broker or intermediary can help determine the relative pros and cons of the transaction.
