What to Consider When Looking Into Dental Practices For Sale in California
New dentists right out of school are often itching to make a name for themselves and eagerly anticipating the day that they will own their own professional practice. Often it takes years of hard work to pay off student debts and save the necessary money to take this next prestigious step. Some dentists never make it to this point. But for those that are getting close, it’s good to consider options in advance.
When looking into dental practices for sale in California, most practicing dentists’ first consideration is price. It’s important when giving thought to this issue to make a distinction between price and value. Cheaper is not always better. The local market and specific location of the existing practice will dictate price, but the existing client base and success of the practice will go into proving its value. Purchasing a practice with a large and loyal customer base already established will help to make up the initial investment cost in less time.
One aspect of evaluating value is to consider skill sets. Ask a few questions about current client expectations. Does the previous owner specialize in any particular area of dentistry, and has his or her client base come to expect these services? If the answer to this question is yes, it’s important to continue to provide these specialized services. For example, dentists who specialize in cosmetic dentistry will find more success when purchasing a practice that already has an established base of clients who desire these services.
A second question to ask is: are there any services not currently provided that will be the focus of the new practice? Not only will it be more difficult to build a new client base if this is the case, but it may also require a higher initial investment. Purchasing necessary equipment and properly marketing new procedures being offered will require a lot of extra cash.
Only the dentist in question can evaluate the potential value of an existing practice. However, going through a qualified broker can give him or her access to professional advice and a wider variety of choices. Western Practice Sales offers brokering services for dental practices for sale in California, and can be contacted for a consultation online or by phone.