Owning your own dental practice is exciting, but it takes time to build up. Many professionals buy a practice to take advantage of existing staff and clientele. How to buy a dental practice is a mystery to many, but we’ll break it down for you.
Steps to Buying a Dental Practice
CPA Eric DeViese explains the two steps to buying a dental practice. First is the calculation step. Looking at the financials such as labs, staff, rent, and overhead, not just the income from the practice, gives you a better chance to decide which practice to buy.
You’ll need to know the tax situation, W-2s, if they take insurance, and all this and more will go into a comprehensive report. You’ll consider the issues such as employee costs before making a decision.
The second step is the deal. You’ll need a professional to walk you through the calculations, the legalities, financing, the lease, closing, and above all, have your legal representative go over the papers with a fine-toothed comb for your protection.
In the end, you have to understand every last word of all the calculations and deal papers before you can experience how to buy a dental practice.