Is Now a Good Time to Buy a Practice?
JoAnne Tanner, MBA, CEO of Tanner Management
You’ve been planning, dreaming, and working toward one of the most significant decisions of your life. The first steps toward turning your vision into a reality can be the hardest and come with many new questions and concerns. But negative worries plague whether now is the time to buy your dental practice. I’m sure it keeps the midnight lights on as you ponder through the excitement and the fear of owning a practice.
Let’s face it, negative and scary news sells, and positive, happy information is boring. Don’t be pulled under in a wave of bad news; break free and look to the many dentists thriving and growing even during the pandemic.
The excellent news is that dentistry is here to stay. Dental practices seldom fail (approximately 2%) because everyone needs a dentist at some point in their lives, and it may as well be you. Yes, the pandemic slowed dentistry down as it did the world, but we are back on track for success. Many dentists decided to retire early, leaving some communities without adequate dental care. Many patients across all communities and economic statuses delayed dental care and now seek it in higher numbers. Dentistry is rebounding daily. Dentists are making money, and dentists are happy. It’s time for you to join the club! Setbacks will come and go, but we must continue to build on the positivity that abounds.
Now more than ever, it is essential to bring a seasoned practice management/transition specialist onto your team of practice purchase experts. We can provide critical information that will make it easier for you to make the most important decisions for practice success. We create custom plans utilizing our services that meet your needs and wants. Some but not all that we can provide are:
· Cash flow analysis and management of resources
· Implementation of vital office systems/technologies/manpower/marketing
· Help manage the transition in ownership.
· Help determine potential trouble spots and eliminate them
· Grow your practice and increase your patient base through careful advice and planning
The most favorable outcomes in business success come from careful planning and a strong relationship with your practice transition team. A positive outlook and due diligence in your practice purchase will give you the success you have dreamed of.
Give us a call today and we will guide you through the maze of practice ownership for a pleasing outcome.