2020 may have been a year of challenges, but it was also a year that has led to the possibility of great opportunity in 2021. While many may have taken the plunge to “finally retire,” some of you may begin to consider taking the plunge into practice ownership.
Here at the WDA, we are working on a yearlong series of content dedicated to you, the potential buyer. From a new Practice Transitions-focused column in each bimonthly WDA Journal issue in 2021 to blogs, our Practice Transitions webpages and BizTalks webinars. We’ve partnered with experts from a wide spectrum of business sectors to provide you thought leadership, instant takeaways and perhaps even a roadmap to help navigate the process.
To kick this year off right, here’s a to-do list we’ve adapted from DDSmatch.com for you to consider.
10 things to do before you buy your practice
1. Get your calendar out
We’d all like things to go smoothly and quickly, but buying a practice doesn’t happen overnight. A broker needs to get to know you to find the best possible match. Pull out your calendar and set a realistic time frame with your broker. In the meantime, you’ll be working to improve and expand your skills and experience.
2. Review present and prior contracts
Make sure you have copies of your current and past employment contracts, and take a close look at the noncompete clauses they may contain. Understand those details as they could determine where you can and can’t practice dentistry for a specified amount of time.
3. Stick to your style
It might be tempting to get caught up in a potential practice match because you’re ready right now, but be clear on your practice style going into the process and don’t settle for anything less. Make a list and check it twice before buying.
4. Your credit makes you credible
You’re preparing to make a major purchase and bankers will be reviewing your financials. Be proactive and pull your credit report. Now is the time to investigate where your credit stands, to protect your credit and to address any blemishes on your credit report. Investigate, analyze, act.
Check out the full to-do list here.
