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4 Things To Consider Before Bringing On A Dental Partner
Dental partnerships can sometimes be a lot like a marriage! And just like a marriage, you don’t want to jump into it too quickly and then be disappointed – and stuck! It’s important that you look for the right fit, are both committed to your practice, and take your time!
We’ve put together a list of 6 things to look very closely at before you bring on a dental partner, or before you join a partnership!
- Due diligence – Take some time to learn everything there is to know about the practice. Ask plenty of questions, and be thorough. Review patient records, financial records, leases, equipment lists and marketing strategies. Don’t be afraid to voice any concerns you may have, if you find there are issues.
- Purchase price – A major hurdle to be overcome when buying in is agreeing upon the value of the practice. It’s normal to become emotionally involved in this process, but it’s important to remember that communication with your potential partner is key to the relationship.
- Philosophy and personality fit – Obviously, you want a partnership to be a long-term relationship. But you need to make sure that you share the same professional and business goals as your partner, in order to make sure your practice will be successful.
- Partnership agreement – The partnership agreement will outline the day-to-day habits of the practice and which partner will be responsible for certain duties. The agreement will also outline exit strategy issues in the “buy-sell” section of the agreement. Discuss this agreement at length with your potential partner to ensure that you can agree on all points.
Each practice and each partnership is unique and there are never really any one-size-fits-all answers. So for assistance with buy-ins and dental partnerships, please contact CTC Associates.