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
- 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
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.