9 Things to Consider When Looking at a Dental Business for Sale
Buying any business, especially dental practices, can be tricky. There are many things to consider before you commit to the purchase. These factors form the basis of whether you can take over and sustain as well as grow the business. It is, therefore, crucial to know which questions to ask, the elements to bear in mind, and the information to know before buying a dental practice.
Here are 9 things to consider:
- Current business performance: The first and most basic question to ask yourself when analyzing a dental practice is, “How is the business currently performing?” Ask how many patients the clinic receives on a monthly basis and the average amount they spend.
- Local competition: The next factor to know is the extent of competition that exists in the local market. How many other dental practitioners are located near the clinic you are buying? Also, get a hint of how their businesses are performing.
- Location: Where the clinic is located tells a lot about whether you should consider a particular dental business for sale or not. Know the location demographic and the probability that they will be attracted to your business.
- What is the selling dentist planning for their future: Consider whether the current dentist selling the business wishes to stay with the clinic or leave and open another practice nearby.
- To what extent have patients been treated: If there has been extensive dentistry performed on patients, there may not be many active patients with large treatment plans as you move forward.
- Volume of repeat patients: Another thing to consider is how many patients return on a regular basis, as it determines the sustainability of your revenue stream.
- Are current prices competitive: If the current clinic is charging too much or too little, it can create problems, even if the business is doing well at present.
- Equipment value: Fair value of the equipment in the clinic is another determining factor to consider when buying a dental practice.
- Tech compatibility of the staff: As we move towards a digital age, having tech-savvy staff makes them open to change and growth.
If you are interested in a dental business for sale, CTC Associates are your reliable partners to help acquire a sustainable business. Get in touch with us today.