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Buying Your First Dental Practice in Utah

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Buying your first dental practice will be one of the most exciting steps you will take in your life. If you are tired of being in an associate role and yearn for a place of your own, you should consider making this investment.

However, acting on your passion is not the answer to running a dental practice successfully. Here’s a list of questions to ask yourself to determine how ready you are:

Financial Considerations

What is the asking price for the dental practice?

How much does the dental practice make annually?

Does the practice have any liabilities or outstanding debts?

Can the current owner provide a detailed financial history of the practice?

Do you have enough saved to live on for six months in case of emergencies?

Patient Base

  • What is the patient retention rate?
  • How does the practice attract new patients?

Staffing and Management

  • How many staff members are currently employed?
  • Is there a management team in place, and how are daily operations handled?

Operational Details

  • What is the current daily patient load?
  • How are appointments scheduled?
  • What is the condition of the equipment and facilities?
  • Does the practice offer any specialized services?

Legal and Regulatory Compliance

  • Is the practice compliant with all state and federal regulations?
  • Have there been any malpractice claims made against the practice?

Transition and Training

What is the transition plan for the current owner?

Should you hire a dental broker in Utah for the process?

Is the current owner willing to provide training and support?

Patient Satisfaction and Reviews

  • How does the practice handle patient feedback and complaints?

Personal and Professional Goals

  • Do you have the skills to ensure the practice will run smoothly?
  • How good is your chair-side manner?
  • Do you have a side job to pay the bills until the practice takes off?
  • What are your short-term and long-term plans for the practice?

Take the time to evaluate each aspect of the practice to ensure a successful and rewarding investment. Get in touch with CTC Associates to get access to a team of professionals who have handled thousands of transactions of dental practices for sale in Utah. Check out their articles to gain knowledge of dental practice sales. Browse their online inventory of listings to review dental real estate. For more information, call 801-298-4242.

Posted on Dec 15, 2023
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File ID 29824581 | © Alxyago | Dreamstime.com

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