Purchasing an Existing Dental Practice
If you’re a new dentist looking to start out on your own, or an experienced dentist who just wants a little extra independence before retirement, there are many benefits to purchasing an existing dental practice rather than building one from scratch. We know that it can be stressful to make this kind of life-changing career move. This is why think you should know the benefits of purchasing a practice before making the decision to do so.
Benefits Of Purchasing An Existing Dental Practice
The main benefits of purchasing an existing dental practice include:
- Already having an infrastructure in place – When you purchase a dental practice that has already been established, you’ll immediately be benefitting from the previous owner’s hard work. He or she will have already had a marketing plan, an established patient base, as well as many other things they put into building their business. Chances are that many of the staff will stay on after the transition as well, making your job even easier. In this way, purchasing an existing practice is cheaper than starting one from scratch.
- Having a competitive advantage – Purchasing the practice yourself prevents your competition from getting to it first. In fact, even if you already own a dental practice, you could purchase another as an additional practice location. Not only with this edge out the competition, but it’s a chance to bring in more patients, stimulate consumer interest and even expand market shares.
- The opportunity to build wealth – Lastly, owning your own dental practice has the potential to increase your salary substantially. You will, of course, have more responsibilities, but they will come with a salary to match. In addition, business owners are offered tax deductions and other incentives, making even more of a fiscally sound investment.
If you’re considering purchasing an existing practice and would like to talk more about it, please contact CTC Associates today. We are here to help you with any of your dental transition needs and concerns.