Before purchasing a dental practice, there are a few things you need to ask to ensure you are getting a good bargain. Here are three questions you need to ask before you buy a Dental Practice For Sale in Nevada.
What Am I Getting Into?
Make sure the asking price of the practice is in your range and competitive for the area, and expect to sign a confidentiality agreement in case of anything happening between you and the seller. Sellers will want to keep their information confidential, understandably, but ask for a practice profile and a valuation report. Make sure you request the historical financial information for the past three to five years. By that point, you should know if you want to buy the practice or not.
When Should I Buy?
Don’t buy a practice right out of school. Work as an associate for two to three years to gain experience in the field and really familiarize yourself with the business side of a dental practice. It is best to buy when the owner of a practice is retiring because usually that practice is already established. It should have a good reputation, a solid operating system, demonstrate an understanding of staff dynamics, and provide realistic expectations. Also, you know they didn’t go broke or have some ulterior motive for selling the practice.
What Are the Dynamics of the Area?
There should a lower dentist to population ratio to guarantee your practice will actually be needed in the area. Under-serviced areas can be advantageous because there will be more potential clients. The practice should be visible and easily accessible from the road. Look into the future growth of the area, and also look at the housing infrastructure to see how much development will be coming to the region.
Buying a Dental Practice For Sale in Nevada can be difficult, but if you ask a few questions, you can really decipher if the practice is something that you want to invest in. Make sure to poke and prod into the practice’s finances and research the demographics of the area to make sure you’ll have enough business. Visit WesternPracticeSales.com for more information.