Whether you’re a dentist with an entrepreneurial spirit or simply looking for more independence as a professional, buying your own dental practice can present immense opportunity. At the same time, making such a big business move can come with many doubts. Having helped many professionals complete successful dental practice purchases in Arkansas, Level 5 Dental Consulting highlights a few reasons why this investment is a good one.
A dental practice purchase offers the following unique benefits:
- Existing Infrastructure: When a dentist sells his or her practice, all the effort they put into developing their business can help make for a seamless transition. For starters, you will likely acquire many of the patients that sought out care from the original provider. Unless they are moving with the dentist, you may also be able to retain original staff members who have an understanding of the business and a familiarity with patients. If you can purchase existing equipment, you can also save time on setting up the clinic with essential resources.
- Wealth-Building Opportunity: If you are a dentist that is currently employed by a practice, purchasing your own can dramatically increase your salary. While you will have to manage dental billing and other financial responsibilities, you will also be able to make the decisions that can impact the long-term value of your business. And, as a business owner, you’ll be afforded several tax deductions and incentives that can help maximize your annual profits.
- Competitive Advantage: A dental practice purchase can also be compelling for professionals who already operate their own practices. If your current patient base is lacking, opening a new location can help you stimulate consumer interest and expand your market share. By deciding to buy an existing practice, you can also prevent your competitors from owning the property.
Although there are many reasons why a dental practice purchase can be a lucrative, long-term investment, it’s not a process that is without its challenges. To help ease your dental practice transition experience, the Level 5 Dental Consulting team offers comprehensive services to help you start, grow, or refine your business. Check out their website to learn more about their consulting services or call (501) 483-3939 to schedule a time to discuss your venture.