Prior to Purchasing a Dental Practice

It is a very important that you give yourself due consideration in deciding where to buy, how to go about it, and what kind of practice to purchase.

Take your Time

Dentists must not rush into a purchase, and need to manage their expectations, understanding that the process will take some time. There is no need to hurry through important steps and be impatient. Buying the right dental practice for you matters more than closing a deal quickly when the first opportunity presents itself.

Find the Best Location

Where would you like to live? Being a practice owner is a big commitment, and being a part of the local community is a big part of that. Participating in local activities and mingling with neighbors will help your business grow. And ensuring a shorter commute could also pay off. Trading off time spent in commute with time spend amongst family and friends is not a bad deal.

What sort of community is the right fit for you and your family? Do you like the suburbs, or do you want to live in more of a rural community? These choices will dictate how many competitors will be in close proximity. Other issues are whether or not your spouse needs to find work, and the quality of the school system in the area.

Choose the Ideal Practice for You

Lay out a working business plan. What size of dental practice do you anticipate? And do be careful to leave room for growth. Will you be establishing a specialized or generalized dental practice. Can you establish relationships with other practices in the community that can give you referrals? Do you prefer a long client list with a five-day-a-week-schedule? Or maybe you’d prefer a smaller practice that allowed for more time off. Naturally, these decisions will affect your finances and may dictate your level of day-to-day stress too.

Seek an Appraisal

Seek an appraisal through a certified public accountant. And prefer a professional that has experience with dental practices. This will help you establish a clearer point of view.

Assemble a Team of Professionals

Just as your business cannot operate without the support of patrons, you’ll never realize your full-potential without the aid of experienced professionals. You’ll have to rely on the expertise of others as your patrons will have to rely on you. Trusted advisors can save you plenty of trouble. Here are a few people you’ll need:

• A CPA versed in aiding dentistry practices and other small businesses on how to stay compliant and reduce their tax burden. You will want a Certified public accountant who can help you develop tax strategies. You want a cpa to advise you on how to structure your business entity (LLC, PLLC, Sole Proprietorship, S-Corp, C-Crop).
• A Bookkeeper who is versed in a bookkeeping system like Quickbooks. A certified Quickbooks ProAdvisor is a title bestowed upon a bookkeeper which says the person is certified by by Intuit as skilled with the bookkeeping platform.
• A legal professional to review documents and legally protect your interests.
• A consultant also could prove valuable in the long run, helping you save money and avoid headaches.
• At the start you should establish a relationship with a bank. Getting prequalified helps you keep perspective on how to put in a good offer and how much you can afford.
• An insurance agent will evaluate risk and assess the value of your business to see exactly how much coverage you will require.
• It is a smart idea to seek the aid of a mentor that has experienced similar circumstance to those you’ll face.
• A marketing pro that knows online marketing.

When starting a dentistry practice, go into it with a team that can make sure you get it right.

Tax CPA John Huddleston has a law degree and masters in tax law from the University of Washington School of Law. He has been a guest tax expert on the radio. He advises small businesses in the Seattle Bellevue Tacoma & Everett area on various tax and accounting issues. His firm, Huddleston Tax CPAs, also provides tax preparation service, QuickBooks consulting, business valuation, general accounting and bookkeeping service. Profile information on CPA John Huddleston and the CPAs employed by Huddleston Tax CPAs is available at CPA tax accountant profile. Seattle CPA John Huddleston is a frequent publisher of tax saving ideas.