Dental practitioners often believe they have two basic options: start your own practice, or purchase an existing one.
Yet, a third viable option may make sense for your future.
Starting your own office — gives you the opportunity to build just the right office for your taste. You have control over size, type of equipment and design. This comes at a price, however, as the typical startup costs up to $250,000 in a leased space.
Buying an existing practice — is an attractive option if you can find the right practice at the right price. If the previous owner does not assist with the transition, patient attrition typically runs about 30 percent. You inherit the ability to generate income from an existing patient base, but you also must deal with any inherent practice problems like overpaid staff, older equipment, and someone else's office protocol.
A third option — that few investigate, is possible when a dentist relocates to a bigger space and leaves his office and equipment for sale at a greatly reduced rate.
You can, essentially, do a startup for a fraction of the typical cost and you don't have to wait months for design aspects, building permits and construction of tenant improvements. Your debt service will be half of the traditional startup and you can start within a month of acquisition.
These are turnkey operations for pennies on the dollar.
Our extensive relationships with key lending institutions can help you attain financing for your new office.
WCG specializes in these 10 categories of issues that must be dealt with in a practice startup:
- Site Selection
- Budget and Finance
- Facility Layout
- Advisor Selection
- Business Plan
- Equipment Acquisition
- Marketing Plan
- Policy And Procedures
- Human Resource Planning
- Monthly Reviews After Opening