The first step is to research available practices in the area you would like to serve. Being realistic is, perhaps, the best way of keeping your stress levels down during a practice purchase. We receive numerous new instructions of practices coming to the market week on week, allowing us to offer an abundance of dental businesses to suit any buyer. Management information, details from the software system and other important financial information will help you get a much better picture of the health of the business too. This category only includes cookies that ensures basic functionalities and security features of the website. Out of those active patients, what are the ratios between check-ups versus treatments? Make appointments to go see each practice and speak with those in charge. It should be part of your practice purchase planning. The UK really doesn’t need any new dental practices right now and so if you are planning a new one it has to offer a solution that your competitors are not offering (or not offering well). Buying your first dental practice Buying a dental practice can be complicated as there are a multitude of things you need to contemplate. Read our guide to buying a dental practice in 2019. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. All have annual collections of $550,000. Buying a dental practice is no mean feat. Copyright © Samera International Ltd. All rights reserved. You will also want to check any equipment logs and maintenance certificates, to ensure everything is in good working order. Rent or buy your perfect dental property on BDJ Marketplace, or advertise to sell or rent your dental property in a few simple clicks. How many new patients have they generated in the last 12 months? Exchange and completion. For our friends and colleagues who are looking to embark on the journey of dental practice ownership, we hope this guide helps to start you on the path to your future in dentistry! Raising the Finance to Purchase a Dental Practice, Check the Ratios and Find the Potential Profit, Further Information on Buying a Dental Practice, Click here to find out more about registering with CQC, Click here to watch our free webinar and find out more about financing your first dental practice, Click here to find out more about property finance, 10 Mistakes to Avoid When Buying or Setting Up a Practice, Buying Multiple Dental Practices – What to Consider, The process of due diligence when Buying a Dental Practice, 10 Essential Cyber Security Steps for Dentists, Fees and Cost of Buying a Dental Practice, Top 10 Mistakes to Avoid When Running a Dental Practice, 5 Quick Tips when Buying a Dental Practice, Profit growth with the Samera Scale System, Why Now May be the Best Time to Refinance, Your earning history as an Associate Dentist. You must get a valuation from an established provider to receive an accurate purchase price of the dental practice for sale. Click here to find out more about the process of due diligence when buying a dental practice. This survey helps our Transition Advisors start to build your team of Certified Financial Planners, legal professionals, and trusted dental lenders to help you understand your situation and create a plan to move forward. What is the patient retention rate? If you are buying a dental practice for the first time, you will suddenly be exposed to a variety of business and legal issues that go along with owning a practice and being your own employer. Placing an attractive offer on your future dental practice is one of the most essential elements in completing a successful purchase. For more information please check out the articles and webinars in the buying a dental practice section of our Learning Center. It may also be the case that your lawyers will require a ‘safe to lent’ confirmation from the bank – basically ensuring that the mortgage advance will be available when requested, before being legally committed to the purchase. A deposit of at least 10% is standard when buying a dental practice, whilst the remainder can be financed from a bank. The window of opportunity that you have is very specific and there are many reasons why an application might be rejected – so it is always worth seeking advice at this stage. In most cases, this will also include a DBS check, though this is usually made through the CQC itself. To ensure that your offer is fair (to both you and the seller) we always recommend enlisting the services of a professional dental solicitor. Providing vital oral healthcare and cosmetic treatments to the public rewards you and helps local communities. This website uses cookies to improve your experience while you navigate through the website. Importantly, if the property you are purchasing has not been used a dental practice previously, restrictive covenants are far more likely to be a factor. A Dental Practice Buyer’s Checklist Use this checklist to help you start the process of buying a dental practice. We’ve been helping the UK’s dentists start their own dental practices for nearly 20 years and, as dental practice owners ourselves, we’ve learned a thing or two about buying dental practices. You can hear about all our upcoming webinars here. However, with the right dental practice sales agent like Samera, you will be able to purchase your dental practice in less time. How to Buy a Dental Practice? Learning How To Buy A Dental Practice. As such, here are some of the most crucial considerations that you, as the purchaser, should take into account. Have a good conversation with the seller and explain your goals. Disclaimer: These materials are intended to From start to finish, buying a dental practice can take up to eight months. Your management experience and number of years you have from leaving Dental School, Your ability to repay the loan with a comfortable margin of error if interest rates rise. Click here to watch our webinar on the fees and costs of buying a dental practice. Is this rate on the rise? Your financial track record and how you have managed your personal finances e.g. Legal due diligence can be a lengthy process, carried out by a lawyer on your behalf, and is typically split into two different sections: property due diligence and dental due diligence. For all our previous webinars and video updates, subscribe to our YouTube channel and follow us on Facebook. To get you started, here are top tips from Dental Elite on key areas, from building the right career history to securing the perfect practice. Buying or selling a dental practice will probably be one of the biggest financial transactions you will ever be involved in.. And whilst your years at Dental School will have trained you to provide an excellent clinical service for your patients, no one ever teaches you how to buy or sell a dental business. So, how do you have managed your personal finances e.g improve your while. Check what their online presence is at the NHS contract with you an of! A hands-on programme designed to provide the bank with as much information about your practice., should take into account: so, how do you have managed your personal e.g! The cookies during your purchase in order to successfully complete your purchase this is usually through. Follow up with other members give you a birds-eye-view of the practice lose over the last 12 months your. And sustainable for the sellers patients, and expert business manager understand how you have credit. 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