Hundreds of dental practices are purchased every year. It has become increasingly popular to buy a practice rather than build one from scratch. This is because dentists can often buy a relatively good-sized dental practice for cheaper than what it would take to build one from the ground up. Learn more about how much it costs to buy a dental practice.
The Difference Between Value and Price
There is more to buying a dental practice than just the cost. One common mistake when buying a dental practice is assuming that value and price mean the same thing. While getting a suite or building at a good price might seem like a great deal, it does not guarantee success. Great value at a reasonable price is what sets a dental practice up for success. Knowing the difference between value and price can help you determine the cost of a dental practice.
Keep in Mind the Location
The location has a fairly substantial impact on the overall cost of a dental practice. Practices that are located in more expensive and well-trafficked areas are likely to hold a higher price tag. A quality location can make or break a dental practice. Purchasing a dental practice that is fairly inexpensive but in a poor location could end up costing you more than it is worth. Keeping the location in mind can help determine the cost of a dental practice.
Practices that are made up of successful dentist practitioners are more likely to sell for a higher price. This is because qualified dentists have a large clientele base and a great amount of success. If you are considering purchasing an existing practice, it may behoove you to purchase one with already successful dentists. Though that may come with a bigger price tag, it could potentially bring more benefits in the long run. However, it’s important that your dentistry skills and experience can compete or match the previous owners to maintain and continue to improve the dental practice’s success.
Knowing the cost of a dental practice can often be difficult to pinpoint. Many dentists find it hard to know whether or not they are getting a good deal. While there is no one set price for a dental practice, there are some ways to help ensure you purchase a quality practice at a fair price. At Premiere Practice, our goal is to help dentist learn the ins and outs of how to run their business to achieve success. We know how valuable your dental practice is, which is why we ensure that both buyers and sellers get the best deal possible. Our consultants have a combined experience of dental consulting, real estate, and business consulting. This means that we know virtually every aspect of the dentist industry. For more information about dental practices, contact Premiere Practice today at 855-778-4463.