Navigating the Path to Dental Practice Ownership: Key Considerations for Associates When BUYING IN or PARTNERING

Are you thinking: “I want to buy in and partner with the awesome dentist I am working with as an associate?” 

Firstly, congratulations on taking the first step towards practice ownership! As a dental associate, you have diligently worked to gain the experience and expertise necessary to excel in the circus of dentistry. And now, you are thinking: what’s next? 

Whether it's buying into an existing practice or partnering with your awesome dentist to co-own, these decisions are high-risk and high-reward. This is an exciting time to explore new opportunities and grow your skills as a business owner. But before diving into the wild west of practice ownership, review Dr. Nacho’s tips for success. 

#1: Get an independent appraisal of the practice.

This should be $3-6k. Do not hire a broker who is paid a commission on the sale of the practice. There is no need for a traditional broker as the seller knows the possible buyer (you :))

#2: Hire your own team of advisors to advise YOU only.

Do not share advisors with the seller.

#3: Connect with your “basketball” transition team of advisors to connect with for success. (Using the team framework from 1990s NBA) .

• Point Guard: Dental Focused Accountant

• Shooting Guard: Bank

• Power Forward: Dental Focused Attorney

• Center: Financial planner/coach

• Small Forward: Buyer coach/practice management consultant

I work on all sides of this “dentisting” world and my best advice is DO NOT become emotionally invested in the outcome BEFORE hiring advisors with YOUR BEST INTEREST in mind to evaluate this opportunity with you. 

This can be awesome or awful. There is rarely an in-between with partnerships.

Thinking about practice ownership and want to learn the business side of dentistry? Our Nacho On Demand CE platform has the CE and content you need to avoid the hurdles that come with acquiring and running a dental practice. As a Dental Nachos Supreme member, enjoy 10% off all extra nacho-toppings along with 365-Day Access to our Nacho On-Demand CE platform (200+ hours of self-study CE content) for only $399/year. Nacho-brainer!! Click here to join.  

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