Hey everyone. I have a friend who for the longest time wanted to invest in a future practice with me. Is it a good idea to do that? I know nothing about the business side of dentistry and how to run a practice. He has experience running a medical practice and has a business background. If he were to give me enough money to buy or start a practice, how would percentages and all that work?
Friend wants to invest in future practice
- Thread starter toothdoc8
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Respectfully, given your lack of experience on the business side it’s a recipe for a broken friendship. Would avoid until you have a little bit better baseline understanding of business.
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Depending on the state, your friend may also not be legally allowed to own a % of a practice if he is not a licensed dentist in the state.
It’s really not that complicated to run a dental office. Take a residency and/or a few years in practice to become the type of dentist you want to be and then get funding from a bank to buy or start a practice. There is no need to include another person into the mix.
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I completely agree with yappy. There is no reason to get another person in the mix. If you are really looking for mentorship, maybe look for a practice to join where the owner want's to retire in a few years and work out a deal to purchase the practice that way. Either way, I wouldn't do it with your friend.
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