Solo VS Associate

  • Thread starter Thread starter Bijou
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Bijou

Well, my question is should I think of buying a dental practice as I graduated this past June??? Does anyone have suggestions, I am sick and tired of working as an associate where everyone wants to take money from your paycheque.


Thanks
 
if you're proficient in your skills, have the proper financing, and business smarts, yes.


Bijou said:
Well, my question is should I think of buying a dental practice as I graduated this past June??? Does anyone have suggestions, I am sick and tired of working as an associate where everyone wants to take money from your paycheque.


Thanks
 
You graduated in June and are ready for your own practice. I say go for it. Start by talking to as many dentists as possible to find out if they know anyone who is selling their practice and who the shady brokers are. Get a consultant (who is not paid on commission but a flat or hourly fee) to help you so they can look at all the financials from the practices and evaluate them as a whole. Go to as much CE as possible, if you haven't attended CE b/c you just graduated then you are behind. My personal goal is 50 hours/year. Do not go look at cosmetic practices b/c you would fall on your face. Find an underproducing practice that is well priced. Try and get a practice that produces under 500k that won't require a lot of money to update. Think rural, stay away from big cities b/c of too much competition especially if you look young.

Get a good attorney and accountant. I know too many dentists who don't hire either and end up getting screwed.

Just remember it doesn't matter how good you think your handskills are, your livelihood is based on your personality, if you hurt patients and your business acumen.

my 2 cents--I've done this before and did better than I imagined with this advice

Do not jump into the first practice you find. It took me 2 years to get mine and it was worth the wait.
 
I'm still 2 years away from graduation, however every dentist I've talked to says, "Find a mentor!" If you haven't found one yet and you plan to hang out your shingle find one now.
 
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