Benefits of Purchasing an Existing Dental Practice
Whether you’re a new dentist looking to start a practice or a seasoned dentist trying to find a little more independence, there are lots of great benefits to purchasing an existing practice. Any major career move can cause stress and feelings of uncertainty. It’s important to do your due diligence before making your decision.
Benefits of Existing Practice Purchase
A few of the many benefits of purchasing an existing dental practice include the following:
- Competitive Advantage – If you already have a practice but would like to increase your patient base, adding a practice location is a great way to do this. Not only will purchasing a second practice expand your market share, it can also help stimulate consumer interest.
- Infrastructure Already Established – One of the main benefits of stepping into an existing practice is that there is an infrastructure already in place. You’ll be benefitting from the previous owner’s marketing efforts, employee training, and anything else they put into developing their dental practice. Already having a staff and a patient base in place is a much cheaper option than building a practice from scratch.
- Opportunity to Build Wealth – While owning your own dental practice may increase your responsibility, it will also increase your salary. In addition, business owners are allowed certain tax deductions or other incentives.
Just like all the other options, purchasing an existing dental practice has plenty of benefits, but comes with some drawbacks as well. No matter how you decide to create a dental practice, Pro Dental Designs will be here to help you market your practice, retain a patient base, and bring in new patients. Give us a call to see how we can help!