Dental Partnership Checklist

Entering into a dental partnership can be similar to entering into marriage. It’s important that you don’t jump into a partnership too quickly, or else you might find yourself disappointed, miserable, frustrated, and stuck! It’s important for you to take the time to find someone who would be a good fit for your practice, and who you can get along with.

THINGS TO CONSIDER WHEN ENTERING INTO A DENTAL PARTNERSHIP

Below are a few things you should stop and consider before you sign any paperwork with a new dental partner:

• Personality & Philosophy – It goes without saying that you want a dental partnership to be a long-term relationship. Because of this, it’s important to make sure that you and your potential partner have similar professional goals and similar views of what you want your practice to be. This is the best way to ensure that your practice and partnership are successful.
• Purchase Price – Agreeing upon a purchase price is another hurdle you’ll need to overcome when entering into a partnership. This can be an emotionally testing process, but it’s important to keep open lines of communication between yourself and your potential partner.
• Due Diligence – Learn everything you can about the practice. Take your time with this step! It’s important to be thorough and to ask any questions you may have. A few things to review include equipment lists, marketing strategies, financial records, and leases.
• Partnership Agreement – This is the last, and very important step. Your partnership agreement will outline the daily habits of the dental practice, listing which partner will be responsible for which duties. It will also contain a buy-sell section, which will outline exit strategies in the event of an unsuccessful partnership. This document should be studied and discussed with your potential partner. Make sure you both agree on each and every point.

Because each dental practice is different and unique, it’s hard to issue any one-size-fits-all answers regarding dental partnerships. However, if you’re looking for help with hiring a dental partner, or other issues regarding your dental practice, please don’t hesitate to contact Pro Dental Designs today.