Common Reasons Why Associates Are Purchasing Practices
As a Dental Practice owner, you can determine your own your own destiny and have a better control of your future. Purchasing a practice is a huge commitment and keeping your motivations at the forefront of your mind will enable you to run your practice in a way that achieves these goals.
Whilst each Practice Owner will have their own unique motivations, there are a few common benefits that make purchasing a practice an exciting opportunity. Let’s take a look…
You Make The Decisions
When you buy your own practice, you are your own boss and therefore have the ability to control any aspect of how the business runs. No one enjoys “office politics” and although it’s not uncommon to disagree with a colleague from time to time, a negative working environment can have a negative impact on your productivity and satisfaction levels.
By buying your own practice, you can create the culture you’ve always dreamed of, with colleagues you personally choose and a schedule that works for you. Beyond this, you are responsible for the wellbeing of your patients.
As obvious as it sounds, Practice Owners earn more than Associates. Money may not be your biggest motivation as a dedicated dental professional but investing in your own practice means wealth can continue to grow. If you think about it, you can maximise your earning potential by treating more patients without doing all of the work yourself!
Furthermore, purchasing a dental practice means owning a business and a property – an asset that will only increase in value over the course of your career.
Affordable Practices Are Available
Finding your ideal practice often takes several viewings and searching in different locations other than where you currently live. For instance, dental practices located in busy urban areas tend to be priced higher as opposed to those in quieter rural areas. If you are not tied down to a particular area, by moving to a different part of the country you may find better value for money and allow you to live the life you’ve always dreamed of.
Securing Funding Is Not Hard
Securing finance to fund your practice acquisition is not as hard as you may think. Working with a specialist broker will enable you to explore your loan options and negotiate a deal that fits within your budget.
Ultimately, purchasing a practice should be viewed as an opportunity and not a risk. It’s your chance to become a successful business owner and reap the financial rewards you deserve.
However, it’s important to keep in mind that your skills need to go further than just dentistry. From CQC and health & safety to marketing and all the other elements of operating a dental practice, ensure you are prepared to manage these tasks.
If you are realistic and plan ahead, you will have a successful career for decades to come.