Practice Transitions

Table of Contents

  • Practice Purchases
  • Practice Startups
  • Practice Sales

Becoming a dental or medical entrepreneur can be complex yet rewarding. We understand the difficulties doctors face when opening their first practice or their second practice. Whether you decide to purchase an existing practice or start one from scratch, we are here to guide you every step of the way.

Both options have their advantages and disadvantages. For more on this, read our blog on Should You Buy an Existing Practice or Start One from Scratch?

As dental and medical attorneys, we can help you with the following:

Practice Purchases

The most common way to become a medical or dental entrepreneur is to purchase a practice. With the right guidance and plan in motion, you can be well on your way to achieving financial independence. If you have already achieved this milestone and are ready to purchase another practice for your portfolio, we can assist you with your plans as well.

Before you start the process, you should consider a number of factors while also asking yourself some questions below:

  • Does the practice reflect my professional vision?
  • Is the selling dentist willing to help introduce me to existing patients?
  • Is the practice compatible with my practice goals?
  • Do the seller and I share the same quality of care philosophy?
  • Will I be able to offer the same specialty services that were kept in-house?
  • Will I need to add or replace any equipment?
Learn More By Reading Our Guide to Purchasing a Dental Practice

Practice Startups

Another great way to open a practice is to do a practice startup. This option can be complex but rewarding at the same time as it gives you flexibility to build out your dream practice.

Before you start the process, you should consider a number of factors while also asking yourself some questions below:

  • Building a practice can take a lot of time and effort, do you have it in you to see this project through?
  • What is your time frame?
  • What is the cost of build-out?
  • Are you prepared to invest in marketing early in the process?

Additional considerations to be aware of as you design and construct your practice includes:

  • Consider your dreams and plans
  • Set your budget and your priorities
  • Evaluate your space
  • Prioritize your patients' comfort and privacy
  • Consider your needs and the needs of your team members
  • Maximize efficiency and patient flow
  • Factor in ADA, HIPAA, and other zoning laws
  • Factor in storage space, wall thickness for privacy and passage space
  • Facilitate a proper soil test on the property (if applicable)
  • Envision the architectural features you would like to implement
  • Consider the interior finish materials
  • Evaluate the types of cabinetry and equipment you hope to purchase
Learn More By Reading Our Guide on Building a Dental Practice

Practice Sales

Whether you are selling to a private practice or selling to a DSO or MSO, the process can be an exciting, yet stressful. It doesn’t have to be this way.  We simplify practice sales by developing a thorough, well-drafted purchase agreement that focuses on issues that really matter and can impact you legally or financially.  A purchase agreement should allow you to address potential issues no matter which side of the sale you are on, therefore protecting you in the case of future disputes. A purchase agreement lays out the terms of purchase, preventing problems before they occur.

Contact us today if you are ready to sell your practice.

Let us help you with your practice transition

Whether you plan on buying, building or selling your practice, learn more by contacting us today.

 Contact Us Today for a Complimentary Consultation!

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