Common problems you may face when acquiring a dental practice
From obsolete systems and technology to dated decor, the dental practice you acquire from a retiring doctor might not have seen an update in decades. It will likely fall on you as the new owner to give the office a refresh. Just make sure you have your priorities straight before you dive into a rebuild.
Retirees aside, you may inherit a team that’s used to doing things a certain way. And there’s no guarantee that they’ll be up for changing. The key here is to empathize while letting your new team know everything you’re doing is for the betterment of the business. And as employees, they’re a part of that.
Lack of Business Know-How
Dentists spend 15,000 hours learning how to be dentists and zero hours learning how to run a business. A huge part of that knowledge gap is understanding the business’s finances. Educate yourself and don’t get caught off-guard.
No Business Plan
Where do you see your newly acquired practice in the next 5 to 10 years? Have you considered that against its current state? Creating a strategic business plan will be essential for achieving sustainable growth and hitting your financial goals.
Your inherited patient base will be used to the previous doctor, that standard of care, and the way things used to be done. Whether you have big shoes to fill or plan on making a name for yourself, make sure it’s clear to patients that you’re taking over.
A Doc Who Can’t Let Go
Whatever deal you’ve worked out with the previous owner, there’s a possibility that the practice may be a tough thing for them to leave, even in good hands. Don’t feel micromanaged. Take it in stride and understand that this practice was their baby once.
A newly acquired dental practice has the benefit of profitability from day one. Tooth & Coin is here to make sure that you keep those profits for you and business instead of losing them to taxes unnecessarily.
By diving into the tax history of the business and quickly getting up to speed on the numbers, our team can put you in the best position to thrive as a business owner. We can help you unlock savings through tax deductions that you might not have realized were available to you. With a team of dedicated CPAs that know the dental industry inside and out, you can rest easy knowing that your business taxes are in good hands.
If you really want to do dentistry differently, make practicing dentistry your focus and outsource the number crunching to us. Tooth & Coin is made up of a team of dental accounting experts. That means we understand how to read the books, how to stay on top of payroll, and how to keep a business profitable.
Your dedicated Account Manager will keep you in the loop on your practice’s financial health, and be able to tell you when your business is growing, what you could be doing better, and how close you are to achieving your goals. Plus, we have nifty tools and software that our doctors can use to check in on the health of their practice any time they want.
You’ve achieved the goal of becoming a dental practice owner—no easy feat. But now you have the responsibility of an entire business to maintain. If you think you might need a little extra help in achieving your financial goals, Profit Advisory might be just what you’re looking for.
Every year, we’ll have a conversation about your practice’s potential and what you hope to achieve. Then we’ll create an action plan and check in with you throughout the year to make sure you’re on track. If you’re ever off base for reaching your projected goals, we can strategize ways to correct your course.
There’s a fine line between ambitious and achievable. Tooth & Coin can help you navigate a path to success.
Free Resources for Acquisitions
Acquiring a practice doesn’t have to be an all-consuming, stressful experience. Check out our free and helpful resources that help keep practice ownership fun!