Practice Start Ups

The contemporary dental landscape has been dramatically impacted by the Covid-19 pandemic as consolidation in the industry has forced many dental professionals to sell their practices to corporate consolidators. Long before the pandemic, the dental space was trending toward larger practices, due in part to the costs of technological advances. But there are still opportunities for solo practitioners. Here are 5 things every dental startup needs:

• Business Plan Even before you launch your practice, it is crucial to have a business plan that covers operations, management, human resources, equipment, and marketing. A well-conceived business plan for a dental practice will also consider how employees fit into your plans.
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Running a successful dental practice requires you to control your practice overhead. By working with a team of experts, including a CPA and an attorney who provides services to dental professionals, you can learn what they didn’t teach you about business expenses at dental school. This article is a brief discussion of dental practice overhead and how to maintain it.

Here's some information for those dentists who are looking to finance their practice acquisition. 

Background:

I was recently working with a dentist that was purchasing a practice and the accompanying real estate.  The practice was in a medical condominium complex with other dental and medical providers.  Originally, I was just asked to help the client clear up and obtain declination's of first rights of refusal that the other co-owners of the condominium association were given in the original condominium documents.  After that, my client asked me to review and help with the financing and closing of the real estate.
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