Important Questions to Ask When Buying a Dental Practice
Are you considering buying a dental practice? There is a lot to know, but you’ll want to ask yourself three important financial questions before buying dental practices. Keep reading to learn what questions you should ask yourself.
First, ask yourself, can I add value? If you’re buying a practice for a certain amount of money, you want to make sure that over a number of years can you add value. This could be with further surgeries, services, growing that turnover, and growing the profitability of the business.
If you can do this, you can add value.
Second, ask yourself, will I be able to increase my net worth by buying this dental practice? If you’re buying a particular clinic, you want to think about how your net worth will increase. Contrary to popular belief, if you are in debt, buying a practice may not increase your net worth.
Lastly, ask yourself, will I be able to sell the practice for a profit in the future? Hopefully, you buy a practice and then add value to it over the years to be able to sell at a higher price.
To learn more, watch the video above and contact your local dental brokers.