It is a very important that you give yourself due consideration in deciding where to buy, how to go about it, and what kind of practice to purchase.
Take your Time
Pace yourself. You are building the foundation of your future. Where do you want to live, how responsive will the community be to your new practice, how much of a rapport do you already have with the community?
Location Location Location
Where is it that you would like to live? Being a practice owner is a big commitment, and being a part of the local community is a big part of that. Establishing a connection with the locals will help your business succeed. And ensuring a shorter commute could also pay off. Trading off time spent in commute with time spend amongst family and friends is not a bad deal.
Establish yourself amongst people you can relate to and people you can enjoy. Your practice and your interpersonal life will reap the benefit. Suburbs? Intercity? Rural? Consider where your competition is. This is a major indicator of your likelihood of running a successful dental practice. Will your spouse be able to find work? Will your kids end up in a school district that will nurture them and grant you piece of mind?
Choose the Ideal Practice for You
Are you pursuing a specialized dental practice or a generalized dental practice? Who is your competition? Will you be able to gain referrals from local practices (and likewise return the favor)? Is there room for your particular niche? Set in place a meticulous business plan.
Seek a Valuation
Have the business appraised by a CPA. And opt for a professional that has experience with dentistry practices. This will help you establish a clearer point of view.
Assemble a Team of Professionals
Trying to save money by being completely self-sufficient is a poor decision when you plan on purchasing a dental practice. In the long-run, investing in advisors will save you a lot of trouble. Here are a few people you’ll need:
- A CPA or accountant with a history of helping dental practices and other small businesses on remaining tax compliant and reducing tax burdens. You need an accountant who can help you develop tax strategies. You will need a cpa that can advise you on the best entity structure for your small business (S corporation, C corporation, limited liability company (LLC), professional limited liability company (PLLC), sole proprietor).
- A Bookkeeper who is versed in a bookkeeping software system like Quickbooks. A certified Quickbooks ProAdvisor is a title bestowed upon a bookkeeper which says the person is certified by the manufacturer of Quickbooks (Intuit Corporation) as skilled with the Quickbooks program.
- A legal professional to review all documents related to the sale and to legally protect your interests in the future.
- A consultant also could prove valuable in the long run, helping you avoid headaches and save money.
- Establish a relationship with a bank early on. Getting prequalified puts you in the know in terms of how much you can afford and how to put in a good offer.
- Your insurance needs will increase ten-fold once you’re a business owner. An insurance rep will assess the value of your business and evaluate risk to see just how much coverage you’ll be needing.
- It never hurts to seek advice from a mentor that has experienced similar circumstance to those you’ll face.
- A marketing expert-preferably someone with knowledge of internet marketing.
Be prepared. Be a researcher. Trial and error is not the way to proceed.
Tax CPA John Huddleston has a law degree and masters in tax law from the University of Washington School of Law. He has been a guest tax expert on the radio. He advises small businesses in the Seattle Bellevue Tacoma & Everett area on various tax and accounting issues. His firm, Huddleston Tax CPAs, also provides tax preparation service, quickbooks consulting, business valuation, general accounting and bookkeeping service. Profile information on CPA John Huddleston and the CPAs employed by Huddleston Tax CPAs is available at CPA tax accountant profile. Seattle CPA John Huddleston is a frequent publisher of tax saving ideas.