{"id":18923,"date":"2020-10-24T08:08:47","date_gmt":"2020-10-23T21:08:47","guid":{"rendered":"https:\/\/www.bitemagazine.com.au\/?p=18923"},"modified":"2020-10-26T10:33:35","modified_gmt":"2020-10-25T23:33:35","slug":"6-mistakes-to-avoid-when-buying-a-dental-practice","status":"publish","type":"post","link":"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/","title":{"rendered":"6 mistakes to avoid when buying a dental practice"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice.jpg\" alt=\"buying a dental practice\" class=\"wp-image-18927 lazyload\" data-srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-300x200.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-768x512.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-696x464.jpg 696w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-630x420.jpg 630w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-225x150.jpg 225w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-112x75.jpg 112w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><noscript><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice.jpg\" alt=\"buying a dental practice\" class=\"wp-image-18927 lazyload\" srcset=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice.jpg 1024w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-300x200.jpg 300w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-768x512.jpg 768w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-696x464.jpg 696w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-630x420.jpg 630w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-225x150.jpg 225w, https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice-112x75.jpg 112w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Buying a dental practice could be the single most important decision of your career. Yet many buyers continue to make the same fundamental mistakes when assessing practices. Shane Conroy reports<\/h2>\n\n\n\n<p>Simon Palmer from specialised dental business brokerage,<a href=\"https:\/\/practicesalesearch.com.au\" target=\"_blank\" rel=\"noreferrer noopener\"> Practice Sale Search<\/a>, and Scott Hutchinson\u200b from independent medical finance company, <a href=\"https:\/\/www.credabl.com.au\" target=\"_blank\" rel=\"noreferrer noopener\">Credabl<\/a>, reveal six common mistakes buyers make when purchasing a dental practice, and how to get it right.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Missing the easy wins<\/h3>\n\n\n\n<p>While the financials of the practice you\u2019re considering buying are certainly important, there is more to assessing value than the numbers on a profit and loss statement. It\u2019s important to understand how the practice is currently being run, and where there are opportunities for you to add value.&nbsp;<\/p>\n\n\n\n<p>\u201cThere are often some very easy wins that a buyer can introduce that you won\u2019t necessarily see on the profit and loss statement,\u201d says Palmer. \u201cFor example, a dentist towards the end of their career may not be offering the range of services they once did and could be referring out a lot. Bringing those services back in-house could give you an immediate revenue boost that you would miss if you\u2019re only looking at the existing numbers.\u201d&nbsp;<\/p><div class=\"bitem-article-desktop-720x300-in-text\" id=\"bitem-2001435670\"><!-- Bite 720x300 [async] -->\r\n<script type=\"text\/javascript\">if (!window.AdButler){(function(){var s = document.createElement(\"script\"); s.async = true; s.type = \"text\/javascript\";s.src = 'https:\/\/servedby.engagemedia.com.au\/app.js';var n = document.getElementsByTagName(\"script\")[0]; n.parentNode.insertBefore(s, n);}());}<\/script>\r\n<script type=\"text\/javascript\">\r\nvar AdButler = AdButler || {}; AdButler.ads = AdButler.ads || [];\r\nvar abkw = window.abkw || '';\r\nvar plc705185 = window.plc705185 || 0;\r\ndocument.write('<'+'div id=\"placement_705185_'+plc705185+'\"><\\\/'+'div>');\r\nAdButler.ads.push({handler: function(opt){ AdButler.register(165450, 705185, [720,300], 'placement_705185_'+opt.place, opt); }, opt: { place: plc705185++, keywords: abkw, domain: 'servedby.engagemedia.com.au', click:'CLICK_MACRO_PLACEHOLDER' }});\r\n<\/script><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Overlooking your lender<\/h3>\n\n\n\n<p>Locking in finance for your new practice shouldn\u2019t be an afterthought. Rather, taking some time to build a relationship with a specialist lender will serve you well when it comes time to sign on the dotted line.&nbsp;<\/p>\n\n\n\n<p>\u201cBuyers need to understand that financing the purchase of a dental practice doesn\u2019t work the same way as a standard home loan,\u201d says Hutchinson\u200b\u201cThat is, the amount you can borrow is not linked to your current income like a home loan. It is linked to the revenue potential of the practice you\u2019re considering buying.\u201d&nbsp;<\/p>\n\n\n\n<p>That means lenders will be much more interested in your potential as a business owner than how many zeroes are on your current pay cheque.<\/p>\n\n\n\n<p>\u201cIt\u2019s more than a tick-box process,\u201d he explains. \u201cGet to know your lender and show them you have a strong vision for the practice and the soft skills required to run a successful practice.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Running from competition<\/h3>\n\n\n\n<p>Palmer says buyers can often be put off by practices that are in areas with high competition. However, seemingly under-performing practices surviving in the face of strong competition can often be hiding unfulfilled opportunities.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>There are often some very easy wins that a buyer can introduce that you won\u2019t necessarily see on the profit and loss statement. <\/p><p>Simon Palmer, Practice Sale Search<\/p><\/blockquote><\/figure>\n\n\n\n<p>\u201cYou\u2019ve got to look for low-hanging fruit,\u201d says Palmer. \u201cFor example, I recently sold a practice that was doing decent numbers in a very competitive area. A lot of buyers were put off by the competitive environment, but they missed the fact that this practice was doing those numbers with no advertising and no website. So, to be holding its own in that competitive environment with no advertising showed that it was a stronger practice than the numbers suggested.\u201d&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Undervaluing goodwill&nbsp;<\/h3>\n\n\n\n<p>Goodwill essentially refers to the value of a practice\u2019s brand name and the loyalty of its existing customer base. While the intangible nature of goodwill makes it tricky to accurately measure, it nonetheless contributes significantly to the overall value of a practice.&nbsp;<\/p>\n\n\n\n<p>\u201cGoodwill is extremely important,\u201d says Palmer. \u201cThere is often a component of it attached to the existing dentist and the relationships they have built with their patients over time. Keeping the selling dentist on staff for a period of time will go a long way to ensuring you get the value of that goodwill.\u201d<\/p>\n\n\n\n<p>That\u2019s why it\u2019s important to keep the vendor on your side during the negotiation process. Offending them with low-ball offers, publicly criticising their business or clinical decisions, or being otherwise antagonistic could erode the goodwill that transfers to you post sale.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ignoring renovation costs<\/h3>\n\n\n\n<p>It\u2019s not just the purchase price of the practice your lender will be interested in. You\u2019ll also need to know how much you have to spend on the practice to get it up to your expectations.&nbsp;<\/p>\n\n\n\n<p>\u201cWill you need to renovate the practice to get it up to scratch? How much will you need to spend? How old is the equipment? When will it need to be replaced? Do you want to bring in new technology? Answering questions like these will show your lender you have a strong vision for the practice and have thought about how you\u2019ll bring it to life,\u201d says Hutchinson.&nbsp;<\/p>\n\n\n\n<p>Doing your homework here will help to win the confidence of your lender, and ensure you\u2019re not over-capitalising on a practice that risks becoming a money pit.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Losing out on location<\/h3>\n\n\n\n<p>Location is an important factor for all businesses, and dental practices are certainly no exception. But Palmer says buyers can run the risk of being too short-sighted when assessing the location of a practice.&nbsp;<\/p>\n\n\n\n<p>\u201cOf course, getting great exposure on a busy street is a big win for any dental practice, but you\u2019ve also got to consider how the location will evolve in the coming years.\u201d<\/p>\n\n\n\n<p>&nbsp;A new shopping centre, train station or major residential development can completely transform a sleepy location into a vibrant hub within a short period of time. Doing your research here can return big dividends. Look into any development applications that may be in process in the location you\u2019re considering. Rising residential property values can also be an indication that the area is changing.&nbsp;<\/p>\n\n\n\n<p>\u201cYou\u2019ve got to see the value that\u2019s off the page,\u201d says Palmer. \u201cIt\u2019s not just about what is there right now, but what could be coming around the corner.\u201d &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a dental practice could be the single most important decision of your career. Yet many buyers continue to make the same fundamental mistakes when assessing practices. Shane Conroy reports Simon Palmer from specialised dental business brokerage, Practice Sale Search, and Scott Hutchinson\u200b from independent medical finance company, Credabl, reveal six common mistakes buyers make [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":18927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7170,691],"tags":[22856,1129,684,1930,22857,2036],"class_list":{"0":"post-18923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-your-business","9":"tag-buying-a-dental-practice","10":"tag-dental-surgery-locations","11":"tag-featured","12":"tag-finance","13":"tag-goodwill","14":"tag-renovation"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 mistakes to avoid when buying a dental practice - Bite Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 mistakes to avoid when buying a dental practice\" \/>\n<meta property=\"og:description\" content=\"Buying a dental practice could be the single most important decision of your career. Yet many buyers continue to make the same fundamental mistakes when assessing practices. Shane Conroy reports Simon Palmer from specialised dental business brokerage, Practice Sale Search, and Scott Hutchinson\u200b from independent medical finance company, Credabl, reveal six common mistakes buyers make [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/\" \/>\n<meta property=\"og:site_name\" content=\"Bite Magazine\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Bite.Mag\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-23T21:08:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-25T23:33:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/www.bitemagazine.com.au\/#\/schema\/person\/d9a0da9738e8b22c86465898e79cff17\"},\"headline\":\"6 mistakes to avoid when buying a dental practice\",\"datePublished\":\"2020-10-23T21:08:47+00:00\",\"dateModified\":\"2020-10-25T23:33:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/\"},\"wordCount\":973,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.bitemagazine.com.au\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.bitemagazine.com.au\/wp-content\/uploads\/2020\/09\/dental_practice.jpg\",\"keywords\":[\"buying a dental practice\",\"dental surgery locations\",\"featured\",\"Finance\",\"goodwill\",\"Renovation\"],\"articleSection\":[\"Featured\",\"Your Business\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/\",\"url\":\"https:\/\/www.bitemagazine.com.au\/6-mistakes-to-avoid-when-buying-a-dental-practice\/\",\"name\":\"6 mistakes to avoid when buying a dental practice - 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