Prior to Purchasing a Dental Practice

Deciding where to buy, how to do it, and what kind of dental practice to purchase is an important step in the career of a dentist. There are many essential decisions to make and key factors to examine as you search for the perfect dental practice that meets all of your needs.

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Dentists must not rush into a purchase, and need to manage their expectations, understanding that the process will take some time. There is no need to hurry through important steps and be impatient. Buying the right dental practice for you matters more than closing a deal quickly when the first opportunity presents itself.

Deciding on Location

Where is it that you would like to live? You’ll want to be a big part of this community, so you’ll need to make sure it’s a good fit. Participating in local activities and mingling with neighbors will help your business grow. A short to medium commute is an important consideration. When you can avoid the long commute, those hours you might have spent on the road can be paid forward and spent instead with family and friends.

What sort of community is the right fit for you and your family? Suburbs? Intercity? Rural? Let the location of your competition inform your decision. 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

Take special care in determining the size and type of dental practice that matches your preferences and needs. Do you want to practice general dentistry or do you prefer an expensive practice that focuses on cosmetic dentistry? Do you prefer a long client list with a five-day-a-week-schedule? Or do you want a smaller practice, with a slower pace, that will allow you to work fewer hours? These decisions affect your finances and stress levels–what can you reasonably make work?

Seek a Valuation

Seek an appraisal through a certified public accountant. A professional with experience in this industry is preferable. This will help you establish a clearer point of view.

Establish a Support Net

Just as your business cannot operate without the support of patrons, you’ll never realize your full-potential without the aid of experienced professionals. There are many areas where you’ll need and benefit greatly from the expertise of others. In the long-run, investing in advisors will save you a lot of trouble. Here are a few people you’ll need:

  • A certified public accountant with a history of guiding dental care practices and other small businesses on maximizing deductions and remaining tax compliant. You will want a Certified public accountant who can do more than just prepare your tax returns. Find a certified public accountant to advise you on how to structure your small business (S-Corp, C-Corp, LLC, PLLC, Sole Proprietorship).
  • A Bookkeeper who is experienced in a small business accounting 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 knowledgeable with the accounting program.
  • Legal counsel to review all documents related to the sale and to legally protect your interests in the future.
  • A consultant for your new dental practice will most probably prove useful in the long run, helping you save money and avoid headaches.
  • From the beginning, you should establish a relationship with a bank. Getting prequalified will help you gain a handle on how to put in a good offer and how much you can afford.
  • An insurance representative will evaluate risk and assess the value of your business to see just how much coverage you will require.
  • It is intelligent to seek the counsel of a mentor or business confidant of some kind, perhaps a veteran dentist who once went through the same process you’re going through now.
  • A marketing expert-preferably someone with knowledge of internet marketing.

Setting up your dental practice is no small potatoes. Establish a team that can help you get it right.

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.

Kirkland CPAAbout Kirkland CPA
Kirkland CPA+John Huddleston has written extensively on tax related subjects of interest to small business owners. He is a graduate of Washington State University and the University of Washington School of Law.

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  • Huddleston Tax Accountants / Huddleston Tax CPAs – Kirkland
    Certified Public Accountants Focused on Small Business
    11335 NE 122nd Way, Suite 105 Kirkland, WA 98034

    Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching,
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    We serve: Seattle, Bellevue, Woodinville, Redmond, Sammamish, Bothell, and areas throughout WA.
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