Dental offices and practices are something to be bought and sold like other commodities, and given the size and popularity of the dental industry today, choosing to buy and sell a dental practice may be a fine business move. Selling a dental practice may be done if an owner decides to move their operations to a new area, and the seller may wonder “what is my practice worth?” This can certainly influence the asking price, and dental practice brokers may be involved too. When it comes to the decision to buy and sell a dental practice, a prospective buyer may take out a loan from specialized lending services, and this can give them a head start with the finance. The seller, meanwhile, may want to find ways to get a buyer faster, and they can look online such as “sell my dental practice fast NYC” or “buy and sell a dental practice Boston MA.”
A business professional looking to buy and sell a dental practice, or get a loan to buy one, is entering a vigorous business. Many Americans visit their dentists every single year, and dentistry today ranks among the top 10 most trusted and ethical professions of all. In fact, the American dental industry has seen growth of 2.5% over the last five years, and it may reach a total of $135 billion in revenue by the end of 2019. Dental offices may be found in nearly any city or town in the United States, and dentists often have the assistance of highly motivated and skilled dental assistants. Many dental school students and trainees see their jobs as a full career ahead of them, and they can be a real asset in moving the dental industry forward. By the year 2018, for a recent example, there were 61 working dentists out of every 100,000 people in the United States. More and more women are entering this profession, and by 2018, out of 199,486 American dentists at work, 32.3% of them were women.
Buying or Selling A Practice
This is no simple business. The owner of a dental practice will want to get a fair price for what they are offering, and this may mean hiring professionals such as appraisal experts and lawyers alike. Some professionals can appraise the value of the practice based on its customer reviews, the qualifications of the staff, the medical tools on hand, and more. Lawyers, meanwhile, can oversee any aspect of the transaction from buyer to seller to ensure that everyone is getting a fair deal. Any involved attorneys can smooth out the paperwork and make sure that everything is being filed and processed properly the first time, which can speed up the process for everyone.
The buyer of the practice, meanwhile, will probably not have the money in their pocket to simply buy it. Rather, the buyer of an entire dental practice can approach money lending services and look for loans to buy a dental practice. Such a customer can look online for this, such as “bankers and money loans for a dental practice” or “getting a loan to buy dental practices.” A buyer may also consult a lawyer to find out the names of trusted and effective money lending services, then approach them.
The buyer may negotiate and decide upon terms for a loan, for details ranging from the actual loan amount to the interest rate to the time period of repaying that loan. The buyer may also work hard (possibly with a lawyer’s help) to get loan interest rates fixed and consistent throughout the loan period. With some money lending services, someone looking for a loan to buy a dental practice may hear back from the lenders soon on the status of their application. If the lender is approved for a loan, they may receive the funds within a few days or so, though this may vary. This will put the lender in a position to purchase a dental practice and start making a profit with it.
Buyers may also take note that some dental practices include a mobile aspect, or the entire practice may be mobile in a repurposed RV. This is popular among some patients who can’t easily get transportation to a dental office.