While you can switch up a lot of things about your dental practice once you acquire it, one thing you can never change is the location. It may not be the first thought when looking to buy a practice, but it is one of the most important determinants of establishing a successful practice. With the right strategies, alongside help from Henry Schein Professional Practice Transitions (PPT) Sales Consultants, you will find the perfect fit for you.
The following factors should be considered when deciding where to buy a dental practice:
Numbers alone aren’t going to cut it. To find out if a location is the right fit, you must investigate demographics. If you’re a pediatric dentist, going to a location with a large amount of growth and families is key. If you perform more cosmetic procedures, it’s best to practice somewhere with affluent residents. Each demographic will have different needs, and it’s important that your practice lines up with them. That’s where our PPT Sales Consultants come in. We have the Henry Schein Demographic Site Analysis Reports as a resource, which provides data like residential and employed populations, a variety of socio-economic factors, and the pre-existing practices within any given area.
When you’re considering buying a dental practice, it’s not just about the practice you’re interested in. Nearby dental practices may or may not be targeting the same customer base that you plan on targeting. That’s why learning about surrounding competition is key to see if purchasing a practice in that area would make financial sense. It’s best to go over this information with your PPT Sales Consultant, as they’ll be able to see past the numbers and give you real-world examples of how scenarios could play out.
Ease of Access
Location is about much more than just the city or state a practice is in. It is about the accessibility of the practice. This means asking yourself questions like, is it in a busy area? Is it off a main road? Is parking easy to access, or did you have to circle a few times to find a spot? Factors like these will impact how easy it is to get clients in the door, so keep that in mind when you’re making your decision.
While there are several business-related factors that go into choosing the right location for your dental practice, it’s also important to remember that this is where you will be living and working as an individual. Whether it’s a dental practice for sale in CT, or another for sale in CA, each location will provide its own unique way of life. Do some research to find out what components of your future practice location would appeal to you? At the end of the day, this needs to be an area in which you can see yourself.
The dental practice industry has been growing, and it doesn’t look like it’ll be slowing down anytime soon. With the number of single-person businesses growing 4% to 5% over the past three years, it’s safe to say that single-owner practices are a safe bet for any practicing dentist.
Once you’ve figured out your own personal checklist, with the help of our Henry Schein PPT Sales Consultants, buying a dental practice will be less stressful than you thought!