Orthotown March 2021 - 47

these variables with each opportunity that
presents itself. No situation will be perfect,
but weighing these factors will help to frame
what is most important to you.
Also: A practice should be congruent
with your vision of the future, even if
it requires some temporary sacrifices. If
circumstances don't align with your goals
and aspirations, then consider continuing
your search. Purchasing an older practice
may mean practicing with older technology
until profitability allows for upgrades. A
startup may have brand-new equipment but
will sacrifice immediate cash flow as a result.
The first practice I purchased was still using
paper charts, and while I would've loved to
upgrade to computer charting immediately, I
knew that maintaining positive cash flow in
the practice was more important at the time.
Associateship is a good option if an
acceptable practice sale is not available,
and can provide valuable experience both
clinically and administratively. After relocating to the East Coast, I was employed
as an associate in a busy practice, which
allowed me to get to know the area and
the other dental professionals around me.
This was a hugely beneficial experience for
me and provided a new perspective on the
rigors and benefits of practice ownership.
My associateship enhanced and developed
my understanding of staff training, the
importance of targeted marketing and
reputation management, as well as work-life
balance in a busy practice setting.
Again, no situation will be absolutely
perfect, but compatibility with the considerations that are most important to you is
essential to your prosperity and happiness.
Trust the process and be patient.

Be your own champion
Very few orthodontists have a significant
business background; as a result, each
orthodontic practice is uniquely evolved
and managed over time. Orthodontics can

Earn CE credit and learn more
about buying your own practice
" Buying a Dental Practice: There Is More to It Than Price " is
one of Orthotown's most popular CE courses for a reason:
CPA and certified value analyst Tim Lott explains all about due
diligence before buying a practice. To watch the video for the
chance to earn 1.5 CE credits, head to orthotown.com/ce.

have that " cottage industry " feel and most
practices are still small businesses operated
by individuals who are heavily invested in
them, both financially and emotionally.
As a buyer, you will need to be flexible,
investigatory and persistent. You will take an
office tour with the seller, who is an esteemed
colleague, and assume they want a win-win
resolution to the practice transfer. While you
may very much like the person who is selling
the business, the only person who will be
looking out for your best interests is you. 
Understandably, any practice owner
will be emotionally invested in the business
that they have built and nurtured. He or she
will be concerned about the future for the
practice and their staff. Respect the value
of their goodwill and their attachment. It is
important to understand their motivation,
too: Why do they want to sell? Some are
moving on to retirement, others are scaling
back or moving on to different positions.
Do they view the practice as an entity
with a long future of patient care, or as a
declining asset to be unloaded and rebuilt
by a new owner?
Recognizing their intent will help you
understand if they have invested in the future
of the practice by keeping systems current
or if the office has not seen any changes in
recent years. The immediate and future
needs of the office can-and should-weigh
into the value of the practice.
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Orthotown March 2021

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