In almost any area of the country, especially competitive cities, adding an existing practice to your dental practice is a no brainer for growth and additional sales opportunities. We have never failed to recoup the price of the practice several times over with new eyes looking at ‘new to you’ patients.
What would be the advantages of adding a second practice? If you are familiar with seeing the same patients and the same treatments, adding a practice infuses a whole new sense of awareness and vitality to you and the team. Adding hygiene patients who already have demonstrated they want to keep their teeth is stimulating. Another benefit is you eliminate a younger competitor who may have a larger debt than you and is hungry. Why struggle when you can add patients who already see the importance of dentistry?
But wait, you are wondering about the how? We lost you at how? Think bigger. What is your bigger future? How do you want to be known? Can adding a practice of a Doctor leaving help you reach your goals? Don’t get stuck at “how” and lose the deal. We can always figure out the how which will work best for you, once you have found a prospective seller.
Dial your phone to find if a practice in your area is available. It is not just the older dentist but people make moving decisions at different times in their careers. A script might be, “Hello, this is Dr. Jake. I met you several years ago and have enjoyed my five years as a dentist here. I was wondering if you are planning on any kind of a move in the near future and want you to know, I would like to be first in line.“ Ask a broker, your dental sales rep, and your laboratory if they know of anyone moving. Be acquainted with local dentists of all ages and let them know you are a permanent fixture in the community and you want to be the first if they make a move. Do your homework.
You will find opportunities. An available practice may even be larger then your existing practice and the leased space may be more adequate then what you presently have. Again, dentists worry about the how, rather then seeing the bigger picture. Find the opportunity first. Make no promises of sale price, if Doctor can continue, if you will move, if you keep all the team, if you want the office, etc. MAKE NO PROMISES initially. Let them know you are interested.
Find an adviser with experience in successful dental sales. Avoid the solo route. Call me if you can’t find anyone to give you solid advice. This is an unparalleled opportunity.
