Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat. Theodore Roosevelt
Not for everyone but it can be a blast!! Practice ownership is not for the faint of heart and not for someone who doesn’t know where they want to be in five years. Depending on where you live the best option might be a purchase or a start-up but either model involves a great deal of hard work, long hours and lots of personal satisfaction. In fact for many, the growing of the practice is the fun part and when you get to mid-career it can be quite frustrating for those with an entrepreneurial personality.
Things to ponder before you jump in: What is your ideal practice model-family, cosmetic, multi doctor,where do you want to live, how cheaply can you live while you build the business, do you have the personality to manage the business and personnel issues? If you want to be your own boss it will be worth the sacrifices made.
Don’t have the personality to work well with another doctor?No- then do an immediate buy-out or start up. If you can play in the sandbox with others an associateship that is intended to lead to a buy-out can be a great way to go. You will learn a lot from the senior doctor in the process and you will reap those benefits for years to come.
Remember to assemble a good team; accountant, lawyer, dental supplier, banker,dental broker. Professionals charge for their services for a reason. They have an expertise that can save you far more than the mistake will cost you. Get good advisors and use them!!
This document is intended to provide information of general interest and is not intended to offer legal advice about specific situations. The author does not intend to create an attorney-client relationship by offering this information, and anyone’s review of the information shall not be deemed to create such a relationship. You should consult a lawyer if you have legal matters requiring attention.