ADAPT Blog

Have you always dreamed of owning your own practice? Are you ready to take charge of your future now?

Many dentists do. In fact, ASDA data reports that 86% of all dental students aspire to some type of ownership within 10 years after graduation.

If you are looking for a solid pathway to ownership sooner rather than later, and you are confident that you can handle running a practice now but are unable to obtain financing – don’t despair! We have created a pathway that may just be perfect for you.

If you are approaching a practice purchase, you have a lot on your plate! Financing, real estate, maybe licensure if you’re considering relocating.

So what happens when you find a practice? Before you get in the weeds of legal and financial review, make sure this is the right practice for you. After all, you want to buy the practice where you can achieve the perfect blend of career satisfaction, financial stability, AND success.

As dentists begin their practice transitions, nearly all have the same question on their minds: how long do you think this is going to take?

Have you found the practice of your dreams? Could it be the practice of your partner’s dreams too?

If it is in a new town or state, what would it take for you and your family to make the move?

Discover what memorable experiences await you in the beautiful corner of the world known as southwest Michigan.

And look no further for a great professional opportunity in this general dentistry practice for sale.

Last week's ADA Practice Transitions Coffee Talk webinar featured advice on preparing your finances for a practice purchase.

Rob Westhoven, VP and Director of Dental Banking for Androscoggin Bank, explained how banks approach practice sales, including several possible options. He also answered several great questions from attendees about how COVID-19 may change the equation. 

Now is a great time to have some important conversations with your family about how your career affects your collective future. Most of you have never been allowed this kind of focused time to evaluate your true priorities as a family.  

ADA Practice Transitions will find you the right practice or dentist to help you take the next step in your dental career.

Through ADA Practice Transitions, I work with many dentists who are looking to buy a dental practice. While it is tempting to search for the “perfect practice,” I ask dentists to keep an open mind and find a practice with a great foundation – one that you can transform into your very own dental dream home.

Just like with homeownership, you have two basic choices when it comes to dental practice ownership. You can build it new, or you can buy an existing practice. The reality is that it is often financially advantageous to find a practice – a fixer-upper, if you will – that you can adapt to fit your vision.

This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists.

Patience is a virtue when trying to find the ideal practice. However, it is important that you use the waiting time to prepare for your next steps.

That was Dr. Jim’s message to his dental colleagues when he got in touch with ADA Practice Transitions to share his story.

Dr. Jim and his wife, Pam (names changed at their request), worked together as a team to navigate the practice transitions process. Over six years and a variety of experiences, they refined their idea of the “perfect practice” and wanted to share their lessons with other young dentists ready to forge a path.