Considering A Dental Partnership? Follow These Steps!

If you’re considering bringing on a dental partner, there are a few things you need to consider first. A dental partnership is a relationship just like any other, so you want to make sure you aren’t jumping into anything too quickly only to realize that you’re miserable and stuck! It’s important to find someone who is the right fit for you and practice, no matter how long it takes.

Things To Consider When Bringing Entering Into A Dental Partnership

Below are a few important steps to take before you join a dental partnership. Take your time and follow each step thoroughly:

• Due Diligence – Before entering a partnership or a buy-in situation, make sure you know everything there is to know about the dental practice. Review financial records, equipment lists, patient records, marketing strategies, and leases. Ask any questions, and voice any concerns you may have.
• Personality & Philosophy – The goal of most dental partnerships is to achieve a long-term relationship. Before this can happen, you need to make sure that your professional goals and business philosophy align with your potential partner’s.
• Purchase Price – Agreeing on purchase price can be an emotional process. However, it’s important to keep in mind the importance of communication with your potential partner. If you can get past this hurdle, you’re on your way to a successful partnership.
• Partnership Agreement – A partnership agreement is the document that outlines the day-to-day habits of the dental practice, and states which partner will be in charge of which duties. Discuss this document with your potential partner and make sure you agree on each section.

Each dental practice and dental partnership is different and unique. This means it’s hard to give a one-size-fits-all answer for each situation. For help with buy-ins, dental partnerships, or any of your other transition needs, please contact CTC National today!