How to Buy a Dental Practice Volume 1 – Second Edition by Brian Hanks – Book Review
As you explore the possibility of ownership, this book is probably the single best resource available for dentists interested in purchasing a practice. Buying a business is a complicated transaction and doing it by yourself is ill-advised.
This book highlights the importance of assembling a competent team to assist in the acquisition. Regarding your team, you’ll learn why the only advisors in your corner are the one’s you pay directly, and you’ll learn why those earn their living from the sale are often incentivized by the deal closing.
It’s common knowledge that everyone wants to feel like they got a good deal. However, when it comes to buying a practice Brian explains why negotiating aggressively to try and gets. Practice for the lowest possible price may be detrimental to the transfer of goodwill. The big picture (who you are, where you want to be, how well you and your spouse like the area, etc) matters just as much as the purchase price. With the big picture in mind, squandering an opportunity in your ideal location may not be worth offending the seller over a 20 or 30 year career as a practice owner.
At the end of the day, dental school does little to prepare students for the business side of dentistry, but this book offers more value than most courses cold offer for a fraction of the price.
Good luck on your journey to practice ownership!