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Financial Management: Buying vs. Opening a New Practice
April 25, 2017
by Oral Health
David Chong Yen takes us through some of the first things to consider when deciding whether it’s in your (and your career’s) best interest to buy an existing practice or open up your own.
Watch last week’s video: Future of Dentistry
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One thing I would add is that dentists generally do not have any good training in how to run a business, especially the marketing and finance aspects of running a business.
Those skills are essential, particularly marketing, when you set out to open a brand new practice.
I would therefore suggest that unless you have specific business training it is probably better to purchase an existing practice that has been fairly valued