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072: University of Nebraska – Vetting Dental Practice Purchase Opportunity
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Welcome to another episode of The Dentalpreneur podcast.
Today I am going to share a recent lecture I gave to a class of D4 students at the University of Nebraska Dental School. It was a great pleasure to share what I have learned over the years about practice acquisition with the students and to hear what they are learning today in dental school.
Financing for dental graduates to start their own practice or purchase a practice is easily available in today’s business climate. The financial stakes are also higher for recent graduates and they can’t afford to make mistakes.
In my lecture I share with the students what steps they should consider before purchasing a dental practice. I discuss the data that should be reviewed before making an offer on a practice, production, monthly new patient average, collection/production ratio and more. I also explain how demographics come into vetting a practice prior to purchasing. I discuss the importance of not just knowing overhead numbers, but which ones are important when contemplating a purchase. At the close of the lecture I cover why practice ownership can and should be a viable and educated goal for any recent graduate that wants it.