Whether you currently own a dental practice or are thinking of it, building up your business advisory team is always crucial for success. Having the right professionals in place allows you to focus on both the operation of your practice and your patients.
Your Own Superheroes
There are several professionals who you should enlist both before and during your practice ownership. These individuals should be dedicated to the success of your practice and serve as trusted advisors. One of these experts can often introduce you to others along the way. Due to the specialized needs of independent dental practices, it is helpful that your advisors have specific experience in the dental industry and with practice purchases and sales. Your team should consist of:
- Attorney – A good lawyer can advise you on the best legal structure for your practice as well as ensure you are compliant with all business regulations. Your lawyer should also provide insight into governmental and legal issues that could affect your practice.
- Banker – A banker can do more than just quote interest and terms for lending. An experienced healthcare banker should help you find ways to meet your financial goals.
- Certified public accountant (CPA) – Your CPA should serve as an overall business advisor who handles matters that range from taxes to financial planning to financial compliance. It is helpful to have a CPA who can (or someone in the firm can) properly review the Transition company’s value of any practice you want to buy or sell.
- Investment advisor – An investment advisor will help with more than just your investments. This person should also manage the investments in your practice’s retirement plan as you want a plan that attracts and keeps good employees. Ask around for recommendations for an agent who is trustworthy and has a good track record.
- Insurance agent – It is essential to fully protect your family and your business. Enlist a good agent who understands the needs of independent dentists.
To get more insight and tips into starting up your own dental practice or managing your current practice, download our e-book that highlights tips and tools for dentists. Get insight from CPAs and business advisors who specialize in working with dentists as well as best practices from a seasoned dental practice owner and a young practice owner.
Looking for more information about managing the business side of your practice, contact the experienced consultants at PMA Practice Transitions.