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So you’re thinking of buying a practice?

David edited

David Chong Yen, from DCY Professional Corporation Chartered Accountants, offers valuable tips for dentists who are considering to buy a practice.

David Chong Yen, Chartered Accountant, advises healthcare professionals and dentists in particular, on tax, estate and financial planning, valuations and accounting. The “hands-on” experience he has gained, from working with dentists to improve their income and to set up and manage their practices, enables him to understand their business.

Highlights

  • Register with all online dental brokerages letting them know about the interest in buying a practice.
  • Speak with all dental representatives when attending conventions and dental meetings, also letting them know about the interest in buying a practice and more importantly making the purchase transaction worth their while.
  • The value of the professional (banker, lawyer, accountant) doesn’t come only from the services that are typical to what they do, it comes fo9rm the “unspoken” side of the relationship: the network of clients that the professionals possess that could help you achieve your goal of purchasing a practice.
  • Think outside the box: consider attending CE courses that speak about selling a practice (vs. buying a practice) as they will allow you to meet the exact same people you need who are interested in selling you their practice.
  • Internet is certainly a useful tool, but may not be the main tool to use for buying a practice. For example, Internet could help you determine the ratio of patients to dentists in a certain area.

 

 

One comment

  1. Dr. Ian Langston

    Most important is to read the comments section on articles like this. My appraised Victoria BC practice is unlisted and for sale. Contact me at drian@shaw.ca

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