So you’re thinking of buying a practice?

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.