When it comes to buying a dental practice, you are often faced with a complex process that requires a high level of technical knowledge and financial acumen. The outcome of your purchase can have a significant impact on your business, personal financial situation, and the long-term success of your practice.
Why “Free” Advice May Cost You More in the Long Run
If you require a complex dental treatment, requiring a high level of technical knowledge and clinical skill. The outcome of the treatment will have a significant impact on your personal appearance and health, with very little prospect of reversing out if the outcome is not entirely successful.
Faced with this situation, how many people will entrust the work to an enthusiastic beginner, quick to provide the treatment at no cost, provided you agree to the materials being sourced from their exclusive supplier? Just as you wouldn’t seek dental treatment from an inexperienced practitioner, it’s crucial not to take a shortcut when buying a dental practice.
The Financial Commitment of Buying a Dental Practice
Whether your first or subsequent purchase, buying a practice quite often requires a substantial investment, and usually a significant level of debt. If the acquisition is not successful, or is not completed, then it can have a significant impact on your existing business and more often it cannot be undone, at least in the short term. When borrowing for a new project most business owners will consult with trusted advisers – this will usually include their accountant, their lawyer, and increasingly now a sector-specific Debt Advisory firm.
If you are looking for this experience and seeking a competitive funding package, then do undertake your diligence…. who will I be dealing with? What are their qualifications, track record, recommendations and reviews? Only then discuss what that best advice will cost.
A free lunch can often bring on unwelcome indigestion!
If you would like support Contact Us today.
Martin How
Managing Director
Lily Head Finance
Debt Advisory Services
