There are many considerations for your practice, especially if you already own one or more practices. How far from each other should the practices be? Too close, you will just be moving. business from one site to the other Too far and it’s like you are starting all over again without the benefit of word-of-mouth referrals. Take advantage of intelligence like Henry Schein Demographic Site Analysis Reports which provide socio-economic data on the economy and growth pattern of the type of business in the area. They can help you determine if there is enough opportunity in the proposed area to have it make financial sense. And our listings can help you get an idea of what’s currently on the market, so you can see if any locations would be a great fit with your personal preferences.
Henry Schein Demographic Site Analysis Reports (https://www.henryschein.com/us-en/specialmarkets/services/Financial/CustomDemoReports.aspx)
While you can switch up a lot of things about your dental practices once you acquire it, one thing you can never change is the location. While it may not be the first thought for many looking to buy a dental practice, it’s one of the most important factors to consider. Choosing the right location for your dental practice is paramount, and with the right strategies alongside help from Henry Schein’s Professional Practice Transitions (PPT) consultants, you’ll find the perfect fit for you.
Numbers alone aren’t going to cut it – to truly find out if a location is the right fit, you must investigate demographics. If you’re a pediatric dentist, going to a location with a large amount of growth and families is key. If you perform more cosmetic procedures, it’s best to practice somewhere with affluent residents. Each demographic will have different needs, and it’s important that your practice lines up with them. That’s where our PPT consultants come in. We have the Henry Schein Demographic Site Analysis Reports as a resource, which provides data like residential and employed populations, a variety of socio-economic factors, and the pre-existing practices within any given area.
When you’re considering a dental practice, it’s not just about the practice you’re interested in–it’s also about knowing ahead of time what other competition could be in the area. This will all be dependent on demographics, as any nearby dental practices may or may not be targeting the same customer base as you. It’s best to go over this information with your PPT consultant, as they’ll be able to see past the numbers and give you real world examples of how scenarios could play out.
Ease of Access
Location is about much more than just the state or city a practice is in. It’s also about the practice’s location within any given area, and how accessible that makes the practice. If it’s possible, drive through the area yourself. Is it in a busy area with tons of people milling about, or is it tucked away off the main road? Is parking easy to access, or did you have to circle a few times to find a spot? Factors like these will impact how easy it is to get clients in the door, so keep those in mind when you’re making your decision.
While there are several business-related factors that go into choosing the right location for your dental practice, it’s also important to remember that this is where you will be living and working as an individual. At the end of the day, this needs to be an area in which you can see yourself. Whether it’s a dental practice for sale in CT, or another for sale in CA, each location will provide its own unique way of life. Find out what exactly interests you, and where you could realistically see yourself, and always take that into account.
The dental practice industry has been growing, and it doesn’t look like it’ll be slowing down anytime soon. With the number of single-person businesses growing 4% to 5% over the past three years, it’s safe to say that single-owner practices are a safe bet for any practicing dentist. Once you’ve figured out your own personal checklist, with the help of our PPT consultants, buying a dental practice is a breeze.
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