Steps to Take Before Entering into a Dental Partnership
If you’re considering bringing on a dental partner, there are important steps to take before committing to anything. If you jump into a partnership too quickly, you risk being stuck with someone who has drastically different goals and ways of running a dental practice. This can lead to conflict, which will have a negative impact on all aspects of your office.
Things to Consider Before Entering into a Dental Partnership
Below are a few things you need to consider before making the big step of bringing on a dental partner:
- Personality Fit – A dental partnership is kind of like a marriage. It’s important to find someone who shares similar professional goals who you can also get along with. Ideally, a dental partnership should be a long-term relationship, and this is an important part of that relationship.
- Purchase Price – The next hurdle to overcome is agreeing on the monetary value of the dental practice. This can be an emotional process, but you have to remember that properly communicating with your prospective partner is the number one way to reach an agreement.
- Due Diligence – As with anything else, do plenty of research before committing to anything. Ask questions and make sure to be thorough. Review leases, equipment lists, patient records, marketing strategies and the finances of the practice. If you have concerns or questions, voice them early on.
- Partnership Agreement – Lastly, settle on a partnership agreement. This will help the partnership run smoothly, as each partner will be aware of his or her own expectations and duties. Go over who will be responsible for the day-to-day needs of the office. Make sure you and your partner agree on each aspect of this agreement.
Taking the time to thoroughly explore each of the above aspects of dental partnership is a small price to pay for a long and successful relationship with your dental partner.
For additional help with making sure your practice runs smoothly, or to talk to someone about your finances, please don’t hesitate to get in touch with Dental Bookkeeping today.