When you enter the dental profession, you have many career options, including joining an existing practice or establishing a new practice. Establishing a new practice is a significant step in the career of any dentist. Doing so allows you to avoid many of the complications inherent in other options but requires attention to various details.
In this edition of Let’s Talk, Christian Pearson, national director of dental partnerships at Treloar & Heisel, Inc., continues the conversation with Stephen Trutter, director of consulting and partner at Ideal Practices, as they discuss what students and new dentists can do now to prepare for private practice ownership.
With changes in the marketplace, building a dental practice from the ground up has sparked interest for many new doctors. Though risky, the personal and financial rewards can be plentiful and attainable. While advisors have historically championed buying into practices to take advantage of cash flow and income to tackle student loan debt and begin accumulating wealth, what we’ve seen is that there are fewer practices on the market and more competition for the ones that do hit the market. We see baby boomers working and keeping their practices longer, leaving new dentists with a tighter market to begin practicing.