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Buying a practice
- Q. I'm considering buying a practice - what should I look for?
- A. Look at its value today and its potential over the next 10 years. A well-appointed physical facility and financial history is no bargain in a region that's trending down. Consider the following: What are the prospects for new business growth in the area? What are the population demographic trends in the region? What are the prospects of the region ten years out? How many dentists already practice in the area? You can find answers to the above questions through your local Chamber of Commerce or these resources: The National Association for Business Economics offers access to useful links with regional economic statistics and small business assistance including government agencies such as the Bureau of Economic Analysis, Bureau of Labor Statistics and the Small Business Administration. Dental Office Magazines is another good resource and includes tips for recent dental school graduates and those looking for advice on beginning a new practice. Several dental practice consultants and brokers maintain helpful Web sites. Search for one in your region.