Something to Think About Before You Buy a Dental Practice

I have some important advice for dentists – particularly new dentists – who are about to buy a practice. It's advice that should seem obvious but often gets lost amid all the other pro-and-con considerations.

Any decision you make has to start with you defining your personal priorities.

If you love sailing you're not going to be happy in Nebraska, no matter how great the opportunity might seem. Or it may seem ideal now to work in the heart of a vibrant urban center, but what about the cost of buying a home close to the office? What happens when you start a family and need more space? Sure, you can always move farther out of town, but trust me, that hour or two on the road each day getting to and from work takes its toll over the years.

On the other hand, practices just outside the urban-suburban high-density cores can offer attractive possibilities. There is usually less competition around you and the overhead is significantly lower – not to mention the cost of living. All of this can translate into improved lifestyle choices: Stress-free commutes, affordable real estate and, in many cases, significantly more vacation time to do the things you really love. But again, it has to be a situation you know you can love.

Choosing the right place to practice is a hugely important decision. Every day you put into your practice you're building something that you can't take with you if you change your mind later. Very few dentists, once they have made the commitment, pull up stakes and change practices in mid-career.

Getting your personal priorities straight is going to be vital to your peace of mind. Finding the best location – at home and at work – right from the start might cost you a little more in the short term, but the benefits are far-reaching. You only get one life.