Define your personal priorities.

Buying into a dental practice is a big decision. The consequences are far-reaching because each day in your practice you're building something that you can't take with you if you decide to change your mind later. The fact is very few dentists pull up stakes and change practices in mid-career.

That's why it's so important to begin your buying process by really thinking through your personal priorities. Don't discount the personal passions that make your life interesting.

If you love sailing, you're probably not going to be happy in Arizona, no matter how great the opportunity. Proximity to friends and family, future family plans and your significant other's preferences all need to be factored in to help you narrow your search.

Once you have settled on the general area, the primary considerations then become: where do you want to live, and how far do you want to commute? For many young dentists, it may seem ideal to work in the heart of a vibrant urban center, but what about the cost of buying a home close the office? What happens when you start a family and ending up moving out to the suburbs to get more space? That hour or two on the road each day getting to and from work takes its toll over the years.

Practices just outside the urban-suburban high-density cores, on the other hand, can offer attractive possibilities. The overhead can be significantly lower, not to mention the cost of living generally. All of this can translate into improved lifestyle choices, such as, stress-free commutes, affordable real estate and, in many cases, significantly more vacation time to do the things you really love.

Getting these priorities straight is going to be vital to your peace of mind, because any compromises you make now, you will be dealing with for years to come. If you want to enjoy a long satisfying career your lifestyle preferences should dictate where you practice, not the other way around.

Do you have a question you would like to see me address here in the Spear Review? Just drop us a line in the comments section, or send me a message on Facebook. I'd love to hear from you.


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Comments

Commenter's Profile Image Ted Dengler
September 20th, 2013
It would be wonderful if you would address the process of evaluating, purchasing and growing a practice of a dentist 1) who is retiring completely or 2) has been forced to retire because of a Board of Dental Examiners' nasty determination that one mistake/unfortunate patient outcome caused them to lose their license to practice. (This was not me: I met the dentists in these situations and they asked me how these situations would be best handled.) I find myself trying to mentor younger dentists interested in buying these practices.