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Why now is the time to buy your dream dental practice (and how to make sure it succeeds)

We interviewed industry veteran Aaron Pershall to learn about the current dental practice finance landscape, including COVID-19’s impact on existing practices and those looking to purchase.

Buyer representatives: the secret weapon

What trends do you see in dental practice ownership today?
Financially speaking, there are a number of changes happening. DSOs (dental service organizations) and other small group practices are buying up solo doctor practices, and this consolidation in the market has helped to push practice valuations higher. I think there are more senior doctors seeking to retire, so there are more opportunities available for purchase than in past years. Additionally, we are in an extremely low interest rate environment, which has driven down the cost of buying a practice.

COVID-19’s impact and the industry’s future

From a dentist’s point of view, how has COVID-19 impacted practice ownership?
In general, practices that thrived before the COVID-19 shutdown are doing better than ever today, and the ones that struggled before the shutdown have struggled to recover financially. This has led to a polarization of the practice landscape. The good news: There is often opportunity to be found at both ends of the spectrum.

A network of helpful resources

What resources are available to a dentist looking to open his or her own practice?
There are a number of good resources available for dentists who want to own a practice. Earlier, I mentioned buyer representatives. Additionally, there are a number of really good dental CPAs out there who can provide due diligence support, retirement planning, wealth management, traditional accounting and tax preparation.

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