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    5 tips to prepare for practice purchase

    So you want to be a practice owner. Do these things first

    Purchasing a private practice is a big decision and requires thorough preparation. The practice that you purchase can determine where you live and where your children go to school, and it ultimately shapes the lifestyle you’ve been dreaming about your entire life.

    When the practice purchase is conducted properly, it will provide a great income throughout your career. Typically, owners of a private practice can earn considerably more than employed practitioners. One of the best features of owning a private practice is that you build equity in the practice (and sometimes also the building in which you practice). Another big advantage with owning your practice is total freedom—freedom to care for your patients in the manner that is in line with your philosophy, and freedom to make your own schedule. Careful planning is necessary when making such a big investment decision.

    Here are five tips you should know before you take the plunge into practice ownership.

    More from Dr. Massie: 5 tips to prepare to sell your practice

    1. Study the area where you want to practice (and live)

    Ideally, practice owners live in the same city where their practice is located. While it is not a must, being involved in the community where you practice has long been a driver of growth in private practice. As you are searching for the perfect area to practice, I suggest conducting demographic research and obtaining information about the school systems to nail down your desired area.

    You’ll need to weigh the pros and cons of the area for both personal and business reasons. Be sure that the city is a good fit for you, and determine the need for your services in your desired area. During your search, it is important to remain flexible—there can be limited opportunities for a given city depending on the size and the number of private practice owners who could potentially be retiring soon.

    Determine the type of practice you want to purchase

    Dirk Massie, OD
    Dr. Dirk Massie has two practice locations in the St. Louis metro area. He is the primary consultant at Premier Doctor Consultants.


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