The 3 Stages of the Life of a Dental Practice

The 3 Stages of the Life of a Dental Practice


– Hi I’m Arun and today
we’re going to talk about the three stages of the life of a dental practice or dental office. [Upbeat music] Step one, now, if you’re
at the stage of buying a dental practice or setting
up a dental practice, that’s your first stage. Now, if you’re setting up a clinic, there are plenty of things
you need to be thinking about. You need to be thinking
about the location, you need to think about your budget, you need to be thinking
about the type of dentistry you’re gonna be offering, as well as the type of patients that you want to be attracting. Now, setting up a clinic, and you can watch some
other videos that we’ve got on this YouTube channel about
how we set up dental clinics. But the other option is to look at how to buy a dental practice. And that’s another option. So, you’re looking to buy a practice, what kind of profits are you buying? Where is it gonna be located? How is it performing currently? And if you can buy that practice, how can you actually add
value to that practice. So say if you buy it for a certain price, in a few years time, it might be worth a certain larger price in the future. So stage one is all
about either setting up or buying that right
practice for yourself. Now step two is all
about the growth stage. Now you may have setup a
practice and it’s operating, you may have bought a practice and it’s operating and doing okay. But really the truth is, whether
you’ve started or buying, you actually want to grow your business. Now, how are you going to go
about growing your business? Now there’s lots of ways
of growing your business, but you need to be smart and you need to make sure that you can grow the turnover, but you don’t grow the cost at the same rate as the turnover. So therefore, you need to
be managing those costs appropriately so that your
margins of your business are growing at a nice and healthy rate. Now, what do you need
to grow your business? Well, you need to make sure first you’ve got the right team in place. Having the right team can
make all the difference in any business, but that
team have to have bought in to your vision and understand
what you’re trying to achieve with your practice or your business. Secondly, your marketing has
to be really, really hot, okay. We’re in the stages and the
days of digital marketing. So you need to be on board with everything that’s out there digitally. Whether it’s YouTube,
whether it’s Instagram, whether it’s Facebook, pay per
click marketing with Google, SEO, you name it, understand
how you’re going to grow your business. So, growth is all about
getting your marketing right, getting your team right and
then implementing and delivering great, great care to your
customers and patients our there. ‘Cause that’s gonna help
you grow your business to a value that will ultimately
help you on your exit. And then step three is
ultimately your exit. You’re at the stage, maybe,
you’ve owned a practice for a few years, you’ve
grown it healthily, it’s doing well, but you really wanna exit at the top of its game, not
when it’s reached the top and it’s starting to decline. So you need to think about
when is the right time to be selling my practice
or office or dental office. And that is when you
think it’s doing its best. So at that stage of maximizing value, you’d have made all the
efforts at the growth stage to actually get a value
that’s really healthy and profitable and at that point, a buyer will come along and pay you a very handsome price for it. So, in summary, three
stages of a dental practice or dental office of their lifecycle. First stage is buying or setting up, second stage is the growth stage and third stage is maximizing
value when you go to exit. For any further information, please get in touch with us, we’d be delighted to help
you to build, buy, grow and ultimately help you
exit your dental practice. Thank you. [upbeat Music] – [Speaker] Thank you for
watching our Samera video. Click our logo for more
information on our services and don’t forget to subscribe
to our YouTube channel. We upload new content
every Tuesday and Friday.

Author: Kevin Mason

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