PROFILE
Are you looking to acquire
or start a practice?
Here are 4 to do’s as you prepare for practice ownership
Johnette Green
Wells Fargo Practice Finance
V.P., Business Development Manager
(972) 998-8439
[email protected]
1. Define your plan.
Your vision is your roadmap for success.
Ask yourself: What do I want personally
and professionally? Articulate what you
want and where you want to go. Once you
have defined your vision — develop your
business plan. Your business plan should
include the following: an overview of your
business for at least one year into the
future including the dental services and
products you plan to provide. Projected
start-up and operating expenses, including
costs for the facility, equipment, technology, dental supplies, laboratory, personnel,
accounting, legal advice, marketing and
advertising. Production goals, which should
more than cover your expenses. Area demographics and competitors, which should
demonstrate that your production goals are
realistic. Marketing strategies for achieving
your business objectives, including attracting the patients needed to meet your production goals. Team development plans to
ensure quality of care and patient satisfaction. Business controls that will help you
monitor the growth and success of your
practice and protect your finances.
2. Get organized.
Create a schedule, set a budget and
determine your long term goals. Plan
and build for contingencies and risks.
Get pre-qualified, talk to your lender to
determine whether your project is financially feasible. If you’re building a start-up,
you’ll likely need to provide a business plan
with cash flow projections, as well as personal tax returns and a credit application.
If you have an existing practice and are
doing a ground-up construction project,
expect to provide