In an era where so many men and women want to be entrepreneurs, dentists are increasingly moving away from this trend. The percentage of dentists who own a practice has been declining significantly over the past several years, and the reasons are not entirely clear. This changes the marketing landscape for a dentist who wants to sell dental practice in California.
Demographics
The biggest reduction is in the group of dentists at age 44 and younger. Men and women in this age group may be satisfied being employed by another dentist, or they may be concerned about their finances, not wanting to take on practice ownership yet. That is a distinct possibility with student loan debt being at all-time high levels. Historically, a large majority of dentists eventually have bought an existing practice or start their own, but they now may simply be putting this off until later.
Debt
An article published in Dental Economics addresses this very problem. The author acknowledges how scary it can be for someone with a big load of student loan debt to go even further into debt by buying a dental clinic. Aspiring dental entrepreneurs also may be fearful because of the high rate of failure for new small businesses. The rate of failure for new dental clinics, though, is much lower than for the average small business.
State Regulations
This change must be taken into consideration when it’s time to consider how best to sell dental practice in California. In some states, corporations buy practices and put the regional or national brand name on those clinics, but this is still not allowed in California for the most part. In this state, at least one licensed dentist must be an owner of any dental practice.
Listing With a Brokerage
Listing the practice with a brokerage such as Western Practice Sales is an effective way of finding prospective buyers who are ready to take the plunge of entrepreneurship. The broker handles all the listing placements, marketing and communicating with interested men and women. Any dentist who wants to put his or her clinic up for sale may Visit the website to learn more.
