Buyer Services
Thinking about buying a practice?
When it comes to buying a practice, knowing the right information is crucial. That's why we hand-walk clients behind the scenes to provide all the necessary information you need to make an easy decision.
Building vs. Buying a Practice:
When deciding whether to build a practice from scratch or buy an existing one, there are several factors to consider.
Building a practice is a big step. First, you need to secure capital, which can be challenging, especially if you're just starting out. You'll need to find the right location, purchase equipment, hire staff, and develop systems from scratch. This can be time-consuming and expensive. Additionally, building a practice means starting with zero patients and having to build a reputation from the ground up, which can take years.
On the other hand, buying an established practice means you're inheriting a business that already has patients, staff, and systems in place. This can be a huge advantage as it allows you to hit the ground running. The existing patient base provides immediate income, and the established reputation can help attract new patients. Additionally, buying a practice often comes with mentorship opportunities, as the previous owner may stay on to help with the transition.
Considerations of Owning a Pediatric Practice:
Are there Drawbacks to Owning a Practice?
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The drawbacks to owning an pediatric practice are slightly different depending on whether the practice is a new or existing practice.
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Buying a new practice means that more infrastructure must be established to find a client base and create a cash flow. Hiring new employees, buying new equipment, and marketing the business from the ground up are all costly expenditures.
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These drawbacks may be reduced by buying an existing practice, where much of the infrastructure is already in place. However, the expenses would still apply.
Making the Right Decision
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Owning an pediatric practice allows you to control your business's procedures and use its success to build personal equity. This is impossible as an employee of someone else's business.
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By purchasing an existing practice, you can have a level of certainty concerning the success of the brand and the devotion of your employees. Starting your own practice requires more overhead in money and time but gives you greater control.
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Either way, the benefits in freedom and profitability should make owning your own pediatric practice a serious consideration for those that want to increase the value of their degree, their personal equity, and their business.
The Takeaway
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While owning your own pediatric practice may come with some drawbacks mostly related to high overhead costs, the independence and increased profitability prove that it may be the right move for many pediatric specialists.
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The decision to buy an existing practice or to start a new one could change its value, but the process has every reason to be profitable either way.
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