Purchasing a dental practice is a significant milestone in a dentist’s professional career. It is one of the most thrilling areas of expertise in current dentistry, but it can also be very unstable if not handled the right way. Many dentists make common mistakes that can cost time, money, and peace of mind, but hiring dental practice acquisition consultants can help you avoid such pitfalls. To ensure you’re making a wise decision, here are the top 7 mistakes to avoid when buying a dental practice in 2023.
1. Not Researching Enough
Before purchasing a dental practice, you must know everything about it, including the number of patients, what procedures the current owner performs, who their staff are and their financial records.
Why is it a mistake?
Without proper research, you could end up buying a practice that is not profitable or does not meet your expectations.
Tip:
Always request at least three years of financial records, patient numbers, and a list of current equipment, even if it is not in the practice sale.
2. Ignoring the Practice Location
The location of a practice has one of the largest influences over its success. The location can help tell you how many new patients you can expect to see, your competition, and the exposure to new patients.
Why is it a mistake?
More competition relative to the population, bad access to the practice, and poor exposure are all obstacles to growing the business.
Tip:
Look for an area with good foot traffic, minimal competition, and a community in need of good dental care.
3. Overpricing the Practice
Sometimes, dentists fall in love with a practice and agree upon an unreasonably high price, without checking on its true worth.
Why is it a mistake?
Overpricing the practice will put you in debt, and it will become much harder to earn a profit in the next few years of ownership.
Tip:
Hire a professional to do a valuation and ensure that whatever you are paying matches the actual earnings and assets in the practice.
4. Not Reviewing the Staff and Employment Contracts
Staff like dental assistants and front desk personnel can ultimately break or make your success in running a dental practice.
Why is it a mistake?
If you do not consider the dynamics of the team members or do not understand the contracts of employment, this may lead to questionable morale or high turnover.
Tip:
Talk to the staff, read the contracts, and make sure you are comfortable with the staff as it stands.
5. Avoiding Legal and Financial Help
Trying to handle everything on your own might appear to you to be a cost-saving mechanism, but it can turn out to be a costly problem.
Why is it a mistake?
You may overlook critical aspects regarding contracts, licenses, or tax matters.
Tip:
Work with a lawyer and an accountant who specialize in dental practice sales. Their help is worth the cost.
6. Not Understanding Patient Retention
Just because the current owner has a full schedule doesn’t mean you will too after buying the practice.
Why is it a mistake?
Patients may leave when the original dentist leaves, especially if there’s no transition plan.
Tip:
Ask the seller to stay on for a few months during the handover and introduce you to patients.
7. Rushing the Purchase
It’s easy to get excited and move too quickly when you find a practice you like. But rushing can lead to regrets.
Why it’s a mistake:
You may overlook red flags or miss better opportunities. Many dentists today are asking, “What is the biggest problem facing dentistry?”—and rushing into ownership without preparation is often part of the answer.
Tip:
Take your time. Review all documents, meet with advisors, and make sure everything feels right before signing.
Guiding Your Dental Future with Confidence
Buying a dental practice is one of the most important decisions of your dental career. Avoiding these seven mistakes can help you build a strong, profitable practice with confidence. At Viturtal Consulting, we specialize in helping dentists navigate the buying process with clarity and expert support. From financial planning to due diligence, we ensure every step is taken with care, so your dream practice becomes a lasting success. Our team at Viturtal Consulting has deep experience in dental transitions, business planning, and valuation strategies. We work closely with buyers to ensure every detail is carefully reviewed and every opportunity is maximized. With our trusted guidance, you can step into ownership with clarity, confidence, and peace of mind.