Do you own your own dental practice? Or perhaps you’re considering starting up your own practice or purchasing one. Whatever the case may be, did you know that building up your business advisory team is critical to the success of your practice? With the right people in place, you can focus on the day-to-day operations of your practice, and most importantly – your patients.
Dental Practice Business Advisory Team
So who exactly should you recruit for your team? Here’s a list of professionals you should bring in before beginning your practice or use as needed throughout your career. They should become trusted members of your business family and be dedicated to your success. You will also find that one trusted advisor can often lead you to others along the way. Due to the specialized needs of independent dental practices, they should all be experienced in the dental industry and with practice purchases and sales.
- Certified Public Accountant (CPA) – Your CPA should be capable of serving as an overall business advisor and should take care of all matters related to financial planning, taxes and financial compliance. They should also be able to properly value the practice you are buying and, eventually, the one you want to sell.
- Attorney – A good lawyer will make sure you are compliant with all business regulations and advise you on the best legal structure for your business. They should also be able to provide insight on governmental and legal issues that will affect your practice.
- Banker – Have a banker on your side to do more than simply quote interest and terms for any lending you need. They should also be invaluable in finding ways to help you meet your future financial goals.
- Insurance Agent – You can’t fully protect your family and your business without a good agent who understands the needs of independent dentists.
- Investment Advisor – You’ll need an investment advisor to help you with your personal investments and those that are part of your practice’s retirement plan, as you want a retirement plan that attracts and keeps good employees. Look for one with a good track record, and one that you can trust.
To get more insight and tips into starting up your own dental practice or managing your current practice, download our newly released e-book that highlights tips and tools for young dentists. You’ll get expert insight from two CPAs and business advisors who specialize in working with dentists, as well as two case studies from a seasoned dental practice owner and a young practice owner who share best practices and challenges they’ve faced as they opened their practices.
If you’re a dentist looking for more information about managing the business side of your practice, contact the Bright Dental CPAs at Rea & Associates.
By: Alan Hill, CPA (Mentor office)