5 key factors when buying a practice

1. Price – Don’t make the decision solely on price. Often it is best to spend that little more to eliminate greater risk.

2. Location – Pick a business near shopping centres, business precincts, major roads for great exposure.

3. Lease – Ensure the business has at least 10 years left in the lease (or negotiate that into the sale). Ultimately you may want to sell the business one day so the longer lease the better.

4. Growth – Pick a business with room for growth, underutilized chairs, short opening hours or room for improvement to the facility.

5. Employees – Ensure there are quality dentists working at the practice prepared to stay on after the sale.