Benjamin Franklin was way ahead of his time when, back in the 1700’s, he said: “By failing to prepare, you are preparing to fail.”
He was not alone in placing importance on planning, as these wise old owls show:
Planning is also essential for those serious about buying a dental practice. I use the word ‘serious’ deliberately, as we have over 4,300 dentists registered with us looking to buy a dental practice, and only several hundred will make that seismic shift in the next year.
Those most likely to be successful in this pursuit will be those best prepared. Preparation starts with establishing what you want to achieve from practice ownership and then putting in place the necessary stepping stones to ensure this dream becomes a reality.
Finding out early on what practices are within your financial reach can be easily established by getting a financial pre-assessment from FTA Finance – this comes with the added benefit of a certificate confirming your creditworthiness. Simple and essential planning.
It is also important to ensure that you build your core business skills and knowledge in readiness for being a principal. These business skills will also be of interest to the bank that will be lending you the money to buy the practice – it is increasingly popular for banks to look for business experience in your CV.
The Care Quality Commission (CQC) are also taking an increased interest in the business experience resident in buyers when registering with them. There have been instances where buyers have not been approved by the CQC due to a lack of knowledge. No CQC registrations are a serious roadblock.
If you need to build your basic business knowledge, this can be done in a day by attending the Building Business Competence seminar. This is a one-day business management seminar to provide a taste of the tools you need to successfully manage your business.
To finish with Tariq Siddique, “If you are failing to plan, you are planning to fail.”
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