Recently, I received a very important question from one of our listeners. The question came from a dental entrepreneur who finds himself in a position where his business debts are paid and he has an excess of cash in his reserves. Likewise, he's taken steps to secure his personal finances by diversifying outside the business. He finds himself in a position where he can't take on anymore clients because he's already at capacity, but still wants to grow his practice.
The question is this, "What are the pros and cons of buying a practice to grow my current dental practice?" In this episode, I answer this question, addressing the pros and cons of such a strategic move. I also discuss some of the ways to mitigate the risks involved. Although this question is framed to speak directly to dental entrepreneurs, the information can still be applied to many different industries.
This week on The Financially Simple Podcast:
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(1:13) Laying the groundwork/Who asks this type of question?
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(2:26) Why you should think about buying another practice
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(7:06) Calculating market share
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(7:33) Why you shouldn't consider buying another practice
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(10:17) Avoiding the pitfalls
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