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Any doctor weighing the benefits of dental practice ownership must eventually determine whether to purchase an existing practice or risk opening a startup. There are potential benefits to both options, but you should consider your professional priorities before committing to one over the other.
In some cases the choice between purchasing an existing dental practice and starting a new one may be relatively straightforward. If a dental practice that suits your professional needs is available for sale within your budget and in a desired geographic region, then it might be the best decision for you. An established dental practice with a well-documented history of stable financial success is an attractive prospect for many doctors looking for a low-risk entry into ownership.
But if purchasing an available practice would entail compromising your needs, then it might be wise to consider a startup. Building a dental practice from scratch allows you to customize the facility’s layout, equipment and location, but it also presents a new set of challenges. Review the following advantages and disadvantages of starting an existing dental practice and a startup.