The 1976 Eagles song, Hotel California, contains some memorable lines that today’s dental practitioners would do well to consider.
The most memorable line from the song may be, “You can check out any time you like but you can never leave.” Once you start-up a practice or purchase one, it is unlikely that you will be able to leave that location for several years. After the disappointment and frustration of investing huge amounts of money only to learn after your first few months with little practice growth that your location is not what you hoped, you may check out mentally, but you can’t leave. Being stuck in a bad location with no opportunity to do anything about it for years can be very discouraging. Practice start-ups must sign long term leases to amortize their build-out expenses and to get the best lease rates. Practice buyers usually must agree to lease or purchase the practice sellers’ dental offices.
Owning your own practice can be a terrific experience if the practice that you start or purchase is in a good location. A good practice location will provide the security that you need for yourself and for your family in the future. The person least well equipped to identify good practice location is frequently the practitioner themselves. The theme of Hotel California is false hope. Don’t bet your future on false hope. Dental realty specialists who are practice buyer Reps are the only advisors who have the training and experience to help you find the best practice locations
Plans fail for lack of counsel, but with many advisers they succeed. —Proverb
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