While many medical practitioners think about setting up their own practices there are some very good reasons why, after thinking long and hard about it, they opt for an established business instead.
Start from Scratch or get a head start?
Here are some of the reasons buying an established practice makes sense:
- Finding suitable locations can be quite a challenge.
- Meeting Council requirements about parking limitations and restrictions on such things as the number of doctors allowed in the practice can be a painful experience.
- Buying a well-established business is infinitely less stressful than starting from scratch.
- You have the reassurance of cash flow from the start.
- You avoid the huge cost of equipping a new practice, which can be as much as $3,000/m2 for a dental practice.
- You know how much you have to invest with an established practice.
- The daunting task of negotiating the lease is avoided when you buy an existing practice.