Many of today's dental graduates may be finding less associate buy-in opportunities in the suburban and urban areas due to the economy and growth of DSOs within these markets. Many dentists are also simply extending their careers by deterring their retirement plans for several more years due to the economy. The opportunity to purchase your own practice may have diminished, leading to the frustration among associates who seek to own their own practice. Yet, there is a unique and highly profitable business model that some young dentists are beginning to recognize - and embrace!
RARE GEMS AND PRACTICE OPPORTUNITIES
In a small town or rural environment there are amazing opportunities for young dentists that allow them to either purchase a practice with a lower buy-in price or work as an Associate with as you pay off your debt then move into ownership within a few years. We find that in many small towns and rural areas, practices are selling below a more urban practice yet the revenue potential is high. So, you buy an extremely successful dental practice for a relatively low price.
ENORMOUS LIFESTYLE BENEFITS
We've talked with so many dentists in urban areas who are simply tired of the constant time (and money) required to remain competitive in a saturated market - especially during a tough economy. They just want to simplify their lives. So, for an individual who wishes a change of pace, wants to spend more time simply serving their patient's needs while remaining busy during the day with strong income, an urban or small town practice may be ideal for you. Not only are you reducing workday stress, by relocating to a small town or rural area you'll likely be under an hour's drive (many just 30 minutes away) to a great Virginia urban city. We know many dentists who purchase a small town practice and live in a nearby city and couldn't be happier. Not to mention, there are many dentists who are realizing how great it is to both live AND work in a small town environment.
LOAN FORGIVENESS OPPORTUNITIES
Did you know that in certain states where there are dental shortages, the states are offering loan forgiveness programs based on the number of years a doctor practices in a shortage area. You can actually accelerate your ability to fully or partially eliminate your student loans by working in these locales. Between your ability to purchase a practice at a lower rate, and your ability to repay your loans, you’ll be in a far better position for your ROI than you would, buying a similar practice in a more rural, competitive city or locale.
A BETTER QUALITY OF LIFE
For those dentists who are ready and open-minded about seeing the high quality of life provided by small town living and/or working - there are fantastic opportunities out there. They may not look like what you might have originally envisioned, but they may be even better than you ever imagined. They often come with the kind of family lifestyle, healthier environment, and higher quality of living that more closely matches your personal values.
Leadership by Design works with and helps dentists throughout every stage of their career. We believe it is critical to match both your vision and values with whatever transitions you are going through or emerging in your practice. From buying and selling, dental recruitment, leadership development/growth, or marketing and business growth, we're here to help. How can we help you? To view our current dental practice opportunities, click here.