3 Insider Secrets when Buying or Starting Your First Practice How much do you need to save to be able buy a practice? SHANE It’s going to depend on how comfortable you are with debt. Most of the dentists I deal with have a plan for paying off their debt within 10 years with many of them paying it off even quicker. Before I would even look at buying a practice, I would want to do a budget and a plan, which would include my time frame for having that debt paid off. What do I need to have as an after There may be no bigger career decision for a newly minted dentist than deciding if and when to own a practice. Choosing from buying an existing practice, starting one from scratch, or focusing on being an associate requires deep soul-searching and asking very tough, very complex questions. As daunting as the process might appear, the good news is that there is help and support for you. This past spring CDSPI had the great pleasure of moderating a panel of our partners and friends at the Ontario Dental Association’s Annual Spring Meeting in Toronto. The sold-out session focused on the pros and cons of buying a practice, starting a new one, or joining an existing practice. Michael Kutner of KPK Law LLP and Jordan Weinberg of MNP brought their insider expertise and fascinating insights from many years advising dentists during this key transition. They were joined by Dr. Aisling Whitaker, a Toronto dentist with two successful practice startups under her belt, as well as Julie Berthiaume and Shane Dewling from CDSPI Advisory Services to provide their unique insurance and financial planning perspectives. The following conversations have been edited for length and clarity. expenses income to make sure I can still enjoy life today while building for tomorrow? MICHAEL One thing I’ve noticed is that a lot of dentists who have bought practices in the last couple of years are under severe stress. I’m not telling you not to buy a practice, but I think you really need to look deep within yourself and ask not only if practice ownership is right for me, but also, “Is it right for me right now?” 38 | 2024 | Issue 4
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