There are several advantages to opening your own dental practice, including setting your own schedule, making your own decisions about treatment and procedures, and choosing your own staff. You will also have the opportunity to build relationships with your patients and develop a reputation in the community. Finally, owning your own business can be financially rewarding. To make your business successful, you should contact a Glendale Dental Attorney.
Things you should never disclose during a dental practice negotiation
Before you start or buy a dental practice of your own, consider the following:
- Define what you want
Before beginning any negotiation, you must clearly understand what it is you are hoping to achieve. In the case of a dental practice negotiation, this might mean setting a target price, agreeing on a payment schedule, or reaching a consensus on the scope of work to be completed.
- Do your research
Once you know what it is you want to achieve, take some time to research the dental practice market and recent sales prices. This will give you a good idea of what the practice is worth and help you to set a realistic target price.
- Make an offer
Once you have researched, it is time to make an offer. Start by making your best and final offer, but be prepared to negotiate from there.
While working in your dental practice, never disclose the following:
- Your true bottom line – what you are genuinely willing to accept in terms of compensation or other terms of the negotiation. You want to leave some room for negotiation and not show your hand too early.
- Your true motivations – what is driving you to negotiate a dental practice sale or transition? If the other side knows your motivations, they may be able to use them against you.
- Your true feelings – you should never let the other side know how you feel during the negotiation process. If you show weakness or that you are desperate, they may be able to take advantage of the situation.
- Any information that could be used against you – if the other side knows something that could be used to hurt your position in the negotiation, they may use it against you.
- Your negotiating strategy – you should never give the other side a glimpse into your negotiating strategy. If they know what you are planning, they may be able to counter your moves.
