Becoming a business owner can be overwhelming and scary, whether that’s buying an existing practice or doing a startup. Many who dream of the private practice route typically will suffer from analysis paralysis until they think they’re ready or just blindly follow any business advice they hear to simply get to the part they’re really good at… practicing dentistry.
The reality is dentists are rarely represented when buying a practice through a transition or when looking for a space to build out their dream practice. The listing brokers and leasing agents are hired by and paid by the seller or landlord. Therefore, that is where their fiduciary duty lies. They should still treat buyers or tenants fairly and honestly, but it will be as a customer as opposed to their client.
For clarity, listing brokers and leasing agents are usually amazing people that play an essential role in making this all happen so wouldn’t suggest anything different. However, it’s important to remember that buyers and startups can have their own exclusive representation to make this complex process as personalized, transparent, and affordable as possible.
The best advice to be proud of your new practice every day is to do the right move for your goals at the right time. Your future patients, staff, and community deserve to see you in a place you’re happy to be.