{"id":8257,"date":"2020-03-14T12:21:14","date_gmt":"2020-03-14T16:21:14","guid":{"rendered":"https:\/\/www.dentalbuyeradvocates.com\/?p=8257"},"modified":"2022-12-05T12:36:56","modified_gmt":"2022-12-05T19:36:56","slug":"3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus","status":"publish","type":"post","link":"https:\/\/www.dentalbuyeradvocates.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/","title":{"rendered":"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus"},"content":{"rendered":"<p>With all the craziness in the world right now, a lot of buyers are asking the question, \u201c<em>Should I even be looking at buying a practice right now?<\/em>\u201d<\/p>\n<p>I understand the sentiment. When things seem out of control, it\u2019s natural to want to remove things from you\u2019re life that seem like a risk.<\/p>\n<p>Buying a cart full of groceries? Easy to justify.<\/p>\n<p>Buying a dental practice for hundreds of thousands of dollars? Seems riskier on the surface.<\/p>\n<p>While I certainly don\u2019t have a crystal ball and can\u2019t know for sure what will happen in the future,<a href=\"https:\/\/www.dentalbuyeradvocates.com\/the-right-time-to-buy\/\"> I think buying a practice now is still a good idea.<\/a><\/p>\n<p>Here are three reasons:<\/p>\n<p>\u2026<\/p>\n<p><strong>1) If you own, no one can fire you<\/strong><\/p>\n<p>One of the most common reasons buyers give me for wanting to own their practice is that they want control over their career. They don\u2019t want someone else telling them who they can and can\u2019t treat, what procedures to recommend and how much (or little) they can work.<\/p>\n<p>Well, if you\u2019re an employee someone else still controls all of those things. AND they control your job.<\/p>\n<p>And, if things do slow down guess what the first expense to cut will be?<\/p>\n<p><a href=\"https:\/\/www.dentalbuyeradvocates.com\/the-most-dangerous-associateship-the-too-comfortable-one\/\">The associate.<\/a><\/p>\n<p>You.<\/p>\n<p><em>Could\u00a0<\/em>you see a downturn in collections in a practice you own in the near-term? Sure. But if that happens as an owner, your income will go\u00a0<em>down<\/em>, not go to zero.<\/p>\n<p>Ownership means having ultimate control.<\/p>\n<p><strong>2) Dentistry is relatively recession-proof<\/strong><\/p>\n<p>Even if people are quarantined and the economy slows down, people will still make horrible food choices. They won\u2019t floss as often as they should. Their teeth will still start hurting.<\/p>\n<p>People will still need a dentist.<\/p>\n<p>They will need you.<\/p>\n<p>And after the panic subsides a bit, people will realize that dental offices are one of the more hygienic places to be. Every tool gets sanitized. Everyone\u00a0<em>already\u00a0<\/em>wears a mask much of the time.<\/p>\n<p>Dentistry has historically been a relatively recession-proof industry. In all likelihood, it\u2019ll be fine this time too.<\/p>\n<p><strong>3) Sellers are probably just as excited to sell as you are to buy<\/strong><\/p>\n<p>If you think that you\u2019re nervous about buying right now, think about the seller who just listed their practice and made retirement plans! If you come in, do an analysis and like the practice, and then submit a fair offer?<\/p>\n<p><a href=\"https:\/\/www.dentalbuyeradvocates.com\/video-the-right-way-to-approach-a-seller\/\">That seller is going to be thrilled.<\/a><\/p>\n<p>Sure, their retirement account probably just took a hit. On the margin, a few more sellers might choose to continue practicing rather than listing their practices in the next six months.<\/p>\n<p>But life moves on. People want to move on with their next steps in life. Sicknesses happen. Practices will come up for sale.<\/p>\n<p>Be the smart buyer who doesn\u2019t panic and looks for the right practice, in the right geography, at the right price.<\/p>\n<p>And move forward with a purchase confidently.<\/p>\n<p>\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n<p>Stuck at home the next little while? Why not learn how to FIND a practice? How to read a P&L or tax return? How to successfully negotiate with a seller?<br \/>Check out:\u00a0<a href=\"https:\/\/el2.convertkit-mail.com\/c\/preview\/dpheh0hz\/aHR0cHM6Ly93d3cucHJhY3RpY2VwdXJjaGFzZWJsdWVwcmludC5jb20v\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.practicepurchaseblueprint.com\/<\/a><\/p>\n<p>\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/p>\n<p><strong>Read More:<\/strong><\/p>\n<p class=\"entry-title\"><a href=\"https:\/\/www.dentalbuyeradvocates.com\/most-important-quality-buying-a-dental-practice\/\">What is the most important quality to look at when buying a dental practice? | Finding a Dental Practice to Buy<\/a><\/p>\n<p class=\"entry-title\"><a href=\"https:\/\/www.dentalbuyeradvocates.com\/tell-the-seller-not-to-keep-the-sale-secret\/\">Tell the Seller NOT to Keep the Sale Secret<\/a><\/p>\n<p class=\"entry-title\"><a href=\"https:\/\/www.dentalbuyeradvocates.com\/4-questions-for-your-first-meeting-with-a-seller-and-4-questions-to-avoid\/\">4 Questions For Your First Meeting with a Seller \u2013 And 4 Questions to Avoid<\/a><\/p>","protected":false},"excerpt":{"rendered":"","protected":false},"author":4,"featured_media":0,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-8257","post","type-post","status-publish","format-standard","hentry","category-before-you-buy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus - Dental Buyer Advocates<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus - Dental Buyer Advocates\" \/>\n<meta property=\"og:url\" content=\"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/\" \/>\n<meta property=\"og:site_name\" content=\"Dental Buyer Advocates\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/brian.d.hanks\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-14T16:21:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T19:36:56+00:00\" \/>\n<meta name=\"author\" content=\"Brian Hanks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brian Hanks\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.dentalbuyeradvocates.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/\",\"url\":\"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/\",\"name\":\"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus - Dental Buyer Advocates\",\"isPartOf\":{\"@id\":\"https:\/\/www.dentalbuyeradvocates.com\/#website\"},\"datePublished\":\"2020-03-14T16:21:14+00:00\",\"dateModified\":\"2022-12-05T19:36:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.dentalbuyeradvocates.com\/#\/schema\/person\/9be7c293c596d48d67498230144b043d\"},\"breadcrumb\":{\"@id\":\"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.dentalbuyeradvocates.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.dentalbuyeradvocates.com\/#website\",\"url\":\"https:\/\/www.dentalbuyeradvocates.com\/\",\"name\":\"Dental Buyer Advocates\",\"description\":\"Helping You Buy The Right Dental Practice\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.dentalbuyeradvocates.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.dentalbuyeradvocates.com\/#\/schema\/person\/9be7c293c596d48d67498230144b043d\",\"name\":\"Brian Hanks\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.dentalbuyeradvocates.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0911e6e631df1fc78f8a69e682c12c89?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0911e6e631df1fc78f8a69e682c12c89?s=96&d=mm&r=g\",\"caption\":\"Brian Hanks\"},\"description\":\"Brian Hanks is an author, advisor, certified financial planner specializing in helping dentists evaluate and acquire a dental practice of their own. Brian developed his dental practice acquisition framework to help dentists navigate the complex and overwhelming process. Brian's book, How to Buy a Dental Practice: Find, Analyze, Negotiate, and Purchase the Right Dental Practice for You, details the basic pitfalls that new dentists often make, and lays a roadmap for a successful acquisition. His consultancy, Dental Buyer Advocates, provides hands-on guidance and expertise for evaluating practices, negotiating with sellers, closing on a practice, financing, transitioning a practice from the seller to the new buyer's management, and much more. Brian has a business management degree from BYU, a finance MBA from University of Michigan, and a CFP certification from Northwestern University. He lives in Salt Lake City, Utah with his family and serves dentists nationwide. See Brian's 27-point dental practice acquisition checklist: https:\/\/www.dentalbuyeradvocates.com\/dental-practice-acquisition-checklist\/ Learn all about the process of buying a practice: https:\/\/www.dentalbuyeradvocates.com\/buying-a-dental-practice\/\",\"sameAs\":[\"https:\/\/www.dentalbuyeradvocates.com\/\",\"https:\/\/www.facebook.com\/brian.d.hanks\",\"https:\/\/www.instagram.com\/dentalbuyeradvocates\/\",\"https:\/\/www.linkedin.com\/in\/brianhanks\/\",\"https:\/\/www.youtube.com\/@dentalbuyeradvocates\"],\"url\":\"https:\/\/www.dentalbuyeradvocates.com\/author\/brianhanks\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus - Dental Buyer Advocates","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/","og_locale":"en_US","og_type":"article","og_title":"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus - Dental Buyer Advocates","og_url":"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/","og_site_name":"Dental Buyer Advocates","article_author":"https:\/\/www.facebook.com\/brian.d.hanks","article_published_time":"2020-03-14T16:21:14+00:00","article_modified_time":"2022-12-05T19:36:56+00:00","author":"Brian Hanks","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Brian Hanks"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.dentalbuyeradvocates.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/","url":"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/","name":"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus - Dental Buyer Advocates","isPartOf":{"@id":"https:\/\/www.dentalbuyeradvocates.com\/#website"},"datePublished":"2020-03-14T16:21:14+00:00","dateModified":"2022-12-05T19:36:56+00:00","author":{"@id":"https:\/\/www.dentalbuyeradvocates.com\/#\/schema\/person\/9be7c293c596d48d67498230144b043d"},"breadcrumb":{"@id":"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/brianhanks.com\/3-reasons-buying-a-practice-now-is-still-a-good-idea-despite-the-coronavirus\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.dentalbuyeradvocates.com\/"},{"@type":"ListItem","position":2,"name":"3 Reasons Buying a Practice Now is Still a Good Idea, Despite the Coronavirus"}]},{"@type":"WebSite","@id":"https:\/\/www.dentalbuyeradvocates.com\/#website","url":"https:\/\/www.dentalbuyeradvocates.com\/","name":"Dental Buyer Advocates","description":"Helping You Buy The Right Dental Practice","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.dentalbuyeradvocates.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.dentalbuyeradvocates.com\/#\/schema\/person\/9be7c293c596d48d67498230144b043d","name":"Brian Hanks","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.dentalbuyeradvocates.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0911e6e631df1fc78f8a69e682c12c89?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0911e6e631df1fc78f8a69e682c12c89?s=96&d=mm&r=g","caption":"Brian Hanks"},"description":"Brian Hanks is an author, advisor, certified financial planner specializing in helping dentists evaluate and acquire a dental practice of their own. Brian developed his dental practice acquisition framework to help dentists navigate the complex and overwhelming process. Brian's book, How to Buy a Dental Practice: Find, Analyze, Negotiate, and Purchase the Right Dental Practice for You, details the basic pitfalls that new dentists often make, and lays a roadmap for a successful acquisition. His consultancy, Dental Buyer Advocates, provides hands-on guidance and expertise for evaluating practices, negotiating with sellers, closing on a practice, financing, transitioning a practice from the seller to the new buyer's management, and much more. Brian has a business management degree from BYU, a finance MBA from University of Michigan, and a CFP certification from Northwestern University. He lives in Salt Lake City, Utah with his family and serves dentists nationwide. See Brian's 27-point dental practice acquisition checklist: https:\/\/www.dentalbuyeradvocates.com\/dental-practice-acquisition-checklist\/ Learn all about the process of buying a practice: https:\/\/www.dentalbuyeradvocates.com\/buying-a-dental-practice\/","sameAs":["https:\/\/www.dentalbuyeradvocates.com\/","https:\/\/www.facebook.com\/brian.d.hanks","https:\/\/www.instagram.com\/dentalbuyeradvocates\/","https:\/\/www.linkedin.com\/in\/brianhanks\/","https:\/\/www.youtube.com\/@dentalbuyeradvocates"],"url":"https:\/\/www.dentalbuyeradvocates.com\/author\/brianhanks\/"}]}},"_links":{"self":[{"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/posts\/8257"}],"collection":[{"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/comments?post=8257"}],"version-history":[{"count":2,"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/posts\/8257\/revisions"}],"predecessor-version":[{"id":10031,"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/posts\/8257\/revisions\/10031"}],"wp:attachment":[{"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/media?parent=8257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/categories?post=8257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dentalbuyeradvocates.com\/wp-json\/wp\/v2\/tags?post=8257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}