Key mistakes to avoid when buying or starting a dental practice

🎥 Discussing Startups, Squat Practices, and Practice Purchases: The speaker, with six years of experience at Samara and a background in healthcare finance at RBS and NatWest, delves into common mistakes and key considerations in dental practice startups and acquisitions.
🔍 Key Points:
Location Importance: Emphasizes the criticality of a practice's location for visibility and accessibility, advising against first-floor locations due to potential patient accessibility issues.
Cost Management: Warns against overspending on fit-outs and equipment. Recommends gradual changes to avoid patient discomfort with rapid shifts.
Professional Assistance: Stresses hiring professionals for construction to meet CQC standards and avoid redoing work.
Team Selection: Highlights the importance of hiring the right team members, especially reception staff who are the face of the business.
Lender Perspective on Squats: Notes that lenders view squats as risky due to initial lack of income. Emphasizes the need for detailed plans and financial projections.
Funding for Squats: Details that lenders will finance 70% of total costs for squats with higher interest rates, and the importance of choosing lenders familiar with dentistry.
Purchasing Practices: Advises against overpaying and the necessity of understanding the true profit (EBITDA) of a business. Encourages adding value to a purchased practice.
📢 Advice for Startups and Purchasers: Control costs, prioritize location, understand what you're buying, and consider the sector's favorable lending conditions.
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About Arun
Arun is the CEO and founder of the Samera Group, starting the business with just one client sitting at his father’s dining table. Fifteen years on, Team Samera now service hundreds of Dental clients, run exciting events, help clients raise finance, and are very active in helping clients buy or sell Dental practices.
Arun has almost twenty years of commercial experience and knowledge in Dentistry, Arun’s expertise is valued by hundreds of businesses across the UK. His financial acumen and know-how, along with his hands on commercial expertise have helped clients, large and small, new and established to achieve great things.

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Thanks for this