A friend of mine owned two dental practices in very rural areas of Ohio. One practice was located in a town with one traffic light, one gas station, and a local restaurant. To the average person buying a dental practice, these two rural practices may have represented a lifestyle that was “too far out of the way” to really enjoy the surroundings. This selling dentist asked me to step in and find the “right” buyer for the practices.
The revenue and income of rural practices differ significantly from their urban colleagues. Some of my rural clients make on average, over five years, what it would take for their classmates working in the big city to make in almost ten years. Where, in a “big city”, can you find a practice these days with 3000-5000+ active patients, a large office, and room to grow for an associate or two?
We found our buyer in less than 90 days. A female dentist and her husband recognized immediately the tremendous patient count of these two dental offices. They also noticed incredible cash flow the selling dentist was depositing each month. She had looked at several smaller offices in the big city. The practices were expensive, had too few patients, and were plagued with too many red flags to consider a purchase. She paid a strong value for the offices. The seller remained for a couple of years to assist in the transition.
This female dentist today owns a second home in Key West and has a Lamborghini in her garage. True story.
The Lamborghini is orange and it’s a beauty. She has put away several hundred thousand a year. Now, she could retire at a young age if she wanted to. However, she continues to work because she wants to, not because she has to. If you ask her today about her thoughts on a rural practice, she will tell you, “If you could retire in less than fifteen years, why wouldn’t you?”
My seller friend now lives in Florida and is a part owner of a very successful restaurant. Every time I speak with him he tells me “Life is good!”