A dental office startup is a convenient path to practice ownership for both recent dental graduates and professionals in transition. As with any new business, there are many moving parts to manage and factors to consider. At Mahan Dental Law, we can help to set your practice up properly from the outset so that you can achieve your business objectives.
We routinely provide dental entrepreneurs around the country with strategic, cost-effective representation. From dental demographics and office space location to leasing and financing, our legal team will consult you with all aspects of your dental practice startup and get you a path to success. Contact our office today to speak with an experienced dental practice startup lawyer.
Why Form A Dental Practice StartUp?
Generally, there are two options for practice ownership: starting your own practice or buying an existing one. Starting your own dental practice allows you to:
- Develop your unique practice vision — Starting a practice lets you establish your own practice culture, hire staff, create a positive work environment, implement your own systems, identify your patient demographic, and offer the type of dental services you prefer.
- Choose a location — You can select the area and type of office space (e.g. retail, professional building) that best suits your goals.
- Create a modern facility — Purchasing new equipment, technology, and finishes (e.g. countertops, flooring, furnishings, paint) enables you to create a state-of-the-art practice that matches your vision and minimizes repair and maintenance expenses.
While starting your own practice can be rewarding, it takes an experienced dental business attorney to realize your vision.
Why Choose Mahan Dental Law For Your Dental Practice Startup?
Lead attorney Anthony Mahan has decades of experience representing medical professionals and helping doctors establish successful practices. Our firm provides a wide range of legal services to dental practice startups, including:
- Feasibility studies
- Business plans
- Entity formation
- Operating and partnership agreements
- Practice lease review
- Construction Services
We regularly collaborate with a nationwide network of professionals in key areas, such as practice consulting, accounting, financing, equipment leasing, and real estate, who can help to build a strong foundation for your practice.
Choosing a prime location is crucial for targeting your patient demographic. Our legal team will work closely with you to identify a property that suits your needs based on several factors, including:
- Traffic patterns
- Competition in the vicinity
- Types of businesses in the area
Other factors to consider include whether you will be leasing space or buying property, obtaining funding for space and equipment, and parking and accessibility. Ultimately, a comprehensive feasibility study can help secure a location that will promote your dental practice startup.
Starting a dental practice requires having a business plan that potential lenders, funders, and investors will rely upon to assess your financial position and prospects for success. In short, a well-conceived business plan will help to:
- Explain how your practice plans to achieve its objectives
- Distinguish your practice from its competitors
- Provide realistic financial projections
Trust Mahan Dental Law to help you put in place a business plan that positions your dental practice startup for success.
Our dental practice lawyers will advise you about entity formation and help you select the appropriate form of business organization (e.g. S-Corp, C-Corp, PLLC, partnership). In addition, we will prepare the necessary foundational documents and help you obtain the required business licenses. Above all, we will work to get your dental practice up and running expediently.
At Mahan Dental Law, we regularly negotiate and prepare operating and partnership agreements for dental professionals. If your practice is structured as a PLLC, an operating agreement will establish:
- The equity structure, management, voting rights
- Liability and indemnification
- Guidelines for transfers, buyouts, dissolution
- A method for dispute resolution (e.g. arbitration, mediation)
If your dental practice is a partnership, we will work with you to develop a partnership agreement that defines each party’s rights and responsibilities and includes provisions for buyouts, financing arrangements, and a business succession plan.
Dental Practice Lease Review for a Startup
If you are leasing space for your practice, we will review and negotiate the lease terms and make sure that your interests are protected. By relying on our feasibility study, we can assess the market conditions to determine:
- The vacancy rate in the area
- Whether similar medical space is being rented at a premium
- How much rent other businesses are paying for similar properties in your location
We consult with real estate professionals around the country who have a working knowledge of the regional markets which enables us to negotiate favorable lease terms.
If you are planning to buy and develop property for your dental practice, we can help to review project agreements and secure construction financing. Above all, we will work to minimize the potential for disputes and ensure that your development project is completed on time.
Before your dental practice launches, our legal team will work with marketing professionals and practice management consultants to:
- Establish a brand for your practice
- Develop a marketing plan
- Design a website
- Implement business systems
Once you have appointments on the books, you will be well-prepared to provide quality dental care to your patients immediately upon opening your practice.
Contact Our Dental Practice Startup Attorneys
Starting a dental practice is one of the most important decisions you will make in your professional career, which makes it crucial to have the strategic representation Mahan Dental Law provides. When you become our client, you will have a clear understanding of the start-up process and the path forward. Contact us today to get started.
Mahan Dental Law helps their clients with dental practice startups throughout the United States including the states of Ohio and Kentucky.