I remember when I bought my first house. I wasn’t sure if the timing was right, whether the house the real estate agent recommended I buy was the right house or if I could afford the house payments. At the ripe age of 26, I took the plunge and bought the house. It turned out that years later, those trepidations I had were irrelevant. This wasn’t the perfect house, but I remodeled it and made it near perfect to me at that time. The value grew and I built equity. I made adjustments to afford the payments and the timing really didn’t matter.
The same goes for buying a practice. The practice you buy does not have to be perfect and the last practice you buy. You buy a practice that fits your needs at your current time in your life. You put sweat equity and hard work into the practice to make it profitable. You do a bit of remodeling to make it fit your personality and style. You work in the practice building equity and you hone your skills as a practice owner and a business manager. In the end, timing is not as important as you think. I know many doctors who bought their first practice when interest rates were 15%. Also, keep in mind that practice owners earn 20% more than associates who are employees. (Read Rich Dad, Poor Dad if you want to understand why you should own and not be an employee).
The moral of the story is if you feel you might be ready but are not quite sure, you’re ready. Interest rates continue to be low. The economy is doing well. There are great resources that can help you own and run a practice. If you would like to discuss whether or not you are ready to own, feel free to reach out to any of us at Omni to discuss your individual situation. Send Jim an email or give us a call at 877-866-6053 today!
The same goes for buying a practice. The practice you buy does not have to be perfect and the last practice you buy. You buy a practice that fits your needs at your current time in your life. You put sweat equity and hard work into the practice to make it profitable. You do a bit of remodeling to make it fit your personality and style. You work in the practice building equity and you hone your skills as a practice owner and a business manager. In the end, timing is not as important as you think. I know many doctors who bought their first practice when interest rates were 15%. Also, keep in mind that practice owners earn 20% more than associates who are employees. (Read Rich Dad, Poor Dad if you want to understand why you should own and not be an employee).
The moral of the story is if you feel you might be ready but are not quite sure, you’re ready. Interest rates continue to be low. The economy is doing well. There are great resources that can help you own and run a practice. If you would like to discuss whether or not you are ready to own, feel free to reach out to any of us at Omni to discuss your individual situation. Send Jim an email or give us a call at 877-866-6053 today!
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