Acquiring another laboratory can be an effective growth strategy: it can help your lab quickly gain new accounts, seamlessly break into a new geographic market, hit the ground running with a new service or specialty, or obtain trained technicians in an industry where skilled labor is scarce.
If you’re a first-time buyer, here are strategies for getting started:
Get the word out. Networking at laboratory events, spreading the word among industry friends or cold calling are all effective ways of connecting with interested labs that might fit your needs.
For example, when looking to get into the removables market five years ago, Jay Collins, Owner of Cornerstone Dental Labs in Bristol, PA, called every denture lab owner in his area to see if any were interested in selling. “I filled them in on my background and, if they were receptive, I offered to sit down and discuss their operations and a possible exit strategy,” says Collins. His...
