Remember in dental school, all those classes you took on how to run the practice you’d one day own? No? Of course not. And that’s okay! Your dental school did a great job making you into an amazing dentist. Now it’s time to prepare to be a practice owner, and that will take a real mindset shift from associate or employee to that of a leader. Here are a few things to keep in mind as you prepare for that next stage of your career.
12
Apr
Apr
“Negotiating” is just one of those words. Like “networking,” I know that when I mention negotiating, I’m going to get looks that usually range from reluctant to terrified. “Negotiation” calls to mind confrontation, argument, and discomfort for most of us.
The reality is usually very different.
29
Mar
Mar
DSOs seem to be on the rise these days. These investor-owned, multi-practice corporations have deep pockets and lots of bargaining chips when it comes to buying up private practices.
So what do you, the small, private buyer, have to offer a seller? Why would they choose you? Let’s take on a few truths and misconceptions about DSO offers, and why you’re still extremely competitive as a private buyer.
22
Mar
Mar
If you’re looking for a dental practice to buy, follow my 80/20 rule. It’s pretty simple: When you’re looking for a practice, you should spend 80% of your time networking with other dentists, especially grey-haired ones. That’s where most of my clients find their eventual practices, and it’s usually how you’ll find the best ones (the ones that never even hit the other market.
The other 20% should be spent with brokers, also an excellent resource. You can do that passively, just by checking their websites, or proactively, by connecting with them personally. Connecting with brokers is both easier and trickier than working with other dentists.
15
Mar
Mar
Finding a dental practice to buy can be a marathon, and I’ve known many dentists who’ve been frustrated by the effort. But what’s the best way to run a marathon? One step at a time. Let’s talk today about just that first step.
08
Mar
Mar
Finding a dental practice to buy can be a marathon, and I’ve known many dentists who’ve been frustrated by the effort. But what’s the best way to run a marathon? One step at a time. Let’s talk today about just that first step.
01
Mar
Mar
Balance sheet due diligence is not typically a major part of due diligence in a dental practice purchase. But that doesn’t mean it’s not important.
Understanding the balance sheet of the practice you’re buying is a necessary step, though it’s one that rarely turns up any worrying issues.
Luckily, you don’t have to do it.
23
Feb
Feb
Eighty percent, that’s the goal.
When you’re buying a dental practice, Your treatment philosophy and that of the seller should match up well—even if it’s not 100%.
Why is that? There are two reasons: one is qualitative, all about what kind of dentist you want to be; the other is mercenary, all about collections.
16
Feb
Feb
Eighty percent, that’s the goal.
When you’re buying a dental practice, Your treatment philosophy and that of the seller should match up well—even if it’s not 100%.
Why is that? There are two reasons: one is qualitative, all about what kind of dentist you want to be; the other is mercenary, all about collections.
09
Feb
Feb
The question is: “What do I actually say when I’m trying to network?” And like your favorite teacher back in school, I’m going to give you the answer before the test.
