Let me tell you about the time I fired a client. Let’s call him John. At first, John was a great client. He was diligent about his search for a practice, putting in lots of time calling, mailing, and networking. He said all the right things, was polite and personable, and before too long had found […]
There’s a great debate out there: Should you buy an existing practice, or start one from scratch? I’m on record that for the VAST majority of dentists (we’re talking at least 95%), buying an existing practice is the better way to go. I’m also on record saying that I’ll be perfectly honest and tell you […]
For all the aspiring dental practice owners out there, here’s something to think about as you move into ownership: your employee handbook. An employee handbook is the most important document in your office. Other documents are important, too, but the employee handbook is the end-all-be-all when it comes to how a dental practice owner interacts with the […]
Let me speak (write, I guess) directly to the dental associates out there. Current or future associates. I’m going to make an assumption: You want to own a practice. Sure, the reasonable hedge in many articles is that “ownership isn’t for everyone.” And that’s true! But you’re here reading this, so I think my assumption is a […]
Question: How much does a dental practice owner make? Answer: On average, a dental practice owner in the U.S. makes $335,207 per year. Now hold on, don’t leave just yet! As with other average numbers we’ve talked about recently, the answer without context isn’t really an answer at all. So let’s dig into this one. […]
Dentists have got it good. No, it’s not all sunshine and roses, and there are very difficult things about your job. But in some areas, you’ve really got it made. Advertising is one such area. Let me back up a bit and explain. If we look at advertising costs as a percentage of collections, we […]
Finding a dental practice for sale is simple. But “simple” is not the same thing as “easy.” Doing 100 pushups is not complicated. Up-down-up-down. Simple, right? But that doesn’t mean it’s easy. If you can do 100 pushups, congratulations. You know that it takes a lot of hard work and discipline to get to that […]
Continuing on our quest to break down the common costs in a dental practice, let’s review today the average monthly cost of labs — and what, if anything, you should do to adjust them. Whereas dental supply costs (which we reviewed last week) are typically for items used in the office — think anything from […]
Running a dental office ain’t cheap. And it might be tempting to focus solely on the biggest expense on your list, the staff. But having a good handle on all your expenses is important. Today we’re going to focus on another major expense for dental practices: supply costs. In fact, there are some indications that supply […]
What is the typical overhead for a dental practice? In your quest to buy the right practice, you’ll come across a lot of numbers, and it can get a bit overwhelming. Let’s demystify this one. First, let’s start with the answer. The median overhead for a dental practice, as a percentage of collections, is 61.9%. […]