Articles

Using Average Prices to Value a Practice is DUMB

When you’re purchasing a dental practice, don’t fall into the “average practice value” trap. This trap has to do with a number that’s both simple and helpful … right up until it isn’t. Let me explain. After analyzing over a thousand dental practice sales nationwide, I can tell you the average sales price — as […]

How Dental Practice Valuations Work

Some dentists think there is a “right” price for every dental practice on the market. They assume dental practices are like home values, where someone out there with the right formula can input some numbers into a calculator and get the “fair appraised” value for any practice available. The appraisal is therefore the gospel truth. […]

Don’t Buy the Pessimism – NOW is a Great Time to Buy a Practice

If you’ve ever caught yourself worried about a negative headline as it relates to your career prospects in dentistry, let me explain what’s happening. Perhaps this will help a bit. Not a day goes by without reading about the upcoming disaster in private practice dentistry. Usually the implication is that private practice ownership is going […]

Letters to Patients 101 (Don’t Let Your Seller Send this BAD Letter)

When buying a dental practice, one final piece of the transition a seller is involved in is sending an announcement letter to patients. The message is pretty simple: “Hey! There’s a new dentist at your office!” And…these letters are usually pretty bad. Often really, really bad. Why? There is a fundamental misunderstanding about what the […]

One Stupid Reason Some Sellers Don’t Sell the A/R

I was talking to a broker recently and learned something so mind-blowingly stupid that I was literally speechless. You should know about it, too, in case it comes up in a transition you’re involved in. In almost every dental transition the decision of whether or not to purchase the accounts receivable (or “A/R” – the […]

Business Insurances You WILL Need After You Buy Your Practice (and 2 you MIGHT need)

In this article, I’m going to talk about business insurance – not personal stuff like life and disability. (I shared thoughts on life and disability insurance in separate posts you can read here and here). The bottom line with insurance: as a business owner you’re going to feel like you have insurance coming out of […]

My 2020 Dental School Commencement Address

<My imagined dental school commencement address, if I had the opportunity to speak at a dental school graduation today.> To those of you graduating and finishing your various dental school and residency programs…I won’t sugar coat things: you’re going to need a little luck out there. I’ll begin my remarks by quoting the most famous […]