2023 has a few things going for it. Who knows what will happen in the wider world, but in the world of dentistry, I’ve got some trends I’m looking forward to this year.
06
Jan
Jan
2023 is the best year for you to buy a dental practice. Well, let me back up and say, it COULD be the best year for it. Depending on you.
27
Oct
Oct
One of the most influential factors that lead to your success as a new owner won’t be the roadside visibility or advertising costs, but rather something, or should I say someone(s), on the inside: the existing staff members.
Ownership, Practice Purchase Analysis
Identifying Habits of Successful Dental Practices | Negotiating a Dental Practice Purchase
12
Oct
Oct
A two-fer! In this blog post, I give some advice to dentists who will become business owners after buying a practice. What are the habits you can cultivate to help your business stay on track?
And in the video (click through to watch), I tackle a related topic. If you’re looking at a dental practice to buy, there are plenty of numbers and hard data to look at to assess the health of the practice. But outside of the quantitative data, what about the qualitative aspects? What should you be looking at to judge whether a practice is the right one for you to buy? I’ve got three business habits that a practice should exhibit to let you know it’s worth your consideration.
Due Diligence, Practice Purchase Analysis
Labs and Supply Costs – the Magic Number | Evaluating a Dental Practice to Buy
23
Sep
Sep
When you’re looking at offices that you’ll potentially buy, let the supply costs be your canary in the coal mine. How they manage their supplies and labs may be an indication as to how well, or poorly, the office is managed in general.
Before You Buy, Due Diligence
What is the most important quality to look at when buying a dental practice? | Finding a Dental Practice to Buy
01
Sep
Sep
The most important quality to look at when buying a practice is one with strong office collections.
As a general rule of thumb, I strongly encourage you to ignore any practice that is not collecting at least $750,000, preferably $800,000+.
Why is that? Read on to find out. (More detail in the video after the jump.)
Before You Buy
Should I buy a dental practice or begin a startup? | Evaluating a Dental Practice to Buy
11
Aug
Aug
For the vast majority of dentists purchasing an existing practice is easier, faster, less risky, and at least as rewarding as going the startup route.
Now, my purpose here is not to completely poo-poo the idea of startup practices. Sometimes doing a startup is a great option. But there are three very common myths circulating about the [false] “cons” of buying an existing office. I want to dispel these myths and break them down for you based on my years of experience.
Before You Buy, Due Diligence, Letter of Intent
4 Things NOT to Say in Your First Meeting | Evaluating a Dental Practice to Buy
28
Jul
Jul
Just like asking strong questions can work for your benefit, asking wrong questions will be to your detriment. Here are 4 questions to avoid at all costs when meeting the seller.
Finding a Practice
Why NOW Is (probably) the Right Time to Buy | How to Find a Dental Practice to Buy
15
Jul
Jul
Now is probably the best time to buy a practice for most of you! Most dentists wait too long and after they own, wish they’d done it sooner. The three most common concerns tend to be 1) “I don’t have the money,” 2) “It’s not the right time in my career,” and 3) “The market is too high / too low.”
Let’s look at each of these.
