To recap the last few weeks, we have been focusing on how to approach a seller directly. If you remember, 80% of your search should be contacting sellers instead of scanning broker websites. Instead of reaching out to broker after broker and frequently following up with them but only occasionally scrolling idly through dental offices […]
Category Archives: General
When you were eight years old and you got a piece of mail, chances are good it was from your grandmother, and it had a nice $5 or $10 bill in it. Cha-ching! Then one day you became an adult. Now you open the mail to Costco ads, bills, and credit card offers … so […]
You are now a master of the 80/20 rule. You now know the importance (the why) of building your network instead of relying on a broker. You understand the principle but now you are likely curious how to put it into practice. How do you approach a seller directly? Let’s first talk about the when. The […]
Recently I’ve been highlighting the searching process, whether that’s noticing red flags or gauging your excitement. Finding the right practice to buy is essential, and I wanted to focus on building a solid foundation before you get any farther in this process. Once you sign those papers, you’ll be glad you didn’t just grab the […]
Pessimism sells. First it was in newspapers, then 24/7 TV news, and now it’s in social media. Whatever the era, depressing news gets attention and clicks. In the dental industry, this pessimism often takes the form of dentists’ fear of dental support organizations (DSOs). The feeling is that DSOs are crowding out private owners and buyers. […]
Years ago a friend of mine, Stacey, talked to me about a dilemma any graduate-level student will be familiar with. Her lifelong academic and career pursuit was to be an attorney. She began applying to law schools around the country and was given multiple acceptance offers, but now she had to decide between them. Each […]
Tom was once a client of mine, and he was, in many ways, a dream client. At the very least, he was very determined to get into ownership. In the first few months of our time together, Tom must have brought me ten potential practices to purchase. Not one of them was worth buying. And it only […]
Hygienists can make or break a practice. So take your hygiene department very seriously. Hygiene isn’t the biggest dollar-getter in your practice (that’s you), so they’re not the engine that drives a practice’s profitability. But they’re the oil that keeps it all going. Ever try to run an engine with no (or bad) oil? It ain’t […]
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 […]