Buying or selling a dental practice is one of the most important decisions that most Dentists in their career. Unfortunately there are many ‘Myths’ on the topic of buying or selling a practice. Gary invited his friend Matt Porter on the Thriving Dentist Show to demystify the process and share information that separates fact from fiction.
In this interview Gary and Matt discuss; Matt’s financial background that is 3 generations deep, specific tips that Dentists can do to maximize the value of their practice, strategies for a smooth transition, pros and cons of selling to a corporate or DSO buyer, great tips for Dentists who are preparing to buy a practice and a thought provoking discussion of the differences between a Partnership of an Ambiguityship. Matt brings a wealth of knowledge to the topic of buying or selling a practice and you will benefit from his wisdom and passion for the subject.
The ultimate career goal for many Dentists it to become a practice owner. However, there are many younger Dentists who feel that practice ownership may be out of reach given their student loan debt and concerns about managing a practice. As inspiration, Gary wanted to bring a young Dentist on the Thriving Dentist Show who has successfully navigated the path to practice ownership early in his career.
In this Show, Gary and Ryan Lepore discuss how Ryan became a practice owner.
They discuss: what motivated Ryan to become a Dentist, Ryan’s experiences as an Associate Dentist in both a Corporate setting and Private Practice environment, tips on how to improve clinical speed, efficiency and diagnostic skills, how Ryan ultimately found the right practice to purchase, the lessons that Ryan has learned in his first year of practice ownership and the interview concludes with Ryan sharing some great CE resources that have been very helpful for Ryan. You will enjoy Ryan’s story and his genuine desire to help his colleagues!
There are some so called experts that will tell you that it is no longer possible to open a dental practice from scratch. However, our guest on this Thriving Dentist Show has helped hundreds of Dentists successfully open a dental practice from scratch and these Dentists have discovered that a startup was their best path to practice ownership.
In this interview Gary and Jayme discuss; Why Dentists should consider a startup, how to evaluate your risk in starting a practice from scratch, the exact formula you can use to determine if you can afford a startup, how to determine if you are better suited to a startup or an acquisition, the first steps you should take when considering a startup and how to choose the right practice location. You will love Jayme’s knowledge and passion for helping Dentists become practice owners via the startup process!
This Thriving Dentist Show is about a growth strategy that Gary has used in his practice as well as with his clients. It’s all about purchasing a practice to merge with your practice to provide an infusion of new patients and facilitate very attractive practice growth! Gary recently purchased a practice to merge with his existing practice and the results have been so strong that he wanted to share this strategy with our listeners.
In this Show Gary discusses: why growing your practice is the key to reducing your overhead, what to look for in a potential merger, how to evaluate the potential, the financial formula to determine if buying this practice makes sense, how to find potential practices to purchase and tips to make the merger most successful. You will enjoy the information that Gary shares about mergers and acquisitions.
Link to the podcast interview on the 40% overhead practice: http://bit.ly/1SMVAVH
To celebrate this milestone, Gary was interviewed by his friend and colleague Jodey Smith. Among the topics they discuss are; The life-changing event that inspired Gary to leave the safety and security of his corporate job to start his own firm, the significant changes that Gary has witnessed over the past 25 years, why speaking at dental conferences and events is such a passion, why Gary purchased a dental practice in 2007 and what he has learned as a practice owner, why he started the Thriving Dentist Show in 2012, and perhaps most importantly, why Gary is absolutely ‘bullish’ on the dental profession!
If you are a regular listener of the Thriving Dentist Show you know that Gary is bullish on the Dental Profession! It’s his perspective that NOW is a fabulous time in dentistry. Dr. Daniel Cheung share’s Gary’s passion for dentistry. He is an amazing young Dentist who is living his dream of helping more patients have great oral health.
In this inspiring interview, Gary and Daniel discuss what Daniel enjoys most about dentistry, the secrets to developing a world-class Team, tips for Dentists thinking about buying or starting a practice, and specific things to do to stand out from the crowd. Daniel also discusses the mentors that have been his biggest influence. This is an interview you’ll want to share with the entire Team.
Successful dental practices are located in a variety of settings. One of the most common questions that Gary gets from young dentists when he is speaking is; ‘Where should I buy or start my practice?’ Many successful practices are located in large cities, like New York, Chicago, Los Angeles, Seattle, or in cities like Toronto, London, Paris, Madrid, Cape Town, Zurich, Milan, Dubai, or Sydney for our International listeners. However, there are many successful dental practices that are located in small towns and other less likely places. Gary’s recommendation for young Dentists is to go where they would like to live and that is precisely what our guest on today’s show has done.
We are very fortunate to have Dr. Todd Franklin on the show. Dr. Franklin is a very good friend of Gary’s and he practices in the small California central valley town of Lodi, CA. For those of you not familiar with Lodi, this area has been very hard hit by the downturn in the economy, yet Dr. Franklin has not only navigated the tough times, but has developed a thriving practice in spite of the down economy. We are excited to have Dr. Franklin on the Show to share his experiences.
We are thrilled to announce the first Green Dental Conference sponsored by the Eco-Dentistry Association May 3-4, 2013 in Sundance, Utah. Gary will be one of the featured speakers along with a host of other outstanding speakers.
Practice transitions are a topic that is of interest to all Dentists. At some stage in your career you are likely to buy or start a practice, and hopefully after many years of success in practice you are likely to sell your practice. In these situations, you want to handle the transactions right the first time! Today we have a very special guest on the show who has a massive amount of experience in the area of practice transitions to serve as your guide. This is one area where it is very important to have a guide to help you avoid the many pitfalls. Our special guest today, Dr. Lee Maddox, brings a very unique perspective since he is a Dentist and an Attorney with a focus on practice transitions. He has helped many Dentists successfully buy or sell their practice.
Buying or selling a dental practice is so much different than buying or selling any other commodity because a dental practice is so very personal. Most Dentists pour their heart and soul into their practice and they really do want to ensure that their legacy continues to the next generation. Let’s also keep in mind that the most valuable part of any practice is the patient base and this patient base is under no obligation to see the new dentist. However, the great news is that when a practice transition is done properly the vast majority of patients will stay with the practice and patient attrition is very low. That was the case with Gary’s practice and Lee can help guide you to a positive outcome as well. I am looking forward to hearing this interview and helping our listeners with useful advice from a seasoned pro!
1. For dentists who are looking to buy a practice, what are the most common mistakes made and how can buyers avoid these mistakes?
2. Now, let’s look at transitions for the sellers. What are the most common mistakes that sellers make and how can sellers avoid these mistakes?
3. Let’s realize that many listeners to this show may be a few years away from a sale. What are the things that Dentists should be doing in advance to help make a smooth and successful transition?
The concept of ‘Tribes’ is something that the renowned thought leader Seth Godin has written about extensively. His concept of tribes is that it is human nature to want to be part of a community of people who share common goals and values. People who are part of the dental profession are no different. Dentists have long had the opportunity to be members in various associations and societies that promote education and fellowship within the profession. The great news is that the American Association of Dental Office Managers (AADOM) is a tribe geared specifically for office managers and business team members. This awesome group was created to provide a forum where office managers can learn and connect with the leaders in the dental profession. Today we are were very fortunate to have Lorie Streeter, the Senior Vice President of AADOM as a special guest on the Thriving Dentist Show.
The role of an office manager in a thriving practice is absolutely critical. Lorie’s dental career spans over 22 years now, 12 of which were spent as an office manager. Lorie understands the unique demands of the office manager position and perhaps most importantly she understands how the office manager can help a dental practice achieve its full potential. Lorie’s role as Senior VP of AADOM is to seek out resources and companies willing to invest in your future and also to create unique education opportunities for AADOM members.