The Best (and Worst) Practices in Practice Transitions

with Rob Montgomery

Buying a practice is a transaction that many Dentists will experience in their careers. This is one transaction when you want to get it right the first time!

Running time: 58:01

In this Thriving Dentist Show, Gary invited his friend Rob Montgomery as a Guest to share what he has learned in over 23 years of experience successfully guiding Dentists in Practice Transitions.

In this Show, Gary and Rob discuss;

  • How the transitions market has radically changed over the past 20 years,
  • the most common mistakes Dentists make when buying a practice,
  • why every buyer should be more interested in a ‘cash flow analysis’ rather than the purchase price,
  • how to correctly conduct due diligence (and bad or wrong due diligence),
  • the most important things to get right when buying a practice,
  • your ‘Go To’ Team of advisors when buying a practice,
  • how to avoid the most common Office Lease mistakes
  • and why a bad Lease can be a deal breaker.

Throughout this interview, Rob shares great advice to make buying a practice a positive experience!

Links for ‘Top Clinical Tips; with Dr. Lee Ann Brady:

Lee’s website:
http://www.leeannbrady.com

Restorative Nation Website:
http://www.restorativenation.com

Rob’s website:
http://www.yourdentallawyer.com

Link to The Dental Amigos website:
https://thedentalamigos.com/ce-seminars/

NOTE: A digital version of the September 21-22 Course presented by Dr. Pasquale Venuti in available on the dental amigos website. Pasquale Venuti is AMAZING!

Demystifying the Process of Buying or Selling a Practice

with Matt Porter

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.

Running Time: 62:56 minutes

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.

Matt’s website:
www.menlotransitions.com

What is Your Practice Really Worth?

with Dr. David Griggs

Dental PodcastYour practice is one of your most valuable assets. In this interview Dr. David Griggs will provide you with important information to help you determine what your practice is really worth.

 

 

 

Running Time: 55:24 min

As the author of the best-selling book titled: Successful Practice Transitions, Dr. Griggs is one of the most respected authorities on practice valuation and practice transition topics. Not only is Dr. Griggs a brilliant authority on on the subject, but he has been a very close friend of Gary’s for over 25 years and he is Gary’s ‘Go To’ source when it comes to all things related to practice valuation and practice transition strategy! In this interview, Gary and Dr. Griggs discuss when it is appropriate to have a practice valuation, practice transition options including; Associateship leading to buy-in, Pre-retirement sale, Practice merger sale and Walk-away sale. Perhaps most importantly, Dr. Griggs shares his vast experience to help you determine what transition strategy is best suited for your needs. You will appreciate Dr. Griggs’ objective viewpoint and his vast experience to help you navigate this important topic!

Dr. Griggs website:   www.griggspracticetransitions.com

Email address: dgriggs@griggspracticetransitions.com

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Successful Practice Transitions: All You Need To Know About Buying or Selling a Practice

with Dr. Lee Maddox

TDS Logo 600X600Practice 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.

Running Time 42:51

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?


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