As you explore a potential practice to buy, how can you confirm that the opportunity is not only profitable, but also aligns with your personal and professional goals? This is where the due diligence process comes in. Charles and NDP transition consultant August Sandy give a rundown on what the process entails and how it can help provide reassurance that you’re making the right choice in a practice.
When the focus is on important life and career decisions, the thought of securing life and disability insurance often takes a backseat. We get it. No one wants to think about the “what if,” and there may not be any immediate circumstances pushing you to consider it. CWA Risk Solutions’ Tara Cain brings her insurance expertise to the podcast and discusses who needs it, when to get coverage, the ins and outs of applying for coverage and resources to simplify the process.
Once you’ve decided you’re ready to buy or sell a practice or take on the next career milestone, knowing where to turn first should be your next step. NDP’s Brandy Pecora and Alivia Youree discuss common questions, concerns and misunderstandings in the early phases of the buying, selling and valuation processes. Together, they illustrate what happens when you get the ball rolling with a dental transition advisor.
Coming out of dental school, the type of practice you work for should be a choice made with your long-term goals in mind. With the attractive financial packages, reduced risk and business responsibilities and a “fear of missing out” effect, it’s easy to see the appeal of DSOs over private practice. To help new dentists navigate the facts and make an informed decision, Christy and Charles weigh in on both DSOs and private practices and the situations where each could be the right fit.
“Rather than focus on building an income, focus on building yourself as an asset.” By leveraging a business mindset from the start and investing a significant amount in continuing education, Kentucky practice owner Dr. Friend Bechtel has built himself as a valuable asset. His tenacity has led him to overcome obstacles early and own a thriving practice today. Tune in for an episode packed with nuggets of motivation and advice as Dr. Friend shares his full journey.
Building a successful practice isn’t about following a specific formula. Rather, you create your own destiny with the path you choose. This episode dives into the story of Minnesota practice owner and NDP client Dr. Jason Spychala. Under his leadership, the practice has grown, they’ve built a new building, and he recently brought on his associate as his partner. Tune in to hear his ownership journey, his experience with the valuation process and how he found his path.
Bringing in an associate is one of the most significant opportunities for practice growth. With the right type of practice, plan and associate, the business can truly take off and thrive. From clinical goals, daily production numbers, continuing education and compensation, the considerations outlined in this episode will help ensure you’re prepared to welcome a new doctor.
Unexpected challenges and unknowns can make the road to buying or selling a dental practice feel a little rocky. From practice valuations, legal documents, due diligence and transition timing, Christy and Charles touch on several areas that can cause pain points and even regret later down the line. This episode will help you feel prepared for the types of obstacles that may come your way and offer confidence to get to the other side.
The sale structure of a dental partnership is an important detail that can impact the deal and life as partners. One structure may sound like the best option—be it for simplicity or efficiency—but that doesn’t mean it will have the best outcome in the future. Joining this episode to offer their legal and financial expertise is attorney Matt Mitchell from Friday, Eldredge and Clark LLP and Cain Watters & Associates Financial Planner Sarah Oliver. They discuss the tax and legal implications of...
While many assume that all debt is bad debt, obtaining lending is often a necessary piece to practice ownership. Experienced dental lenders Johnette Green from Provide and Adam Schenck from Bank of America join this episode to help buyers be in the best financial position to purchase their dream practice. They discuss aspects that banks look for in the buyer’s personal finances and the practice financials, details that buyers often miss, when to engage a lender, how sellers can support buyers in...
Running a successful practice is much more than the clinical work. To enhance your practice’s efficiency, it’s important to leverage dental-specific solutions to lift the weight of certain business responsibilities and save you money on supplies and services. Charles and Brett Pierce, ELITE Dental Alliance President and CEO, discuss what options are out there, how to utilize them to the fullest and why implementing vendor changes can be a positive contributor to your practice’s success.
Working alongside doctors through major milestones brings an abundance of rewarding moments. From witnessing their teachings come to life to seeing the full evolution of a dentist’s career, Christy and Charles reflect on gratifying memories from the past.
Many doctors begin their career by building experience as an associate. This stepping stone to practice ownership can help you gain insights to the decisions you’ll eventually face in your own practice. In this new episode, Christy and Charles discuss growing your clinical speed and productivity, building liquidity and several other action items to consider during your associateship.
Dental valuations are complex, and finding the right time to value a practice can be intricate in itself. There isn’t a universal timeframe, but the timing is incredibly unique to the buyer and seller’s specific situation. Christy and Charles walk through several scenarios, illustrating when it’s appropriate to value, when it’s not and the implications behind the timing.
Ensuring compatibility and laying out expectations early is key to getting your partnership started off on the right foot. From mentally, clinically and financially preparing yourself to understanding the other doctor’s vision, this episode dives into the groundwork needed to know if this is the right career and personal step for you.
Just like dating, dental partnerships not only require a collaborative and cohesive dynamic, but it’s important to understand all of the details for a relationship to thrive. If a partnership opportunity is on the horizon for you, engaging in key conversations and asking the seller the right questions can build a foundation for success. This episode outlines the important questions to ask your future partner and how to understand the answers.
Knowing the right questions to ask is a powerful tool, especially when it comes to asking your dental transition advisor for insight and advice. Good questions can make conversations more productive, maximize your time and further your overall progress in your practice purchase or sale. Christy and Charles walk through the most productive questions from clients and why some questions can be more beneficial than others.
With the Federal Trade Commission pushing to ban non-compete agreements, questions and confusion are escalating among practice owners and associates. While the U.S. District Court has blocked the ruling for now, attorney Ali Oromchian offers clarity on the current developments and shares considerations to make if the rule does go into effect.
When the documents are signed and you’ve officially closed on your practice purchase, you’re likely eager to now jump into the job head on. To help new owners financially thrive post-close, Charles and Cain Watters & Associates Financial Planner Zane Harris lay out some key considerations. They touch on marketing strategy, curating your vendors, equipment and technology, tax planning, depreciation strategies and even some personal considerations, like new homes and student loans.
Closing on a practice sale signifies the monumental moment for buyers of crossing the finish line and starting a new chapter of your career. To set yourself up for success in the practice, there are several financial decisions to make 30 days prior to closing the deal. Charles invites Cain Watters & Associates Financial Planner Zane Harris to weigh in and help buyers through this critical period in the dental transition process.
Whether you’ve done your research and you’re ready to kick off your next career chapter, or you’re feeling a little lost in the weeds, a coaching call or a preliminary meeting with a dental transition advisor like NDP can provide both direction and assurance. To maximize your time and gain the most value, Christy and Charles share what to expect and how to prepare for your first meeting with NDP.
Identifying opportunities for improvement can ultimately position your practice in an attractive spot for a buyer down the line. Cain Watters & Associates Partner Judson Crawford joins Christy on this episode to dive into the latest version of the Dental Practice Comparison Report. They’ll discuss the key findings from the nationwide practice data and lay out some guidelines for growing your practice this year.
It’s natural to want to grow your dental practice by renovating or building a new office space. However, this can come at a cost, potentially impacting your overhead, overall practice value and even a future practice transition. In this episode, Christy and Charles show that while it’s okay to jump into this new project, you must consider timing and renovate or build with the overall business in mind.
If you’re a new partner or buyer coming into a practice, making operational changes quickly can potentially shake things up and cause insecurity among the team. But what if the team is overpaid or underpaid? What if you want to adjust the vacation policy or insurance options? What if you don’t want to rehire a team member? Tune in as Charles and Christy discuss how you can make adjustments while being mindful of the team’s perspective.
Announcing a big practice change to your team, like the addition of a new partner or transitioning the business to new ownership, can be a sensitive and pivotal conversation. You will want to ensure your team feels confident and optimistic about the next chapter. In this episode, Charles and Christy walk through tips for determining when to tell your team, what to tell them and how to prepare for that important conversation.
The dental transition landscape is seeing buyers become more diligent and selective with their decisions, causing practices considered “healthy” to have more buyer opportunities during the selling process. But what makes a practice “healthy”? Christy brings on NDP Senior Transition Consultant Morgan Ramsey to discuss the common financial and operational indicators that ultimately show your practice is ready for a transition.
As you consider buying or selling a practice, the first few questions you may ask are, “When and how should I start the planning process?” and “How long does a transition take from start to finish?” The timing from when you start planning to when the practice sale closes can vary, especially with both internal and external factors at play. Christy and NDP Senior Transition Consultant Matt Doyle outline some guidelines to help you create a plan and shed light on the answer for you.
When does it make sense to bring on a transition advisor so that you can maximize the benefits of hiring one in the first place? Is it when you have a concrete practice opportunity to purchase? Is it before you even start the discovery process? The timing, along with your unique situation, can determine the when and if an advisor truly is a good fit for what you need.
When it comes to searching for that dream associateship or position, there’s a little more required than learning about the job responsibilities. Arthur | Marshall’s Rich Gehrke and Kevin Simpson join Christy to share tips for finding your associateship or job opportunity, approaching the interview process and doing the homework to prepare for this significant life decision.
The process of searching for your ideal associate or partner requires more than just a job posting. It requires you to set a clear understanding of what you’re looking for and have the desire to not only craft a compelling offer, but to create a positive experience for the candidate. This process isn’t about having a line of candidates through your door, but rather, it’s about going into it feeling ready to put yourself in the candidate’s shoes. Rich Gehrke and Kevin Simpson, two recruiting expe...
