As we sit here in mid 2020, with the Covid closures of the economy and dental practices fresh on our memory, the number one question we are getting is "why should I buy"? We understand where the question comes from -- its an uncertain time and relying on the past can be more challenging....BUT there are still prime opportunities and incredible practices looking to transition. Not every opportunity is a great one but for those buyers who take the right diligence steps who have the ability to focu...
Jun 24, 2020•26 min
In this episode of Transition Talk, Christy talks with special guest Brett Pierce about the elephant in our industry,the PE/DSO sale. With so much information in the market, it can be hard to weed out the facts, understand the players and it's more important than ever to educate yourself about this ever present player in the dental industry. We focus on the top 5 questions we get from clients and potential clients as they begin to explore the PE/DSO market! Listen in!
Jun 17, 2020•37 min
Figuring out ways to boost profitability, lean out a recently purchased practice or prepare your practice to capture more value in transition? In this episode of Transition Talk, we host special guest Mr. Brett Pierce of Elite Dental Alliance (EDA) and discuss the obvious and not so obvious ways to review a practice's expenses to empower you as the owner to spend your money where you want to spend it! Christy and Brett provide insight on how to lean out a practice and cut the fat whether a new o...
Jun 03, 2020•37 min
How you split the money in a partnership matters -- is it all eat what you kill? All based on ownership? What about expenses? What if we do different procedures? In this episode of Transition Talk we talk about all things split related and give you our two cents on how money should be divided. Listen in!
May 20, 2020•33 min
Hosted by the AACD, listen in on this special episode where Charles and Christy discuss the impact of Covid-19 on dental transitions and valuation. An environment that will inevitably continue to evolve, listen in as they discuss how those in transition and those considering transition can navigate these challenging times. Prefer to watch the recorded webinar? Watch here: https://youtu.be/Bk2tl8bO31Y
May 06, 2020•1 hr 6 min
You already own but have the opportunity to purchase the records of a nearby competitor...is it worth it? How much should you pay? How do you ensure the patients show up? In this episode of Transition Talk we cover the pros and cons of purchasing the patient records and how Covid-19 will likely make this a more common question (and opportunity). Listen in!
May 06, 2020•23 min
If you are entering a partnership, the partnership agreement (or "operating" or "company" agreement) is crucial to what happens in the event of death, disability, disagreement or departure. We call them the 4 D's. In this episode of Transition Talk we discuss some of the bad provisions we have seen in a partnership agreement and discuss why it doesn't matter if you are a buyer or seller in a partnership transition -- the terms of your agreement should protect and benefit you both because you eac...
Apr 22, 2020•30 min
Covid-19 has sent shock waves through our personal lives, healthcare system, global economy and pretty much everyone has been impacted in some shape, fashion or form. In this special episode of Transition Talk we are discussing the potential impact of Covid-19 on your transition -- whether you are in the midst of transition (as a buyer of seller) and how the shutdown might impact your practice value or price. Do you close now, later? How will banks look at your practice/opportunity? Clearly as w...
Apr 08, 2020•29 min
Asset sale or stock sale? What are the pros and cons if you are the buyer or the seller....why does this matter? In this episode of Transition Talk we cover the differences in these two structures and help you understand the impact of each in your transition.
Mar 18, 2020•35 min
It's the long awaited (and asked for) specialty transition episode all about the periodontal practice! Its a unique market being driven by the buyers but continues to be an opportunity for sellers who transition it correctly, Tune in to get our insight on this specialty!
Mar 04, 2020•24 min
In Round 2 of the Transition QA from our time at ASDA NLC, we cover another round of great questions.....on today's episode we cover the following questions: 1) If you are buying a good practice.....but the staff isn't ideal, what do you do? 2) How can you make a practice more "you"? 3) How do I bring up seller financing if I am buying 100% directly out of school and am only approved for a smaller amount? 4) I'm looking at an older, outdated office...what do you think it takes to upgrade/update?...
Feb 19, 2020•31 min
In this episode of Transition Talk, we catch up with Dr. Bryan Dawley, a general dentist near Boston. Bryan is a new owner and worked with NDP through the buying process. He shares his opinion of the biggest challenges and biggest opportunities new buyers might face and shares his insight on being a new owner. Listen in!
Feb 05, 2020•19 min
Is this a good deal? Its a loaded question but in every deal you have to understand this question -- first from a high level perspective and then you have to take the deep dive. In this episode, we focus on that first step -- what do you need to know early on to know if the deal makes sense and is worth pursuing. From financials, to the price, to understanding if you can do the work and importantly can you afford it. Listen in and find out what to focus on in the beginning!
Jan 22, 2020•26 min
The path to your goal is never a straight line -- that was certainly the case here at NDP. In this episode we take a bit of a tour down memory lane and talk about how NDP became the company we are today. It wasn't all roses, but has always been based in our core goal of educating and helping people transition. Turns out ownership and the benefits of it aren't just applicable in dentistry - listen in!
Jan 08, 2020•28 min
Over the course of a transition there will be lots of people involved - ultimately they should all serve one purpose...to help you get to the close you want. It's unlikely that any one person can serve every function so in this Transition Talk we breakdown who should be involved, when they should be involved and what direction you as the client should provide those you hire! Listen in!
Dec 18, 2019•35 min
Charles and Christy had a great time at the ASDA National Leadership Conference in Chicago and had a great interactive live Q&A session on transitions. It was so great that they had a ton of unanswered questions and we thought it would make the perfect podcast episode! Listen in to get their take on these awesome questions.... 1) Benefits of owning a solo practice vs. a group practice? 2) What is the best way to manage staff? 3) What other factors do you look at other than location? 4) When ...
Dec 04, 2019•27 min
One of the biggest questions we get on the valuation process is when to do it....its not an easy question and really depends on your situation and the unique aspects of the buyer and seller. Are you entering into a partnership? Promised ownership from the start? Did you bring a different procedure to the practice? Sellers did you make big investments for your associate? All of these situations can lead to a different answer to the question of "When to Value".... listen in!
Nov 13, 2019•28 min
We are back with another specialty transition episode and this time we are tackling Endodontics! Heavy referrals, ability to have a super low overhead and a practice where we care the least about space. Listen in to this episode to see how these transitions are different (and how they are the same)! Listen in!
Oct 30, 2019•25 min
Like any other transition, merging two practices take thought, planning and a really good why. In fact, the "why" and the "what are you trying to achieve" are the main questions we ask when clients approach us with a merger. We think if you aren't getting flexibility, increased return or growth it may not be your best bet...but listen in to learn the whys of the merger!
Oct 16, 2019•28 min
What happens if you own but need to be an associate? Does that mean you are failing as an owner? We don't think so -- we think there are some pretty critical times where owning and being an associate can make sense and actually be a pretty smart move. Listen in to when owning and being an associate can move you up the success curve or get you over the hump! Listen in!
Oct 02, 2019•21 min
We are back with another episode focusing on the specialty transition, this time the spotlight is on the Pedodontic transition! As you will hear us discuss, if you have chosen the Pedo specialty you are in a unique position at this time in the market...it's the one specialty where a start-up can make sense, it's a buyer's market and a specialty that doesn't require a the traditional referral relationship of other specialties. There are some cautions though...listen in and get ready to own!
Sep 18, 2019•25 min
On this Transition Talk we fast forward from the LOI to closing day, and talk about the most common questions we get about closing and the days and weeks leading up to it. We talk about the patient and referral notification, the sellers work back and the top three things that can delay your closing if not handled correctly.....Listen in!
Aug 28, 2019•28 min
Certain pieces of a transition are universal. Communication is key whether you are an orthodontist or an oral surgeon.You MUST like and love an opportunity first and foremost. This being said, there are circumstance for each specialty that make it unique in a transition. In this first "Specialty Transition" series, we focus on the Orthodontic Transition and how this transition differs from the "norm". From the interwoven dependence of production, collections, contracts, and case stats to some of...
Aug 14, 2019•40 min
We know that when you see an x-ray or scan you can see what needs to be fixed and what is exactly where it needs to be. It's what you do and what you breathe. We also know, that it's likely that if someone mentions a Profit and Loss your first response is...huh? Even if you know what the P&L is and what you MIGHT need to look for you likely are still a bit hesitant.... How much did the owner really earn? What costs will change if I grow? What is the real overhead? What costs are too big - wh...
Jul 31, 2019•44 min
In a transition, one of the greatest assets are the employees you inherit with the practice. Because of their value, many buyers often have questions about how they will be accepted, how they should be introduced to them (and when) and what do to with the benefits and compensation offered to them. In this episode of Transition Talk, we tackle all of those topics and give you options of how to transition the practice employees and also how to deal with some sensitive employee issues you may face ...
Jul 17, 2019•35 min
Overall, we think it’s pretty clear that the NDP team are fans of private practice ownership. That being said, we think being knowledgeable about ALL your options is the most important piece of the puzzle of ownership. Whether you are offered the opportunity to buy into a corporate owned practice or the opportunity to own a private practice with a silent partner/investor, there are many ways to get to ownership. In this Transition Talk, we explore when a corporate or alternative ownership deal m...
Jul 03, 2019•22 min
Walk-away or Partnership? How to determine when a short-term partnership – aka the Staggered Sale - makes sense (and when it might be required) to pull out the equity in your practice. Whether you do high end procedures or crank out the production and need to mentor someone to take over, or your buyer needs a bit more time to take it all over there are times when a unique practice needs a unique transition method. The staggered sale can be a great opportunity and, on this episode of Transition T...
Jun 19, 2019•22 min
In this episode of Transition Talk, we tackle the sometimes surprising hurdles of the valuation process. Each practice is unique, so the impact to a value isn’t as simple as a+b-c, but in our experience, there are definite factors that may impact your value negatively. Being aware of these hurdles can help educate you and can manage your expectations. Understanding these potential hurdles in the valuation process can also help you mitigate these risks as you look to transition down the road. So ...
Jun 05, 2019•32 min
The process is going well -- you have negotiated a LOI, you have started your financial diligence and then you have to schedule your much anticipated site visit! What do you look at? How do you do a chart audit? When can you do it...and when do you need back-up? What questions or conversation is appropriate? In this episode we dive into the diligence site visit and give you our tips about how to make this a worthwhile visit!
May 22, 2019•33 min
In this episode of Transition Talk, we take a deep dive into some of the emotion of the transition. Whether a buyer or a seller, the transition process is an emotional one and in our experience each "side" feels like they are the only one at risk. We know the important thing is to keep the big picture in mind and we also know that taking out some of the emotion and knowing how to prepare for some of it can make your transition more successful! Listen in to some of the biggest gripes from buyers ...
May 08, 2019•30 min
