In this episode of Transition Talk, we catch up with Dr. Brock Pumphrey, a periodontist in Atlanta. Brock worked with NDP as he went from associate to owner and today owns a successful, growing perio practice and runs multiple study clubs. 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!
To lease or to buy -- that is the question! In this episode of Transition Talk, we discuss the other important purchase you may make as an owner and we talk all about the practice building! When do you buy and when might it make sense to be a long term tenant. Listen in and let us know what you think!
In this episode, we are talking about the associate agreement. Maybe you need to get your production up, refine your clinical skills, need to increase your liquidity, or aren't ready to settle on geographical home. Whatever the reason - the associateship is often a critical part of the journey to ownership. We talk about what you should care about - and what you shouldn't care about. What about documenting the terms of a future transition? Listen in and remember, if you have an agreement and/or ...
You have heard the chatter...private equity, DSO offers, EBITDA, and crazy multiples resulting in crazy values. Is this the beginning of the end of private practice dentistry? We definitely don't think so! In this episode of Transition Talk, we explore the basics of a private equity offer. We discuss, what EBITDA is and how it's calculated. What are the requirements of a seller in these types of offers? When does it make sense (and when does it not)? Does the same opportunity exist for all speci...
In this episode of Transition Talk, we explore what, hopefully, is the best part of the transition into ownership....being an Owner! In the "What Happens Next" series, we explore what happens after closing. In this first interview of the series, Christy sits down to talk with previous NDP client Dr. Derek Williams about his experience transitioning from dental student to owner! They talk about what went right, how patients and staff reacted, what he would do differently and what he would suggest...
While it's no secret we are a fan of the private practice acquisition, we know that isn't always possible and there are certain instances where a start-up makes sense. In this episode of Transition Talk, we dive into start up costs, the "break-even" (and how that can mean different things to different people), who to have on your start-up "team" and we provide some examples of when a start-up can make sense - and when it doesn't! Listen in!
Performing diligence on an opportunity isn't always easy! Maybe you are early in the process and the seller isn't willing to share much yet, or maybe you have a handful of practices you want to proactively pursue but aren't sure if they meet what you need? In this episode of Transition Talk we discuss how to "Nancy Drew" a practice opportunity and figure out some details before you formally begin diligence. We talk about real life examples and when the hesitancy to provide information is a red f...
In episode 13, we dive into the first of our “Real Life” series and re-examine the interview and finding the opportunity (Episodes 2 & 3)but with real life examples. We walk through times when clients followed all the “rules” and times they didn’t, and talk about the outcomes. The moral of the story is that this is challenging and emotional process that you can mess up (but we hope you don't)! We explore how to navigate the interview road and provide our experience and opinion on these impor...
In episode 11, we started the discussion about the legal documents. We talked big picture and focused on how to get the right attorney on your team to keep the process from derailing your transition. In this episode, we focus on the main agreement, most commonly known as the Asset Purchase Agreement, and the major negotiated terms we like to see within this agreement. From re-treatment to the seller's work back, we highlight what we think are the critical pieces and emphasize some common mistake...
Legal documents are a critical step in the transition process – its where the negotiations are formalized into the actual documents governing your transition. Asset Purchase Agreement, Partnership Agreement, Operating Agreement, Bill of Sale, Non-Competition and Solicitation – so many documents! Your transition type will govern what documents you need and understanding those will help in your success. In this episode we talk big picture, including what types of attorneys to utilize, how much you...
In this episode of Transition Talk we continue our discussion from Episode 9 but focus on those looking to transition to a partnership! As with a partnership, transitioning a practice is a full spectrum decision that can impact you financially, emotionally and can alter the rhythm of your practice. In this partnership focused episode we give you insight and resources to know how to know if you might be ready and more importantly how to prepare, so when the day comes you can transition your pract...
In this episode of Transition Talk we switch gears a bit and focus on the other side of the transition coin, so sellers, listen up! Transitioning a practice is a full spectrum decision that can impact you financially, emotionally and can alter the rhythm of your days. In this episode we focus on the outright or “walk away” type of sale and how you know you might be ready and more importantly how to prepare so when the day comes you can transition your practice with success!
Oh, mistakes and hindsight! Not all in the transition world is rosy! In this Transition Talk we highlight some of the most common mistakes a buyer and new owner can make in the diligence phases and early ownership. We also talk about how to potentially avoid those snafus so you can get to the finish line of practice ownership and start out on the right foot.
The letter of intent is where it all starts. In this episode, we talk about what the letter of intent means, what terms need to be included, who the players are in the process and the various levels of formality your offer may or not be depending on your situation. As always, communication is key, but we have some good tips and insight into this critical process! We’ve also posted some more detail on our blog about additional terms we don’t get to in the episode, so head on over to our blog post...
At NDP we aren’t experts on everything and we pride ourselves on making sure that we connect our clients to those people who are the best at what they do in dentistry, so you can feel confident in your team. In this Bonus episode of Transition Talk, we interview Travis Hornsby, the founder of the Student Loan Planner, who does this day in and day out for clients like you. He has great insight and can help you navigate when and how to tackle that debt. Listen in and visit the blog for direct deta...
Student Loan Debt – three words that you know well and dread talking about. In this episode of Transition Talk we tackle our thoughts on student loan debt and how that relates to practice ownership. We believe you can do both and believe that owning a practice can get you to debt free faster! Check out our blog for resources: http://www.nationaldentalplacements.com/tt-ep-6-student-loan-debt-bonus/
In this Transition Talk - Unplugged, Charles discusses what makes pediatric practices and pediatric transitions unique and why owning a pediatric practice can be a smart plan if done correctly!
Debt – a dreaded word, but one we want you to embrace and understand so you can make the best decision about your future! In this Transition Talk we discuss practice lending – the terminology, the process, what banks are looking for and how to prepare yourself to be in the best financial position when you are ready to own.
Once you know you like and love the doctor and the location – how do you know if the practice lives up to your expectations both financially and operationally? In this Transition Talk, we offer guidance on when in the process asking for the financials make sense and how to respectfully ask and explain why you need to review the financial and operational information. We also provide a key list of documents to request on our blog!
Making a good first (and second) impression can be the key to getting the practice you want, especially when there is a pool of competing buyers. In this Transition Talk we provide tips on what to do and what not to do in the interview process.
Sometimes you know you want to be a practice owner but can’t quite figure out where you want to be geographically or how to find a practice in the area you want to settle down in. In this episode of Transition Talk we provide our proven tips on how to find available dental practices and how to plant the seeds for transition!
Welcome to Transition Talk! In this inaugural episode, we take a few minutes to introduce ourselves, give you a quick overview of why we do what we do and what to expect on upcoming episodes….Stay tuned for the good stuff!
