Welcome back. Make sure you have read and are familiar with the first two parts of Should I Buy This Practice? Let’s talk about contracts and allocation of the purchase price. Most brokers are going to want to have you post a contingency fee to continue the process. This is usually thousands of dollars and can be non-refundable if you back out. ...
Read MoreLast week I had the opportunity to look at a practice that a young doctor wanted to buy. He contacted me to ask my opinion. This happens four or five times a month in addition to seasoned doctors thinking about purchasing a satellite office or second location. As is the case with most doctors I speak with, they have fallen in love with the ...
Read MoreFor way too long I’ve seen offices struggle because no one has stepped up to lead the team. For the most part this should be the doctor. In Walt Kelly’s Pogo comic he states: “We have met the enemy and the enemy is us”. Through self-sabotage you end up being your own worst enemy. I have found that leadership always starts with you. The ...
Read MoreIf I could change one thing for the doctors we work with, it would be their struggles in how they spend and save. Could there be a more pervasive topic than money troubles and their causes? It amazes me that 95% of all dentists end up not being financially secure by age 62. A life spent making money and running a very profitable business still ...
Read MoreHere is my premise: “Everyone is changing and adapting. Not everyone has completed the change.” I never believed this until about two weeks ago. My observations in the past always had me wondering why people don’t just change when they realize that their progress or results are not keeping up with where they want to be. So I’m looking at a ...
Read MoreNo protocols for a written, signed financial arrangement handout for your patients. Yes, everyone needs a concise written financial policy and arrangement handout for every patient. It should be signed or initialed by the patient. NOTE: Don’t just photo copy it. Have it professionally printed. It represents what you do and its ...
Read MoreWhen we come up a little bit short, we all have our pat excuses. I heard one the other day from a doctor who called me. “I agree with what you said last week but I don’t think I have the talent to be a dentist or have a successful business”. I just don’t see that. Dentistry is pretty straight forward and predictable, ...
Read MoreAn in-office communication system four decades ago was just a shout down the hall to get the attention of a staff member. Fast-forward to 2016 and we have seen buzzers, light systems, white boards, sticky notes, computers, and radios. It has nearly come full circle from yelling down the hall, to yelling down the hall on a radio. The problem is ...
Read MoreI get some semblance of this statement or question every week: “How would I really know if I am cut out for starting and owning my own practice? “ “Excitement and fear are my beginning criteria because starting a business (Dental Practice) is not for everyone and you better be darned sure that you will like it before risking a lot of ...
Read MoreWhat are you really willing to do to change your circumstances? Not just give lip service to, but what are you really willing to commit to? I was in a long discussion with a friend and an on again, off again consulting client today and I wanted to quickly write this down while it was fresh on my mind. Allow me to set up this conversation. The ...
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