This will serve as a bonus to the last three articles on starting or purchasing practices. In a way, this is the true cost of being able to step to the line and “ready, aim, fire”. Not everyone is qualified or ready to make the step of owning or expanding his or her practice. Becoming the doctor that is qualified, experienced, and ready is an ...
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It was perfect set of accidental coincidences. I had nowhere to go; plenty of time on my hands, rainy cold weather, and it was December 15th 2020, when I switched on the Dish to the AMC movie channel. I had no idea how many old and new movies had been made about Charles Dickens’, “A Christmas Carol”. In between, there were two ...
Read MoreYou never make the shots you don’t take. This is the final article in the series “Ready, Aim, Fire” in taking advantage of the COVID reset and purchasing a practice or making a leap to multiple offices. We have readied ourselves, taken careful aim, and are now about to “fire” or get that practice started or purchased. Before we pull the ...
Read MoreYou have gotten ready and begun to aim by picking an ideal location. Next, we want to consider buying an existing practice vs a start-up. Certainly, both options are viable but they both have challenges unique to that particular transition. In short hand form we want to look at both of these options. Option #1 - A Start-up Practice: On paper, ...
Read MoreWe are in part two of purchasing or opening a new practice for the first time or as an expansion for seasoned doctors who already own a practice. The strategy of owning your first practice or adding another practice may be one of the most profitable steps you could take and is an opportunity that is best taken during economic down turns. Yes, this ...
Read MoreSo you might look at this and say to yourself, “What? Are you kidding me? In this crazy year of 2020? No way!” My answer and challenge to you is simply, “Think again”. Yes, it has been an incredibly difficult year for all of us. But there is still much to be thankful and grateful for. OK, maybe “financial prosperity” is ...
Read MoreLike everything else in life there is a beginning and an end. In this endeavor, the end is a successful practice that keeps patients happy, makes at least 40% difference between cost of doing business and what is left to take home, low to no staff turnover, and consistent growth of 15% plus every year. Basically a “they all lived happily ever ...
Read MoreI am a collector of quotes and sayings. My primary source is what I read, but having a dad that was an attorney seemed to introduce many from his life. I want to “denta-size” each and every one, but you need to internalize the truths and apply them to your own practice and life. Thomas Sowell said it best: “When you want to help people, ...
Read MoreOne of the most profitable investments you can make is in your practice. This could even extend from buying your first practice to expanding into multiple practices. One of the most consistent results of a broad economic downturn from a financial recession, or in this case a pandemic, is that there are always incredible opportunities that don’t ...
Read MoreI admit that I am a closet dummy when it comes to accounting and their Generally Accepted Accounting Principles (GAAP), the fascination of dentists with DSOs, and valuations of dental practices from individuals that don’t know the first thing about what makes a dental practice profitable in the real world. I am confounded by the “logic” of ...
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