Buyer/Seller Perspectives (Senior doctors and Junior doctors): Everything affects the value and sale-ability of your practice. I believe that every business is built to ultimately sell. If this is true, then we should always move towards how to make our practice worth more, having a lower overhead, and increasing profitability while incorporating ...
Read MoreThis 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 ...
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 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 realize that I am about to step off the deep end with hygienists and am placing a huge challenge in the lap of every doctor that reads this article, but the time has come to move away from hourly wages for hygienists. Years have passed and pay for our employees has increased, and we failed to notice that “overhead creep” has stolen our ...
Read MoreLast weekend the title to this week’s blog was the preamble to a doctor who wanted to know how to take his practice to the next level. Later that same day, an older doctor was asking for help in how to sell his practice at a significant price when he began with: “You know, I never wanted to do that “associate thing”. That’s when the ...
Read MoreWho says no one reads my blogs? This is a question from a senior doctor about a sale and possibility of reversing roles where the seller becomes the associate and the buyer becomes the owner. Mike, Great article about associate pay. Could you write an article about retiring dentists who sell their practice and want to stay on as a part-time ...
Read MoreGot an email last week from a dental friend who is trying to sell a couple of practices and wanted to know where he should go to get an appraisal. I guess the big question is: Do you really need an appraisal? The answer is sometimes, but not very often. So, let’s take a few minutes and figure out what that answer means because it depends on the ...
Read More