If you have followed the last 10 articles as well as the video on buying that “can’t miss” practice that you can double to quadruple in 12-24 months, you will find this real-life situation an exclamation point to everything we have discussed in a transition buying an existing practice. As is often the case, a great strategy can ...
Read MoreAs indicated in one or more of the previous articles/posts in this series, the final installment will dive into how to read and understand the package of information you would typically receive from a practice broker or brokerage company. We are going to deliver this in a video format because it will hopefully make it a little bit easier to ...
Read MoreI am going to divide the last two topics into two separate areas so that we don’t lose site of what we are looking for. The search that we have been pursuing is a dental practice in need of care, in a great location, with a huge upside after the sale. The next addition to fill out our search is how to read and interpret a broker’s sale ...
Read MoreBefore we move on to an actual look at a real brokerage offering, there are some simple but necessary questions that you need to ask in this process of finding that ideal practice with a huge upside and a quick profitable growth curve. As you will see, these questions delve into the very heart of what you will be buying. You will also learn ...
Read MoreLike it or not, many doctors doom their prospects of owning a successful dental practice by denying the importance of location and specifically the demographics of that location. Selecting that “just right” location can make all the difference in the world. Not moving this decision to your highest priority can create a situation that you ...
Read MoreLet’s take a real-life practice and a sale to a DSO before and during the event. Be sure you keep in mind the lists of good and not so good things of a DSO, try to understand the culture of a DSO, and the ultimate goal of the business plan or model in a typical DSO structure. Bottom line is that DSOs grow by mergers and acquisitions and not ...
Read MoreAllow me to try and be more objective and mention the good points and the not so good points about DSOs. This is the “ohs” in the title of this piece or a kind of “aha moment”. THE UPSIDE ARGUMENT FOR JOINING A DSO: Decreases the amount of time that a dentist spends running the business. Minimizes the doctor being the ...
Read MoreMost dentists are unaware that DSOs in one form or another have been with us for 30 years. Yet, today, DSO has become the buzz word for dentistry’s future with experts predicting that 80% of the dentistry being done in 10 years will be from DSOs. Currently DSOs own or control about 17% of practices in the US and are growing by about 15% ...
Read MoreIf you have followed through on being ready, and thoroughly vetted your candidate, we need to take a quick look at contracts. In a simplified way, a contract memorializes in writing what you and your associate, trial partner, or purchaser of your practice have already agreed upon. It is at this point that you are going to involve your attorney ...
Read MoreIf you have made it this far and you have poised your practice for growth, interviewed and found a likely candidate, or you are the young doctor almost ready to pull the trigger on taking that job, then allow me to give you one more quick look at things you may have forgotten. I want to take time to go back and remind you of some of the myths, ...
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