So, who are we really dealing with? New Graduate “concerns” can be summarized by the following list: Repayment of student loans and other debt. Most students leave dental school with $250,000 to $550,000 in school debt. This has to be issue number one in their minds. How will I be able to service this debt and make a living, ...
Read MoreThe majority of associateships or partnerships will fail. The average associateship lasts less than 24 months. From a new doctor’s perspective, your first job will last about 6 months. From the senior doctor’s perspective, why would you even think that without some trial and error, adding a doctor to your practice would work? When we ...
Read MoreConsistent growth, a successful practice, and raving fans for patients all mean that at some point each of us will need to expand and add doctors. Growth is the natural result of doing things right. Inspire your patients, improve your clinical skills, and fine tuning your leadership will always mean growth. Let’s start building your ...
Read MoreBuyer/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 ...
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