The Dental Practice Sale – Détails, épisodes et analyse

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The Dental Practice Sale

A Practice Orbit Podcast

Business & Entrepreneuriat

Éducation

Fréquence : 1 épisode/31j. Total Éps: 18

Dentistry, as a business, is in a period of flux today. Retiring dentists want to maximize the sale value and aren't sure where to find a strong buyer. Mid-career dentists want to grow beyond the traditional single office practice. Associates seeking financial predictability aren't sure if private practice will provide it. And Institutional dentistry (DSOs, DPOs) are driving up valuations, but often with complex deal terms. Amid this landscape, the Dental Practice Sale podcast is intended to provide it's listeners with (1) education and seller stories and (2) insights into how the www.practiceorbit.com platform can help these various parties operate more effectively together in it's online marketplace.

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🇨🇦 Canada - management
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#63

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How Long Will It Take to Sell My Dental Practice? Part 2—with Matt Odgers

Épisode 17

mercredi 21 août 2024 • Durée 32:29

What are the most common delays that prolong a practice sale?

In general, the people who hold up deals are banks and landlords.

But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale!

On this episode of the Dental Practice Sale Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale.

Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice.

They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline.

Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice.

Topics Covered

The legal documents a seller needs to prepare for a practice sale
Why it’s crucial to negotiate vendor contracts and talk to your landlord before you list your practice
What a seller can do to expedite the clinical due diligence of a practice sale
What a buyer can do to accelerate the timeline for a practice sale
4 ways to determine the price of your practice and how the list price impacts the closing timeline
Common delays in closing a practice sale associated with banks and landlords
Why it’s the seller’s responsibility to negotiate the lease terms a buyer might need
How much faster you can close a practice sale if it’s staged well
How Practice Orbit accelerates the process of selling your dental practice
Why you need a ballpark valuation of your dental practice and how to get it done for free
2 reasons you might use Practice Orbit to sell your dental practice

Connect with Matt Odgers

Odgers Law Group

Odgers Law on LinkedIn

Connect with Wes Read & Drew Phillips

Practice Orbit

Email wes@practiceorbit.com or drew@practiceorbit.com

Practice CFO

Practice CFO on Instagram

Practice CFO on Facebook

Practice CFO on YouTube

Resources

Dr. Kevin Kenny on the Dental Board Room Podcast

The Role of Escrow on the Dental Board Room Podcast

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How Long Will It Take to Sell My Dental Practice? Part 1—with Matt Odgers

Épisode 16

mardi 20 août 2024 • Durée 33:53

Once a dentist makes the decision to sell their practice, they want it done yesterday.

So, how long does a practice sale usually take? What can you do to accelerate that timeline?

On this episode of the Dental Practice Sale, Dental Attorney Matt Odgers joins host Wes Read to walk you through a typical timeline for selling a dental practice.

Matt and Wes discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale.

Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice.

Topics Covered

Common timelines for a practice sale and important mile markers in the journey
Wes’ motorcycle analogy for the process of buying a dental practice
Why it’s beneficial to hire your accountant and attorney at the point of NDA
How Practice Orbit technology shortens the timeline for selling your dental practice
Potential consequences when the LOI to close period extends beyond 60 days
Why it typically takes 4 months to sell a practice (once you’ve made the decision)
What you can do to shorten the timeline for a dental practice sale
How staging your practice for a sale is like preparing dinner for a family reunion
Why Matt & Wes suggest having a weekly huddle with your team to drive the practice sale forward
The primary financial and tax documents you need to prepare for a practice sale

Connect with Matt Odgers

Odgers Law Group

Odgers Law on LinkedIn

Connect with Wes Read & Drew Phillips

Selling to a DSO: Key Considerations – With Brannon Moncrief

Épisode 7

jeudi 22 juin 2023 • Durée 58:30

The private equity behind DSOs is willing to pay a premium for dental practices.

But when it comes to selling your business, there’s more to think about than just economics.

So, what’s the upside of selling your practice to a dental support organization? What are you giving up? And what factors should a doctor consider before they sell to a DSO?

Brannon Moncrief is Principal and CEO of McLerran + Associates, a full-service dental practice brokerage firm and sell-side advisor for DSO transactions.

On this episode of The Dental Practice Sale Podcast, Brannon joins host Wes Read to explain why private equity is bullish on investing in the dental industry and why PE is willing to pay more for a practice than traditional private buyers.

Brannon describes how McLerran helps clients identify a DSO based on their personality and goals, finding the right combination of economics, autonomy and support the doctor is looking for.

Listen in for insight on what differentiates the JV deal structure from a holding company model and learn how you might benefit from selling your practice to the right dental support organization.

Topics Covered

[0:46] Brannon’s background in dental practice sales and why he specializes in DSOs

[2:16] Why private equity funds are so bullish on investing in the dental industry

[6:10] Why PE is willing to pay more for a dental practice than traditional private buyers

[11:37] What a doctor is giving up when they sell their practice to a DSO

[18:42] How McLerran helps dentists identify a DSO based on their personality and goals

[31:14] Why McLerran takes its client’s practices to market in a bid process

[33:15] The wide range of offers a dental practice might get from different DSOs

[34:33] How the size of a DSO matters in terms of a seller’s return on equity

Connect with Brannon Moncrief Connect with Wes Read, Matt Odgers & Drew PhillipsResources

Profitable Endo Sells to DPO – Dr. Young’s Story

Épisode 6

vendredi 9 juin 2023 • Durée 42:30

Yes, there are many benefits of being the sole dentist in a private practice. But there are also many risks.

When you go on vacation with your family, production stops. And if you get hurt, the show is over.

That’s what inspired Dr. Jeremy Young, a successful endodontist based in Grass Valley, California, to sell his practice to US Endo, a dental partnership organization or DPO headquartered in Irving, Texas.

On this episode of The Dental Practice Sale Podcast, Dr. Young joins Wes to share the story of buying and growing his endodontic practice in Grass Valley and explain how he decided to join US Endo.

Wes describes what differentiates a DPO sale from a DSO sale, and Dr. Young opens up about the mistakes he made in sharing the news of the sale with his team.

Listen in to understand how joining a DPO impacts the day-to-day operations of a dental practice and learn how Dr. Young became a part of US Endo’s leadership team when a neuromuscular disorder forced his early retirement from endodontics.

Topics Covered

[0:42] Dr. Young’s transition from being an associate in Folsom to owning his own endodontic practice in Grass Valley, California

[5:02] Why Dr. Young sold his thriving Grass Valley practice to US Endo

[11:37] How an equity swap gives the practice seller ownership in the purchasing DPO

[17:11] What differentiates a DPO sale from a DSO sale and the top lessons Dr. Young learned about selling to a DPO

[22:02] Why Dr. Young’s S Corp remains in place even after his practice was sold to US Endo

[24:55] The mistakes Dr. Young made in talking to his team about selling to a DPO

[31:12] Why there was little change in Dr. Young’s day-to-day operations after selling to US Endo

Connect with Dr. Jeremy YoungConnect with Wes Read, Matt Odgers & Drew PhillipsResources

Who You Need on Your Dental Practice Transition Team

Épisode 5

vendredi 26 mai 2023 • Durée 52:27

If you’re buying or selling a dental practice, who do you need on your transition team?

On this episode of The Dental Practice Sale Podcast, your hosts Wes Read and Matt Odgers discuss the professionals involved in a dental practice sale, describing the responsibilities of the three required service providers—the CPA, attorney and banker.

Wes and Matt explain the optional but common positions in a transition team, sharing the value a broker, escrow agent and supply rep bring to the dental practice sale process.

Listen in for insight on when to include a practice management consultant, valuation expert or financial planner on your team and get familiar with the players involved in helping a buyer and seller close a dental practice sale!

Topics Covered

[3:07] 3 groups of professionals that can be involved in a dental practice sale

[7:13] The responsibilities of the seller’s CPA vs. the buyer’s CPA

[19:22] The pros and cons of dual representation with CPAs or attorneys

[24:06] When to bring your attorney into a dental practice sale and what they do

[28:31] The banker’s role in a transaction (and why Matt recommends working with a dental lender)

[33:07] What value a broker brings to the dental practice transition

[38:38] How the escrow agent acts as an independent third party to hold funds on the sale

[42:33] How having a supply rep inspect the dental equipment helps the transaction run smoothly

[44:08] When to include a practice management consultant, valuation expert, financial planner, HR attorney or lease specialist on your transition team

[50:07] Why Matt recommends interviewing multiple professionals before you choose your team

Connect with Wes Read, Matt Odgers & Drew Phillips

Practice Orbit

Resources

Must-Have vs. Nice-to-Have: Shaping the Terms of Your LOI

Épisode 4

lundi 22 mai 2023 • Durée 40:30

The letter of intent or LOI is a legal document that outlines the preliminary terms of a proposed offer to acquire a dental practice.

So, what are the terms every LOI should include in a dental practice sale? And what are the optional terms buyers and sellers might want to consider?

On this episode of The Dental Practice Sale Podcast, your hosts Wes Read and Matt Odgers continue their conversation on LOIs, explaining why any potential deal breakers should be included in the letter of intent.

Matt walks us through his ten mandatory terms, discussing how to address purchase price and payment terms in an LOI and offering advice on including a due diligence timeline and provision for termination of the letter of intent.

Listen in for insight on when to consider adding provisions for escrow, exclusivity or seller workback in your LOI and learn how to decide what terms to include in the letter of intent for your dental practice transaction.

Topics Covered

[0:13] The 10 mandatory terms every LOI should have in a dental practice sale

[1:13] Why most dental practice transactions are asset sales vs. stock sales

[7:34] Why a seller might exclude certain assets and how to address that in the LOI

[8:53] Determining the purchase price, payment terms and closing date in an LOI

[12:34] Matt’s advice on including a due diligence timeline in your LOI

[15:34] How banks and landlords hold up dental practice sales and what to do about it

[20:28] The default non-compete agreement Matt sees in most LOIs

[23:02] Why it’s crucial to include a provision for termination of the letter of intent

[24:28] When to include a confidentiality agreement and when it’s not necessary

[25:47] When to consider provisions re: a deposit and escrow in your LOI

[31:37] Why it’s optional to break down the purchase price across tangible and intangible assets

Connect with Wes Read, Matt Odgers & Drew PhillipsResources

What You Need to Know About Submitting an LOI

Épisode 3

lundi 22 mai 2023 • Durée 28:48

A letter of intent or LOI initiates the dental practice sale process, signaling that a buyer is serious about taking the next steps in the transaction.

So, who drafts the initial letter of intent? Should your CPA and attorney review the LOI before you submit it? Is it a binding legal document?

On this episode of The Dental Practice Sale Podcast, your hosts Wes Read and Matt Odgers sit down to discuss the purpose of a letter of intent, explaining why it’s beneficial for the seller to draft the LOI and what it means when the buyer asks for an exclusivity provision.

Wes challenges buyers to run a cashflow analysis before agreeing to a purchase price in the letter of intent, and Matt describes which terms of the LOI are legally binding and which are not.

Listen in to understand when a seller might ask for a deposit and learn how to begin the negotiations for a dental practice sale by submitting a letter of intent.

Topics Covered

[1:24] How a seller or broker lists a dental practice for sale on Practice Orbit

[3:50] The purpose of a letter or intent or LOI in the dental practice sale process

[5:10] Why it’s beneficial for the seller to draft the letter of intent

[8:49] How a seller can have more than one active LOI (unless they’ve agreed to an exclusivity provision)

[10:00] Why a seller might not agree to exclusivity in a letter of intent

[12:25] When a buyer and seller should engage their legal team in the dental practice sale process

[14:34] Why buyers should calculate their cashflow before agreeing to a purchase price

[17:26] The tools available through Practice Orbit to help buyers estimate the cashflow of a practice

[20:52] Which terms in an LOI are legally binding and which ones are not

[23:17] When it’s a good idea for a seller to ask for a deposit and how it’s calculated

Connect with Wes Read, Matt Odgers & Drew PhillipsResources

The #1 Mistake Dentist’s Make Leading Up to Retirement – featuring Dr. Bob Marcus, DMD

Épisode 2

samedi 13 mai 2023 • Durée 50:37

Many dentists make the mistake of slowing down as they get closer to retirement.

The problem is, banks don’t like a downward trend. And if you want the highest possible valuation for your practice, Dr. Bob Marcus, DMD, recommends practicing at 100% until the point of sale.

But how do you make that decision? How do you know it’s time to put your practice on the market? And then how do you make the transition as smooth as possible for your patients and employees?

Bob ran a successful dental practice in the San Diego area for 20-plus years, growing it into $2 million business with a profit margin of nearly 50%.

But four years ago, an eye condition forced him to sell quickly, and he transitioned into consulting. Today, he provides customized coaching and training to help good dental practices get even better.

On this episode of the Dental Practice Sale Podcast, Bob joins host Wes Read to share the strategy he used to lower his overhead, generate surplus income and climb the wealth ladder through his practice.

Bob discusses the eye condition that forced him to sell, describing how he communicated that information to patients and staff and worked with the buyer to maintain continuity in the transition.

Listen in for Bob’s experience of selling the physical building along with his dental practice and learn how Practice Orbit can help you find a buyer that’s the right fit for your team and the people you serve.

Topics Covered

Why Bob sold his practice 4 years ago and became a consultant for dentists

The strategy Bob used to lower his overhead and build a 50% profit margin in his GP practice

Wes’ 3 breakeven numbers for a dental practice—keep-your-doors-open, living and goals-based

How to use surplus income from your practice to climb Wes’ wealth ladder

Connect with Bob MarcusConnect with Wesley ReadResources

How Practice Orbit is Modernizing Dental Practice Sales

Épisode 1

vendredi 12 mai 2023 • Durée 58:51

If you’re looking to sell a house, listing it on Zillow is a good way to attract a pool of qualified buyers. But the same option doesn’t exist for those of you looking to sell your dental practice.

In fact, you’ll be lucky to find a handful of potential buyers through a local broker or dental society.

But what if there was that brings buyers and sellers together in one place online. And what if it not only connected buyers and sellers but helped facilitate a smooth, stress-free transaction?

On this inaugural episode of the Dental Practice Sale Podcast, your hosts Wes Read, Matt Odgers and Drew Phillips sit down to explain why they built Practice Orbit and how the multisided tech platform works to create a marketplace for buying and selling a dental practice.

Wes, Matt and Drew discuss how the dental practice sale industry has changed in the last 20 years, describing how they think about the trend toward consolidation and why there will always be a place for private practices.

Listen in for insight on what to expect from future episodes of the Dental Practice Sale podcast and learn how the tools available through Practice Orbit improve the experience of buying or selling a dental practice!

Topics Covered

Wes, Matt and Drew’s background serving dentists and why they built Practice Orbit

The 3 reasons Wes, Matt and Drew are doing the Dental Practice Sale Podcast

How multisided tech platforms like Practice Orbit create community, consolidate supply and demand and crush transaction costs

What’s happening in the dental practice sale industry and how it’s changed in the last 20 years

How Wes, Matt and Drew think about the trend toward consolidation and why there will always be a place for private dental practices

The marketplace creation value proposition of the Practice Orbit tech platform

What role brokers play in the traditional dental practice sale and how they might fit into the Practice Orbit ecosystem

Connect with Wes Read, Matt Odgers & Drew PhillipsResources

The Dental Practice Sale Trailer

jeudi 16 mars 2023 • Durée 01:58

The Dental Practice Sale is coming soon! Subscriber on your app of choice here.

https://link.chtbl.com/Dental_Practice_Sale

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