A place for dentists to find expert insight and information around everything from navigating residency and associate opportunities to being a successful dental practice owner.
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In this episode, we dive deep into the intricacies of valuing dental practices, particularly in the context of partnerships. We break down key valuation concepts for general practitioners (GPs) and how factors like cash flow, overhead, and goodwill contribute to a practice’s overall worth. We also explore different partnership models, including associate buy-ins and common pitfalls when transitioning from associate to partner. Gain insight into how practice owners and associates can fairly assess and negotiate valuations to build equitable and sustainable partnerships.
Key Points:
Understanding Dental Practice Valuations: Importance of cash flow, overhead, and goodwill in determining a practice's value.
Associate Buy-In Models: Different approaches for associates buying into a practice, including up-front 50% buy-ins and phased purchases over time.
Calculating Ownership Value: Methods for estimating buy-in costs for associates and considering contributions to the practice’s growth.
Equity Distribution and Decision-Making: Pros and cons of 50-50 ownership versus minority stakes, and how these impact authority and motivation.
Potential Pitfalls in Partnerships: The need for clear agreements around patient distribution, revenue sharing, and equity to avoid conflicts and financial imbalances.
Importance of Professional Guidance: Engaging accountants, attorneys, and other professionals to ensure fair valuations and sustainable partnership structures.
72: Three Elements to a Successful Dental Partnership
Episode 72
Thursday, October 31, 2024 • Duration 34:39
Episode Summary:
In this episode. we dive into the essentials of forming a successful dental partnership—a vital strategy in today's challenging economic landscape for dental practices. Our host draws on over 15 years of experience to highlight the financial and personal benefits of partnerships, explaining how joining forces can alleviate cost pressure, increase profitability, and create a supportive work environment. Key discussion points include the importance of chemistry, shared clinical philosophy, and fair profit allocation between partners. Tune in to learn how to navigate potential pitfalls and maximize the benefits of a dental partnership.
Key Points:
Benefits of Dental Partnerships - Understanding the economic advantages of sharing cost to boost take-home profits and enhance wealth-building
Three Pillars of Successful Partnerships - Chemistry, shared clinical philosophy, and equitable profit sharing as the foundation for a harmonious business relationship.
Financial Insights on Cost Structures - Explanation of fixed vs. variable costs in dental practice and how partnerships can optimize expenses.
Navigating Challenges in Partnerships - The common reasons for partnership dissolutions and the complexities of handling conflicts.
Evaluating Chemistry and Communications Skills - Why strong interpersonal skills and tryst are crucial for long-term partnership success.
63: Dental Staffing Problems and Solutions—with David Schwab, Ph.D
Episode 63
Tuesday, July 2, 2024 • Duration 48:28
For most practice owners, the dentistry is the easy part. What’s hard is managing your team, especially with the current dental staffing shortage.
So, what factors contribute to this shortage of staff? What can doctors do to solve this systemic issue?
David Schwab, PhD, is a professional speaker, author and dental practice management consultant who helps dentists grow their practices, educate their patients and train their teams.
On this episode of the Dental Board Room Podcast, David joins host Wes Read to explain what’s behind the dental staffing shortage and how we might address it with virtual workers, part-timers and temps.
David offers advice on addressing employees who chronically call in sick, conducting performance reviews, and responding to requests for a raise.
Listen in for insight on the Ritz-Carlton concept of lateral service and learn David’s top strategies for building and managing your team through the current dental staffing shortage.
Topics Covered
Why managing your team is the most difficult aspect of running a dental practice
Why there’s a shortage of dental staff and what doctors can do to solve the problem
The evolution of virtual work in dental practices
David’s take on hiring virtual assistants from places like the Philippines or Africa
What dental office tasks are likely to be outsourced moving forward
The advantages of hiring part-timers and people without a background in dentistry
How the emergence of online marketplaces might impact the dental space
How well-documented processes allow doctors to leverage temporary employees
David’s advice on addressing employees who chronically call in sick
62: Trends in the DSO & Private Practice Sale Markets—featuring David Cohen
Episode 62
Monday, June 17, 2024 • Duration 45:50
In the aftermath of COVID, there was a massive boom in dental practice transactions.
The market finally corrected itself in 2023. And while doctor-to-doctor private sales remained consistent, DSO sales slowed dramatically.
So, what caused these market trends? What does the market look like so far in 2024? And how will understanding trends help you make informed decisions as you buy or sell your own dental practice?
David Cohen is Managing Attorney at Cohen Law Firm, a legal practice with a unique focus on dentists and dental specialists. His team does between 300 to 400 practice transactions nationwide every year.
On this episode of the Dental Board Room Podcast, David joins host Drew Phillips to discuss how the DSO and private practice markets have evolved since 2020.
David shares his process for helping clients decide between DSO versus private practice deals and describes how deal terms are changing on the DSO end in 2024.
Listen in to understand what’s behind the uptick in private partnerships in recent months and learn how to make the best decision for selling your dental practice based on your circumstances and current market trends.
Topics Covered
How David’s family background inspired his work with dentists
How the DSO and private practice markets have evolved from 2020 to present
How David helps clients decide between private and DSO deals
How DSO deal terms are changing to favor the DSO
David’s insight on the uptick in both private partnerships and 100% sales
What’s behind the rise of workbacks in private practice sales
Connect with David Cohen
61: How to Overcome Dental Staffing Challenges—with Dr. Michael Neal
Episode 61
Friday, March 29, 2024 • Duration 36:20
Is good help hard to find when it comes to staffing your dental practice?
According to the ADA Health Policy Institute, staffing shortages, recruitment and retention are among dentists’ top concerns moving into 2024.
But what if you could easily find A players to fill your open positions? A players who will stick with your team for the long term?
Dr. Michael Neal is Founder and CEO of Build My Team, an affordable, outsourced healthcare hiring service that provides highly qualified job candidates for your dental practice.
A practicing optometrist in rural Pennsylvania, Dr. Neal created Build My Team to solve his own hiring challenges. Today, the platform serves healthcare providers in 40 states and Canada.
On this episode of The Dental Board Room, Dr. Neal joins host Drew Phillips to share the Build My Team process for hiring staff in healthcare practices without resumes or traditional interviews.
Dr. Neal explains how Build My Team designs an algorithm specific to your open position and collects data from job candidates to find A players for your practice.
Listen in to understand how Build My Team solves for the supply issue in healthcare staffing and learn how Dr. Neal can help you find employees with the skills and talents to excel on your team.
Topics Covered
[0:23] The Build My Team process for hiring staff in healthcare practices
[1:54] What data Build My Team collects from job candidates to find A players for a practices
[4:21] How Build My Team creates an algorithm specific to each position
[6:18] Build My Team’s guidance around finding employees who will excel in a given role
[8:23] How Build My Team collects the data they use to refine their algorithms
[9:46] What inspired Dr. Neal to design the Build My Team process
60: Practice Sales: The Role of the CPA
Episode 60
Tuesday, February 6, 2024 • Duration 38:37
You cannot sell a dental practice without clean books. And you definitely shouldn’t buy a practice without having an accountant evaluate its potential profitability.
But a good dental CPA has value beyond assisting with the basics of bookkeeping and price assessment.
So, what is the full value proposition of an experienced CPA in the context of a dental practice sale?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers serves as guest host and interviews Wes Read on the role of a CPA in the practice transaction.
Wes explains how a good dental CPA forecasts the range of profitability for a buyer, and he walks us through the process of financial due diligence in a dental transition.
Listen in to understand how a CPA helps buyers make business decisions after closing and develop the mindset of a business owner to grow a financially successful dental practice.
Topics Covered
An overview of the CPA’s role in a dental transaction
How a good dental CPA assesses the profitability of a practice
Wes’ approach to forecasting the range of profitability for a buyer
How Wes defines financial due diligence in a dental transaction
Using a seller’s tax returns to validate data on a P&L
How a dental CPA might coach buyers on business decisions
What to do as a seller if your books are not in order
What a buyer should expect in terms of CPA fees for due diligence
PracticeCFO’s relationship with a buying dentist after closing
What differentiates the mindset of a clinician vs. business owner
59: Practice Sales: The Role of the Attorney
Episode 59
Monday, January 29, 2024 • Duration 38:30
Every dental practice sale involves several legal documents. And that’s why an attorney is a crucial part of the transition team for both buyers and sellers.
But what, exactly, does a dental attorney do in the practice sale process? What should you look for in an attorney to help you buy or sell a dental practice?
On this episode of our Dental Practice Transitions series, Dental Attorney Matt Odgers is back with host Wes Read to discuss the role an attorney plays in the dental practice transition.
Matt and Wes walk us through the legal documents required in every practice sale as well as the deal-specific ancillary documents you might need.
Wes asks why it’s crucial to have a dental attorney review your LOI, and Matt explains what an asset sale agreement does and how it’s negotiated.
Listen in for insight on the attorney’s role in negotiating either the lease or real estate purchase agreement and learn why it’s beneficial to use a dental specific attorney for your practice transition!
Topics Covered
The documents a dental attorney addresses in a given practice sale
Why it’s crucial to have a dental attorney review your LOI
What provisions in an LOI are binding (and which ones are non-binding)
How a good LOI includes timelines for due diligence
Matt’s approach when a buyer has little money in the bank but needs an LOI review
The purpose of the asset sale agreement and how attorneys negotiate it
Why it’s beneficial to use a dental specific attorney vs. a general business attorney
How a good dental attorney moves the deal forward when the other side won’t budge on a particular term
The attorney’s role in reviewing a lease and negotiating with the landlord
58: Practice Sales: The Role of Escrow
Episode 58
Thursday, January 25, 2024 • Duration 37:24
What role does escrow play in a dental practice transition? How does it benefit buyers and sellers alike?
Should you use an escrow for your practice sale?
Matt Odgers is a Dental Attorney with Odgers Law Group and VP of Business Development and Legal Operations with Practice Orbit.
Matt has more than a decade of experience representing hundreds of dentists in the process of buying or selling a practice.
On this episode of the podcast, Matt joins host Wes Read to discuss the purpose of escrow in a private practice sale, beginning with the financial security it affords sellers.
Matt and Wes explain why buyers have a larger representation when an escrow is involved and how it significantly increases the probability of closing the deal.
Listen in to understand how an escrow agent helps move a dental practice transaction forward and learn when you can avoid using escrow vs. when it is necessary to protect you in a dental practice sale.
Topics Covered
What inspired Wes & Matt’s podcast series on dental practice transitions
How Practice Orbit simplifies the dental practice sale process
How using an escrow affords dental practice sellers financial security
Why the buyer has larger representation when an escrow is involved
Why Wes & Matt are advocates of earnest money in the escrow process
How escrow instructions should be built into the letter of intent
How an escrow significantly increases the probability of closing a deal
The escrow agent’s role in moving a dental practice transaction forward
How an escrow statement makes things easier from an accounting, tax and legal standpoint
57: Inflation, Interest Rates & Investing into 2024—featuring Brandon Hobson & Paul Lipcius
Episode 57
Tuesday, December 19, 2023 • Duration 01:00:40
Inflation is down and the stock market is rallying in response. But the Fed is exercising caution before it lowers interest rates.
What does that mean for you and me? What should we be investing in right now?
On this episode of The Dental Board Room Podcast, Brandon and Paul join host Drew Phillips for the continuation of The Dental Board Room Podcast's quarterly investment podcast series.
Brandon, Paul and Drew explain why the current markets are overly optimistic and where interest rates are likely to go in Q1 and Q2 of next year.
They go on to discuss what sectors they favor moving into 2024 and how they’re making decisions around equity allocations based on the current economic environment.
Listen in to understand what factors might create a softening of the real estate market and learn why Brandon, Paul and Drew recommend sticking to a long-term investment strategy versus trying to time the market.
Topics Covered
How the Fed might respond to the recent improvement in core inflation numbers
Why the markets are being overly optimistic by pricing in the Fed’s next move
The Magnificent 7 stocks that are driving market performance right now
Why we can’t count on the continued growth of the Magnificent 7
What sectors Brandon, Paul and Drew favor moving into 2024
Where interest rates might go from here and how they’re influenced by employment, inflation and fiscal policy
The likelihood that quantitative tightening will hold through next year
56: Insurance Audits, Board Investigations and Criminal Matters—with Attorneys Justin Withrow and Matt Odgers
Episode 56
Friday, December 15, 2023 • Duration 54:40
What are the most common legal issues a dental practice might face?
How can dentists protect themselves from insurance audits? Board investigations? Or criminal charges?
Justin Withrow is Partner at Flannery Georgalis, LLC, where he specializes in representing dentists in regulatory investigations, insurance audits, professional licensing matters and complex business litigation.
Matt Odgers serves as Dental Attorney at Odgers Law Group, a firm with expertise in representing buyers and sellers in the purchase or sale of a dental practice.
On this episode of The Dental Board Room, Justin and Matt join host Wes Read to explain how a dental practice should approach sensitive legal matters.
Justin describes how a practice gets selected for an insurance audit, challenging dentists to put systems in place and conduct internal compliance checks to prepare for such an audit.
Matt and Wes ask what triggers a state board investigation, and Justin offers advice on reaching out to malpractice and securing legal counsel for your dental practice.
Listen in for insight on why a practice might find itself under criminal investigation and learn how the right attorney can help you navigate these challenging legal matters.
Topics Covered
[1:56] Justin’s background representing dentists with sensitive legal matters
[4:54] How a dental practice gets selected for an insurance audit
[8:03] Examples of statistical outliers that might trigger an insurance audit
[10:44] Variations in provider agreements among private insurance companies
[12:14] How often private insurance companies turn over the findings of an audit to a state board for criminal action
David’s ‘open book test’ system for performance reviews
How dentists should respond to employee requests for a raise
The benefit of open-book management that allows staff to understand overhead
What dentists can learn from the Ritz-Carlton concept of lateral service
David’s background and experience as a dental management business consultant
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