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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How Long Will It Take to Sell My Dental Practice? Part 2—with Matt Odgers
Episode 17
Wednesday, August 21, 2024 • Duration 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
How Long Will It Take to Sell My Dental Practice? Part 1—with Matt Odgers
Episode 16
Tuesday, August 20, 2024 • Duration 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
When Is the Best Time to Sell My Dental Practice?—with Matt Odgers
Episode 15
Wednesday, August 14, 2024 • Duration 30:45
When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement?
On this episode of the Dental Practice Sale, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing.
Matt and Wes discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry.
Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life!
Topics Covered
Why you want to start the process of selling your practice when it’s on the up
The psychological challenge of planning for a practice sale before there’s a crisis
Why you should know what your practice is worth (even if you have no intention of selling)
Crises that require an immediate sale vs. crises that expedite the timeline for a sale
Why financial independence is a primary factor in timing the sale of a practice
How to know if you’re psychologically ready to stop working as a dentist
Why Matt & Wes suggest planning what to do with your time once you retire
How rising collections impact the price of a practice and speed of its sale
Why it’s easier to sell a million-dollar practice as opposed to a $500,000 one
Wes’ advice on paying off a 10-year practice loan
What differentiates buying a dental practice from buying real estate
Selling your practice to retire vs. selling your practice to pay off debt
The benefits of selling your dental practice when interest rates are low
Why Matt recommends timing the sale of your practice with your lease
Connect with Matt Odgers
Blueprint for a Successful Practice Sale—featuring Dr. Kevin Kenny
Episode 14
Wednesday, July 24, 2024 • Duration 01:20:56
You’ve worked so hard for so long to build a private dental practice in your community. But now you’re thinking about exiting the business.
So, how do you know when it’s time to retire? What can you do to plan for the next chapter of your life?
Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas.
Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago.
On this episode of the Dental Practice Sale, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice.
Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away.
Listen in for Dr. Kenny’s advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale.
Topics Covered
A high-level overview of Dr. Kenny’s career as a dentist
How Dr. Kenny knew it was time to sell his practice
Determining how much money you need for retirement
How bankers calculate the value of a dental practice
The CPAs role in helping you plan for a practice sale
Mitigating your tax liability in a dental practice sale
When to do a broker sale and when to sell your practice privately
The pros and cons of selling your practice to a DSO
How Dental Practices Are Valued
Episode 13
Thursday, July 11, 2024 • Duration 50:01
Do you need to solicit a formal valuation for your practice? Or can you leverage other resources to get a general idea of its appropriate list price?
On this episode of the Dental Practice Sale podcast, host Wes Read explains why the profit and loss statement is the primary document for determining the value of a practice.
Wes walks us through the anatomy of a P&L and describes how to calculate the true cashflow profit of a dental practice as well as its approximate list price.
Listen in for insight on using Practice Orbit’s price estimator tool and learn what to do if your practice is worth more than a bank is willing to lend.
Topics Covered
The success of the launch of our Practice Orbit dental practice marketplace
How Practice Orbit serves as the MLS for dental practices
What makes Practice Orbit a technology company rather than a broker
How Practice Orbit is leveraging agile development to improve over time
When you need to get a formal valuation for your practice (and when you don’t)
Why the P&L is the primary document for determining the value of a practice
Wes’ insight into the anatomy of a P&L for a dental practice
Operating income + add-backs = true cashflow profit of a practice
How Practice Orbit’s pricing tool estimates the value of a dental practice
How the cashflow of a dental practice translates to list price
What to do if your practice is worth more than a bank is willing to lend
How DSOs determine the value of a practice differently than private sales
Connect with Wes Read
Practice Sales: The Role of the CPA
Episode 12
Tuesday, February 6, 2024 • Duration 36:27
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
Practice Sales: The Role of the Attorney
Episode 11
Monday, January 29, 2024 • Duration 36:20
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
Practice Sales: The Role of Escrow
Episode 10
Thursday, January 25, 2024 • Duration 35:15
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
Be in the driver seat when selling to a DSO- with Emmet Scott
Episode 9
Wednesday, July 12, 2023 • Duration 58:51
There’s a misconception that DSOs allow private equity to swoop in and take profits away from dentists.
But Emmet Scott argues that clinicians are in the driver’s seat of these Dental Support Organizations.
You just have to remember that you’re the customer and evaluate your options carefully, knowing that whatever your career goals might be, there’s a DSO for that!
On this episode of The Dental Practice Sale Podcast, Emmet joins host Wes Read to discuss what’s behind the growing popularity of DSOs and describe the scale benefits of joining a Dental Support Organization.
Emmet explains how the DEO supports dentists who are looking to increase their impact, exploring how the organization helps doctors build leadership skills and unlock the full value of their dental practice.
Listen in for Emmet’s insight on what portion of dental practices belong to DSOs and learn how to identify the kind of support you need and choose an organization that aligns with your goals.
Topics Covered
[2:14] How helping his best friend start a dental practice led Emmet to leadership roles in DEO and ADSO
[6:47] How DEO supports dentists who are looking to increase their impact
[12:52] The driving motivations behind the popularity of Dental Support Organizations
The Evolution of Deal Structures in the DSO Space - with Dean Gould
Episode 8
Saturday, July 1, 2023 • Duration 54:51
We’ve seen a consistent trend toward consolidation in the dental space for the last 15 years. But coming out of the pandemic, the DSO marketplace is changing.
And if you’re thinking about selling your practice to a Dental Service Organization, it’s useful to understand the different deal structures available to you.
So, how are DSO deal structures evolving in a post-COVID world? And how can a dental lawyer help choose the option that’s right for you?
Dean Gould serves as Senior Attorney at Dykema, where he specializes in dental law and the DSO transaction space.
On this episode of the podcast, Dean joins host Drew Phillips to explain why DSOs are moving toward joint venture deals and how the site-level equity structure prioritizes income replacement and encourages organic growth.
Dean discusses the benefit of building a team of legal and financial advisors before you sell to private equity and describes how a dental lawyer can help structure a win-win scenario for you and the DSO at the LOI stage, giving you clarity and confidence prior to the resource-heavy due diligence process.
Listen in for Dean’s predictions around the success of doctor-centric DSOs and learn how to choose a deal structure that fits your risk tolerance and benefits you and your dental practice for the long term.
Topics Covered
[3:54] What’s behind the trend to JV (also known as site-level equity) deals in the DSO space
[8:35] How different DSO ownership structures play out when a doctor exits the business
[13:50] The risk/reward profile of site-level equity deals vs. ownership at the holding company level
[18:40] How nuanced the terms can get around participating in recapitalization events
[22:08] How DSOs are incentivizing doctors to work past their 3- or 5-year workback agreements
[24:45] How doctors can take care of younger associates in negotiations with DSOs
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[27:30] What DSOs are doing to prioritize income replacement and encourage organic growth
[31:11] How dental lawyers can help you with term sheets, LOIs, purchase agreements, new employment agreements, equity documents and lease arrangements
[35:36] Why private equity companies are growing real estate portfolios alongside their dental holdings
[37:17] Why Dean suggests getting your documents in order and building a team of legal and financial advisors before you sell to a DSO
[41:24] How a dental lawyer can help structure a win-win scenario for you and the DSO at the LOI stage, giving you clarity and confidence prior to the resource-heavy due diligence process
[45:29] Dean’s predictions around the evolution of specialty play platforms and the success of doctor-centric DSOs
[49:38] How to register for Dykema’s industry-leading DSO conference in Denver this July
