Grow Your Dental Practice Podcast: Recent Episodes
Shift Accounting
Join Mohamed Ismail, founder of Shift Accounting, for discussions on how to build a successful dental practice.
Hello dear listeners, welcome back to another episode on The Grow Your Dental Practice Podcast.
November is upon us, and this is oftentimes a great opportunity to reflect on how far you’ve come as we wrap up another year. With that in mind, the opportunity to learn, gather resources and find ways to strengthen your practice as you take on new goals - and challenges - is something that should always be top of mind. That’s why we’ve invited Gary Salman from Black Talon Security to speak to us about Protecting Your Dental Practice Against Cyber Security Attacks.
Gary has a unique background as a database developer and working in law enforcement for 15 years. At 30 years old, he built and sold his first technology business, which deployed one of the first cloud based healthcare systems. He is a thought leader, speaker, and writer, he leads Black Talon Security with cutting-edge cybersecurity solutions for businesses of all sizes.
Black Talon Security specializes in cybersecurity for dental practices and secures over 15,000 devices in the dental space. They work with hundreds of practices and their IT companies to help harden networks to prevent a ransomware attack and/or data breach.
We know there is much to learn from this episode. Be sure to follow us, leave a review and get in touch with us regarding any questions or ideas for topics.
We are excited to have Dr. Justin Bhullar who is a dentist, speaker, author, and coach. He is devoted to helping dental practice owners increase their productivity and profitability. He believes mindset, great habits, and consistent execution are the key to attaining your personal and professional goals. He currently owns and operates a number of practices across Canada and the US. His mission is to educate his patients on the importance of preserving teeth health, preventing decay and breaking down fears and misconceptions surrounding dentistry while working to empower his peers to improve their practice as well. He is the co-founder of DentalBusinessMentor.com where he puts together comprehensive curriculum packages covering a wide array of topics for fellow dentists to benefit from.
We’re excited to have him on The Grow Your Dental Practice Podcast to speak to us about ‘The Fulfillment Formula,’ as there is so much to learn from his journey. The episode releases on all platforms on October 15th, where you can also watch the recorded session on our Youtube channel as well, so be sure to subscribe and follow us so you don’t miss out. We know you will find many gems in this conversation.
On the podcast today, we have Dr. Amreesh Khanna joining us to speak about resiliency in the dental industry. Dr. Amreesh Khanna is a University of Alberta alumni and has been a practicing dentist for nearly 15 years. He leads with his core values of “inspire, influence, educate” by not only working as an experienced dental clinician but also as an innovator and educator. Giving back is also at the core of who Dr. Khanna is. He is the founder of the SHINE Dental Clinic in Edmonton, a fully student run clinic treating inner city youth weekly, while running a scholarship at the University of Alberta under the same name. He has also founded “Cause to Smile,” a philanthropic organization focused around a simple mission, to do good beyond the walls of clinics and leave a positive impact on our larger communities. We are so excited to have him join us to speak to us more about the work he does and why resilience is profoundly important in this profession.
We are excited to welcome Vic Jindal president of Jindal Financial Group and CEO of DentistryDisrutped to the Grow Your Dental Practice Podcast. He has over 25 years under his belt and focuses on practice management, start-ups, tax planning, wealth and risk for dental professionals across Canada.
Vic is a huge dental industry influencer and is an authority within the industry, often offering timely commentary for well known professional organizations. He’s helped build and buy over 800 offices, and advised on optimal practice structure, branding and marketing for growth. They’ve quickly grown to become the leading dental advisory firm in Canada. They continue to partner with thousands of dental professionals to assist in optimizing best strategies for growth using a proactive approach to the business of dentistry in this ever-evolving and rapidly-changing profession.
Vic is joining us on the podcast to talk about the big lessons he learned during COVID and how optimistic he is about the future of the dental industry despite what the world looks like today. He’s touching on his thoughts related to:
- What advice he gives dentists around making decisions when they’re in uncertain conditions
- What he’s seen practices do during COVID time and the opportunities he sees in the future for dentists
- Sharing past industry disruptions and talking about what he sees for the future of dentistry in the next few years
- Advice for start-up clinics vs. those looking to retire
- The key to financial freedom
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
We’re excited to be joined once again by Samantha Leonard, co-founder of Stream Dental HR, on this episode of the Grow Your Dental Practice Podcast. Stream Dental HR is a company that helps dentists build, develop and grow their team by building and implementing HR systems that help ensure a thriving business and incredible culture, and over the past few months they’ve been busy helping their clients navigate the current crisis.
Samantha is joining us so we can dig into dental human resources and talk about what you and your clinic can be doing to do it better. We’re talking about everything about how to identify and hire the right people for your clinic, what to do when good people leave and how to make sure it doesn’t turn into a disaster, onboarding best practices, a quick conversation on bonus structures and the importance of using automated HR software. It’s going to be a great episode and I’m excited to share what Samantha had to say with you.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all its clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was produced by Tae Haahr and edited by Grace Njoki. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
David Harris has been embezzlement busting for over 30 years. He is a certified fraud examiner, financial investigator, CPA and skilled in financial forensics. As the CEO of Prosperident he’s seen countless cases of theft and financial mismanagement and today he’s sharing some steps that dentists can take to mitigate the embezzlement in their office.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail is talking with David Harris about his embezzlement investigating past, how common embezzlement really is and what dentists can do to mitigate it. They’re going to dig into the details of the dental hiring process, how to spot fraud and what to do if you suspect it.
Join us for an in-depth discussion of:
- How embezzlement happens in a dental clinic and why it’s so hard to detect
- How you can modify your hiring practices to help nip the embezzlement bud in the front
- What reports you need to pull and look at on a daily, weekly and monthly basis
- How mistakes happen
- How to spot suspicious financial activity within your practice
- What to do if you suspect embezzlement (and a horror story about what can happen if you act too quickly)
- Embezzlement lessons that have come from the COVID pandemic
- How embezzlement has changed throughout the years
But it’s not all doom and gloom on this episode, David is also going to share with us the most ridiculous embezzlement case he’s come across.
If you want to reach out to David directly, you can do so at:
www.dentalembezzlement.com 1 (888) 398-2327 david@dentalembezzlement.com
Hear the full interview by listening to the episode. If you like this episode, please rate and review it on your podcast app of choice and share it with friends, family or colleagues you think would find it valuable.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was produced by Tae Haahr and edited by Grace Njoki. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
Samantha Leonard is the co-founder of Stream Dental HR, a company that helps dentists build, develop and grow their team by building and implementing HR systems that help ensure a thriving business and incredible culture. She’s been busy over the past few months helping clients navigate through the current crisis, and today she’s joining us to share some of the biggest lessons that she’s learned.
We’re going to cover lessons that have come out of this crisis, the big gaps that we’ve seen in clinics over the past few months, why you need to have a contingency plan, employment contracts (and why having a holistic one is important) and a rainy day fund and what should you start to think about when it comes to your recovery plan. It's going to be a great episode, I'm excited to share what Samantha had to say with you!
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all its clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
Leah Dennis is the Director of Client Success at RecallMax, a recall and reminder software that helps you automate and centralize your recall tasks. But RecallMax wasn’t Leah’s first rodeo. She started in the dental industry in 2003 and managed one of the largest dental practices in North America. She then started and ran her own management consultancy practise that was focused on system development and implementation and stats analysis.
Leah joined RecallMax two years ago and is in charge of delivering education and consultative advance to their client base to help them capitalize on all growth opportunities in their practice or network. On this episode of the Grow Your Dental Practice Podcast, Leah is going to share with us her insights on recall-related topics including:
- The process of recall booking
- The recall roller coaster and how to deal with it
- How to prime yourself for success
- The importance of personal engagement and how to make it easier for admins
- How to prioritize for the best ROI
- The key metrics to evaluating your system
- Why you want to use an actual system for recall
- How to make the overall process easier, smoother and more effective
We are really excited to share Leah’s story with you. We believe she has some amazing insights that you can take away and apply to your own practice
Hear the full interview by listening to the episode. If you like this episode, please rate and review it on your podcast app of choice and share it with friends, family or colleagues you think would find it valuable.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all its clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
Gabriele Maycher BSc, PID, dip DH, RDH, is the CEO of GEM Dental Experts, Inc. She’s a passionate educator with over 30 years of clinical experience and a diverse business background that has revolutionized the way clinicians optimize patient positions such as Dental Hygiene Program Director, Quality Assurance Program assessor and consultant for forward-thinking dental practices. She is here with us today on the Grow Your Dental Practice Podcast and she’s going to share some valuable information on what she looks for at dental clinics, how she optimizes teams and the big things that are impacting your practice. She’s going to talk with us about:
- The difference between school and the real world
- How focusing on patients can help increase your revenue
- How to grow performance and build a great hygiene team
- How to deal with the root causes and issues for long term success
I’m really excited for you to hear what Gabriel has to share with us today. I found her emphasis on long-term success, even if it takes longer to solve those root causes to be a really insightful tip that all dentists can learn from. So, let’s get started...
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
Dr. Jan Jaffer has turned one Calgary dental clinic into 15. As the CEO of TREC Dental, he’s been instrumental in creating a dental brand that patients trust, grow with and continue to use for generations, and he’s about to share some amazing insights that can be applied to your dental as well.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail is talking with Dr. Jan Jaffer of TREC Dental about his journey from dentist to dentalpreneur. They’re going to dig into the details of turning one dental clinic into an empire of 15, and what it takes to achieve success and breed loyalty in your patients.
Jan is sharing some rare and valuable insights about his career. Today, they’re digging into how Jan and his team:
- Have grown a dental clinic with momentum
- Manage their dental finances
- Build, grow and encourage a positive and productive team
- Develop the right systems for their practice
- Use data to evaluate their clinic’s performance
- Put their patients first
We’re really excited to be able to share Jan’s story with you because we truly believe that there are a ton of valuable tidbits of information and insights that you can take away and apply to your own clinic.
Hear the full interview by listening to the episode. If you like this episode, please rate and review it on your podcast app of choice and share it with friends, family or colleagues you think would find it valuable.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
We are excited to announce that on Wednesday, January 22, we will be releasing the first episode of season two of the Grow Your Dental Practice Podcast.
In season one, we had the opportunity to talk with seven awesome guests about how to build and grow a dental practice. If you haven’t had a chance to listen to the first season, check out the following episodes before we start releasing new ones:
- Michael Permack from Spire Group discussed negotiating a lease
- Darren Shanahan from Avail Dental Exit Advisory Services gave his insights on brokering a dental practice deal
- Tricia Dekker from ATB talked with us about getting a lease
- Tom Christensen from Dorward Chartered Accountants talked about dental accounting
- Robert Fooks, partner at McLeod Law shared with us his insights on the legal side of the industry
- Jamie Imeson and Brock Crosson with Henry Schein joined us to talk about connecting with dental suppliers
- Stephen Anson from Smile Marketing discussed marketing for dental clinics
Since we had such great feedback from the first season, we are going to be dropping one episode every month. So, revisit your favourite episode from last year and make sure to hit that subscribe button so that you don’t miss the next episode.
For more information about Shift Accounting or to reach out, please visit www.shiftacct.com.
Episode 7: Marketing Your Dental Practice with Stephen Anson
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with co-founder of Smile Marketing, Stephen Anson, about marketing your dental practice. Now that your practice is all set up, it’s time to find you some clients (though Stephen shares that you should start before you’re ready for them).
In this episode Stephen and Mohamed discuss:
- When marketing starts – Stephen shares that marketing is often an afterthought, considering everything else you have on your plate this makes sense, but marketing should start three to six months prior to your doors opening. This allows for your marketing team to start thinking about bigger picture marketing topics like your overall brand and how to get clients in the door on the first day.
- What a digital marketing strategy is – Stephen shares that your digital marketing strategy goes beyond posting on Facebook or advertising on social media. It is an all-encompassing strategy that, in Smile Marketing’s eyes, hinges on getting visitors to your site and in your dental clinic doors. He shares the five points of digital marketing.
- How your marketing changes based on your location and brand – Marketing is not a one-size fits all strategy. Stephen shares some anecdotes about how different dental clinics marketing, and how their strategies change based on their brands, location and goals.
- How desired clientele drives marketing – Stephen talks about the importance of answering the question how do I love to serve, as the answer drives how your dental clinic will market to clients.
- How your instincts can help with your dental clinic marketing – As you market your practice, you’ll learn what works and what doesn’t. Stephen shares that listening to your instincts can benefit your marketing strategy.
- Your marketing budget – Stephen shares some thoughts and strategies for distributing your marketing budget.
- Understanding your performance – No discussion about marketing would be complete without going over how to measure your marketing performance. Steven walks us through the importance of measuring your marketing and what to look for.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with talks to Jamie Imeson and Brock Crosson with Henry Schein about connecting with dental suppliers. Dental supplies help you setup up your dental clinic and continue to support you during your practice and play a critical role in your practice’s success.
In this episode Jamie, Brock and Mohamed discuss:
- How dental representatives bring value to your dental practice – Brock and Jamie share that their goals as supplies goes beyond simply providing you with the tools to get your work done, they see their role as a critical member of your team. Your success means their success, and they aim to support you along the way.
- When it’s time to start connecting with dental suppliers – Jamie and Brock encourage dental entrepreneurs (and future entrepreneurs) to contact a dental supplier as soon as you get started on your journey. Not only can they help support your strategic planning as it comes to your supplies and tools, but they can connect you with great professionals that can help you along your way.
- What quantities and equipment are you looking for? Jamie and Brock share that what you need depends on what your goals for your dental clinic are, but the dental suppliers are there to help you build a plan and choose the right tools. There is also a balance to be met to avoid overspending, but suppliers like Henry Schein have implemented evaluations every three years so they can help you build a responsible budget.
- How can you efficiently and accurately manage your inventory – Brock and Jamie share that dental supplier companies like Henry Schein can help you manage your inventory and save money in the long run.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Robert Fooks, Partner at McLeod Law, on the legal side of starting and growing your dental practice.
In this episode Robert and Mohamed discuss:
- How is a lawyer involved in the process of setting up your dental clinic – Robert shares that a lawyer should act as more of an advisor who guides you through the process and works with the other people on your team. Not only do they help with the legal aspects of the transition, but they’re there to help you along in the process and answer questions when needed.
- How lawyers look at lease agreements – It makes sense that lawyers would be involved in a lease agreement negotiation, but what exactly do they do? Lawyers look at a number of things including the finer things in your lease, details like what you can and can’t do on the premises and the legality of the lease.
- How your lawyer and accountants work together – Ideally, your dentist and accountant work together. While the two professionals play different roles, their roles when it comes to providing you support as you start-up and grow your dental practice.
- The legal setup of your clinic – What legal set-up should you have for your dental clinic? Robert shares his thoughts on what you need to take into consideration when you decide how to do the legal set-up for your clinic.
- The risk of purchasing an already established dental practice – Robert shares some of the risks and involved with the purchase of a dental clinic when you purchase assets versus shares.
- Why you need to have employment contracts – You might be surprised to know that not having employment contracts with dental staff isn’t all that uncommon but it can be a real issue when it goes to buying or selling a dental practice. Robert shares some insights into why this problem exists and what you can do.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Tom Christensen, partner at Dorward Chartered Accountants, dig into the accounting aspect of your dental practice's setup. We have got the basics down, negotiating a lease, brokering a deal and getting a loan. Now it's time to meet another important member of your clinic setup and management team, the accountant. We're going to dig into the accounting aspect of your clinic set up.
In this episode Tom and Mohamed discuss:
- Why incorporate? Incorporating your dental practice is definitely something to think about due, at least in part, to the tax benefits. Tom shares some details about how incorporating will help you and your dental practice grow financially and give insights on how to make the most of incorporation.
- Build or buy, what should you do? There are a number of opinions on whether you should build or buy a dental practice. When it comes to buying, you’ve got a great service, clients and staff already built in – but if you choose to go with a new practice you get to create something of your own. Tom shares some factors you might want to consider when deciding whether you should build or buy a dental clinic and the risks that come with both options.
- How do you actually buy a practice? If buying an already established dental clinic is on your agenda, you might be wondering how you actually go about that. Tom talks about the different ways, conventional and not, to purchase an already established practice.
- What are the bank requirements to get a loan and how can an accountant help with those? Last episode we talked to Trisha about working with a bank to obtain a loan, this week Tom digs a little deeper and talks about how your accountant helps you get a loan whether you’re planning on building or buying a practice.
- What happens when you want to make changes that will cost additional funds with the clinic you just built – Tom talks about how your accountant can help you obtain additional funds for making changes when you purchase your new dental clinic.
- Managing your funds, budgets and other important budget information – There are a lot of practices you can use to make sure your dental practice more financially sound, and Tom shares some insights on those accounting practices.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with ATB’s Director of Business Development, Tricia Dekker. Trisha has a decade of experience helping health professionals get established and grow relationships in the business. Mohamed and Trisha spend this episode getting into the details of the loan process.
In this episode Trish and Mohamed discuss:
- The application process of getting a loan to open your dental clinic – from the evaluation of the clinic and your skills, to the appraisal and analysis, and your personal and professional goals. Trish shares that they’re looking for applicants who have two or more years of experience before jumping into the management side of things.
- The difference in applying for a loan to purchase an already operating practice versus building your own – with leases to open a brand new dental clinic being a longer process.
- What you need when it comes to applying for a loan to open your own dental clinic – beyond your basic business plan, you’ll need to show that you’re working with the right professionals to help you come up with financial projections and a solid plan.
- Who is involved in the application process? It’s not just you and the bank – your lawyers, lease negotiators, accountants and consultants are all involved in the process.
- The ins and outs of loans – Trisha shares her insights on amortization, terms, types of leases, length, fixed versus variable, and overall what you’re looking at.
- What happens when you get approved and how using a loan process works – Trisha shares that once a loan is approved it’s not just you and the cheque. You’ll have to work with the bank along the way.
- What happens if your first year is a bit challenging – Banks don’t expect you to make boatloads of cash in the first year, they want to see you succeed and Trisha shares some of the ways ATB helps to get you off your feet.
- Growing your dental empire past the first practice – If you’ve established your dental clinic and are looking to expand to another practice, Trish and Mohamed briefly discuss how what that additional process looks like.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Darren Shanahan, Broker, Founder & Transition Expert at Avail Dental Exit Advisory Services about brokering an existing dental practice. Avail Dental Exit Advisory Services has worked with hundreds of dentists helping them purchase already-started dental practices, and today on the podcast Darren and Mohamed discuss the role of a dental clinic broker, whether you should build or buy, the different roles in a practice purchase scenario, due diligence practices and what you need to think about before proceeding. If you’re thinking about purchasing an already existing dental practice, this episode is for you – and if you’re not, there’s still a ton of meaningful information that will help you start or grow your own dental practice.
In this episode Darren and Mohamed discuss:
- The benefits of drawbacks of building your own dental clinic from scratch versus purchasing an already established clinic with steady cash flow. If you’re planning on building a clinic from scratch, two important things you’re going to need to keep in mind is that the wait for patients can be a long one. Darren shares that “waiting for patients to come in can be one of the biggest demons that someone struggles within the first six months.” Then there’s the probable need of working extended hours to be accessible to your new patients. However, when it comes to purchasing an already built clinic, the cash flow and patients already exist.
- The valuation process for an existing clinic. What they look at, how they evaluate it and what’s important – everything from cash flow to profitability, equipment available, and other external facts that impact the bottom line.
- The current market conditions in different Canadian cities. When it comes to purchasing or building a clinic from scratch, the current market conditions have a lot to say about where you want to go, and one of the things you need to look at is rural versus urban markets.
- The two-fold role of a broker during the purchasing process. Brokers not only conduct an evaluation and an assessment of an existing practice, but they make sure everything is set-up and ready for a buyer.
- The actual process of purchasing a dental clinic. Purchasing an already established dental clinic isn’t as easy as just walking in and handing over a cheque, buyers have a chance to tour around a clinic and learn about the clinic before making an offer. And that’s when the real negotiation starts.
- Who all is involved the sale of a dental clinic. It’s not just a broker, but other parties work together to secure the purchase of a dental clinic – lawyers, accountants and bankers all have a role to play.
- The due diligence process a potential purchaser needs to go through. Part of the due diligence of purchasing a dental clinic is making sure the current dentists output matches what you can do, ensure you’re on board and aligned with the type of dental practice that already exists which the patients are already accustomed to and all the other finer points of the clinic are up to part.
- The ideal dental clinic transition. Once the deal’s done it’s time to transition the clinic from the former dentist to the new owner. A good, smooth transition means working with the previous owner and staff to make the transition as smooth as possible for the patients.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.
In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Michael Permack, co-founder and managing partner of Spire Group, a professional consultant and lease negotiator who specialize in the healthcare space about leasing. Whether you’re taking the first steps to build your start-up dental practice or looking at an upcoming lease renewal, they’ll be something in this episode for you!
In this episode, Mohamed and Michael discuss:
- Why you should hire a consultant and lease negotiator? The lease negotiator that you need is much more than a lease negotiator, what you’re looking for is really a consultant who will look at the holistic plan for your dental practice and help steer you in the right direction.
- Where you should start when it comes to building your practice – if you’re starting with the lease, you’re behind the eight-ball. Before you make any decisions or start to approach your lease, connect with a consultant who can help set you up for success.
- What kind of timing are you looking at? While the timing depends on where in the market you are, Michael estimates a comfortable period of time as being 10-to-14 months out for new leases. He also recommends talking to your consultant 18 months out when it comes to renewing your lease.
- How do you get a great location? To get a prime location, especially in some of the bigger Canadian markets, you’ll need a consultant with already-established relationships with developers. While you can certainly give it a try on your own, those already-established relationships have a much better chance of getting you on the list!
- What landlords are looking for in a client – opening a dental practice means getting a landlord. When it comes to what landlords are looking for in dental clients, they’re really looking to get a deal done and they know dentists will pay prime dollar for a prime location.
- How much time you should budget for lease negotiations – Michael shares that in his experience you should budget somewhere between 60 and 90 days for a lease negotiation, especially in the cases of bigger landlords who have more on their plate.
- The idea lease negotiation terms – Michael shares some important lease terms that need to be looked at which include your assignment cause and hours of operation.
Hear the full interview by listening to the episode.
The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.
This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.
If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.