Long in the Tooth: Insights for Age 55+ Dentists: Recent Episodes
J. Robert Brooks, CBI, CEPA
Most dentists fail to plan ahead for the sale of their practice. By not preparing for this inevitable event, they miss out on thousands of dollars, limit their transition options, and burden their loved ones with uncertainty about the future. On Long in the Tooth podcast, we share non-clinical insights to help you prepare for the sale today so you can maximize your profitability and peace of mind tomorrow. For all the hard work you’ve put into building your practice, we believe you, your family, and your staff deserve to transition after the sale into an even richer and more rewarding season of life. Subscribe today and tune in on Fridays to glean new insights. This podcast is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
As 2022 wraps up (and so does Season 2 of this podcast), we’ve seen some clear trends that are hurting dentists and their practices as they get ready to sell.
We want to help you transition into an even richer and more rewarding season of life. So, here is our top 10 list of things you can do to prepare yourself and your practice(s) for a successful transition:
- Define your expectations
- Define your timeline
- Identify the right successor
- Involve your staff in the process
- Save for retirement
- Spruce up the office
- Evaluate your collections and fees
- Avoid “skimming”
- Stay with your PPOs
- Maintain the status quo
Our guest is Larry Chatterley. Larry has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
For more guidance on transitioning your practice, schedule a call at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
What separates the dentists that struggle from the ones that thrive? What are the common characteristics of a successful dental practice owner?
There are some common keys to success as a dental practice owner. It can be summarized as a mindset that focuses on the "3 Rs" – Relationships, Reputation, and Referrals.If you don’t understand these 3 Rs, it can mean financial struggle for you and your practice. But if you build these 3 Rs into your mindset, you can take a practice that is doing poorly and turn it around to make it thrive.
Our special guest on this episode is Larry Chatterley. Larry has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
For more guidance on transitioning your practice, schedule a call at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Should I sell accounts receivable with the practice? Should I buy accounts receivable with the practice? Or should I exclude them and keep them?
We get this question a lot from both practice buyers and sellers.
In this episode, transition specialist, Randon Jenson, discusses the 3 options covering both the advantages and the disadvantages of each so you can decide which is best for you.
Randon Jenson has helped hundreds of dentists with the sale of their practice. For more guidance on transitioning your practice, schedule a call with him at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
It’s a hot topic today. Dental Service Organizations (DSOs) are aggressively marketing to practice owners, soliciting interest in acquiring their practices. Typically, they’ll catch you with a really high number. A number so high you’d be foolish to ignore it.
But what’s included in their “incredible” offers? Is it the right decision for you?
There are some trends that are cause for concern. So before you sign anything, listen to this episode to understand the three common elements in their offers.
Remember, DSOs are smart. They are shrewd. And they are in business to make money. Don’t believe they are just being altruistic and generous. Do the math yourself, or get some help assessing the real value of your practice to help you negotiate an even better offer.
Randon Jenson is a practice transition specialist. He’s helped hundreds of dentists with the sale of their practice. For more guidance on transitioning your practice, schedule a call with Randon at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
When you buy a practice, guess what? Now, you’re a business owner. The problem is, not alot of education happens on the business side of dentistry. Unless you got an MBA in addition to your dental degree (if you have both, we salute you), you could be on the path to unnecessary anxiety and frustration by jumping in too quickly.
In this episode, Marney Andes shares some advice her father taught her - “You can do anything you want as long as you know the rules of the game.”
By spending more time upfront educating yourself, asking plenty of questions, and learning from others, you can save yourself from numerous headaches and be positioned for success when you become the owner of your own dental practice.
And who knows, you might even end up becoming Miss America like Marney did by following this advice!
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Marney Andes is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit.
In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself.
To learn more about Marney Andes, visit marneyandes.com
For more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
The way you enter a relationship and exit a relationship really matters. Too often in negotiations, we’ve been instructed that it has to be “meeting halfway,” or an equal 50/50 compromise, but that’s not necessarily the case.
Selling a dental practice isn’t like selling a piece of real estate. It also involves selling goodwill – the doctor is selling their relationship with patients and with their staff. Because of this, there are many delicate components to this negotiation, not just any one right answer, and a host of other options that you might not have considered.
As Marney Andes shares in this episode, the important thing to do in situations and transitions such as these is to identify from all perspectives, what is a win-win here?
Here’s how you can break it down:
- What is a win for them?
- What is a win for me?
- Is the situation we’re in actually conducive to making us both win?
- And if it isn’t, can we negotiate to find a win-win?
Success—in business and life—doesn’t come without taking advice, learning lessons, and living with intention. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself.
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Marney Andes is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit.
To learn more about Marney Andes, visit marneyandes.com
For more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Have you identified the things that you’re really, really good at? Too often, we can be so hard on ourselves as practice owners to try to improve in too many areas all at once. We end up neglecting to practice what we love and what we know we do best.
In this episode, Marney Andes shares one of the valuable life lessons that her dad taught her on the basketball court – start with the give-me shots.
You don’t need to chase the latest and greatest, or make a gigantic effort to find new success. If you instead focus on practicing what you already love to do, and make time to learn what each of your staff members excels at, you’ll find greater success in playing to your strengths and delegating to theirs.
Marney is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit.
Success—in business and life—doesn’t come without taking advice, learning lessons, and living with intention. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself.
To learn more about Marney Andes, visit marneyandes.com
For more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Dr. William Vargo was a successful dentist for 35 years. He envisioned himself practicing till he was 68 or 70. But when he was only 65, his health couldn’t tolerate it and his wife’s health started to go downhill. He made the difficult decision to sell his practice earlier than he thought and during the COVID pandemic.
Selling your practice can be loaded with emotion. In a moment, everything you worked for is turned over to someone else. What will they decide to do with it?
Plus, for so long you’ve gotten a sense of purpose and identity from being a dentist. Now what? What will you do after you’re a “non-dentist”? What will you think about instead?
Dr. William Vargo joins us on this episode to share his honest insights as one who has gone through the transition of selling a practice and stepped into retirement.
- What was the most challenging aspect of selling your practice?
- What was the best part about selling your practice?
- What advice do you have for colleagues who might be considering a transition?
For more guidance on selling your practice and making the transition Dr. Vargo made, schedule a call at: ctc-associates.com
For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
There reaches a point in the life cycle of most practices where the doctor is as busy as they want to be, or as busy as they can be.
We call these “S.E.T. points” – Solo Economic Threshold.
It’s the point where you are working as much as you want to, or you really physically can’t work more without adding days or growing extra arms to do more dentistry.
Usually when you start to feel like “this is more than I can handle,” that’s a good indication to start exploring two options – change up your insurance participation, or add an associate.
For more on changing your insurance participation, listen to our previous conversation with Bill Rossi. In this episode, practice transition specialists, Randon Jenson & Marie Chatterley, identify the healthy indicators for a practice to bring on an associate answering key questions such as:
- How far in advance are you booked?
- What’s your active patient count?
- How many new patients are you adding a month?
For help determining if you’re ready to bring on an associate, schedule a call with Randon & Marie at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
“I didn’t know if I was paid what I should be paid.” When you come out of dental school, you’ve been taught how to be a dentist, but you don’t yet know how to run a successful business. Unfortunately, this puts you in a vulnerable position. DSOs can take advantage of you.
Now, there are pros and certainly some cons of working for a DSO. But you might have few other options as you are first starting out. So if you remember nothing else, hear this:
In your contract you should have: 1) access to production reports and 2) access to lab invoices. Because how you are being paid shouldn’t be a big mystery to you.
In this episode, Dr. Lori Kemmet shares more tips like this so you aren’t operating blindly. And if it is a dream of yours to one day own your own practice, Dr. Kemmet has plenty to share to encourage you down that path.
Have a question about something you heard? Reach out to Lori directly at: lori@incrediblesmiles.com
For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Do you join a DSO or sell to a private buyer? That is the question. And when it comes to practice transition options, one of the big considerations are work back arrangements.
The differences in working arrangements between offers from DSOs compared to independent buyers in many cases can be extreme and staggering. If a DSO is asking you to pay for an associate’s wage out of your own wages, we hope this makes you pause and think like Dr. Lori did, “Something doesn’t smell right here.”
Dr. Lori Kemmet joins us once again from Boulder, CO for Part 2 to honestly share what these arrangements can look like. Both the good and the ugly.
As a dentist, the more educated you can become on the types of offers, your transition options, and the consequences for certain agreements, you’ll save yourself from regrets later and earn what you deserve for all your efforts over the years.
Have a question about something you heard? Reach out to Lori directly at: lori@incrediblesmiles.com
For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
There’s a big assumption today that if you sell to a DSO you’re going to get a higher price point. While on the surface this appears true, it is in the contingencies like workback agreements where it becomes not so cut and dry.
“I was getting pushed into a corner and I didn’t like where this was going.” - Dr. Lori Kemmet
As a dentist, the more educated you can become on the types of offers, your transition options, and the consequences for certain agreements, you’ll save yourself from regrets later and earn what you deserve for all your efforts over the years.
Dr. Lori Kemmet is a dentist in Boulder, CO who owns a private practice called Incredible Smiles. She has experienced offers from both sides and joins us this episode to shed some light on what the process can be like negotiating terms with a DSO vs an independent buyer.
- DSOs only wanted to use my 2019 numbers, not the last three years; they knew 2019 would be a lower year in production because we were closed for 6 weeks due to COVID-19.
- The DSO offer was OK but seemed low; after checking with a broker it was confirmed that it was low.
- The DSO was hoping that I would not talk with a broker; they even suggested that we could avoid the broker fees.
Have a question about something you heard? Reach out to Lori directly at: lori@incrediblesmiles.com
For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
We’ll often hear from doctors, “I’m at a crossroads. I’m so busy that I need to do something. Should I add an associate or drop an insurance provider?”
If you’re approaching a critical transition juncture like this – whether it be selling your practice in 1-5 years, bringing on an associate or partner, a buy-in / buyout partnership, or merger – there are issues you should consider related to dental insurance to ensure your transition is successful and profitable.
There are many variables to consider. In our 3rd and final episode with Bill Rossi, we break down the different transition scenarios to help guide you to success.
Bill is the country’s leading expert on PPO decisions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.
Questions answered on this episode:
- If someone is looking to sell their practice in the next 1-5 years, does it make sense to consider dropping insurance?
- If someone is thinking of adding an associate or partner, is there an advantageous time to consider a change of insurance participation?
- What challenges are buyers facing when purchasing a practice that is contracted with insurance plans?
- What should buyers be aware of when purchasing a fee-for-service practice?
For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: brossi.apm@gmail.com
For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Dropping insurance participation is a decision that causes many doctors to have some anxiety. The tendency can be to rush things because you’re ticked off, or to avoid doing it out of fear of patient attrition.
The good news is that unlike buying a practice or building a new facility, dropping insurance is a reversible decision. You can always go back. But if you’re strategic about it, there are few things you can do to add more independence and more to your bottom line.
In part 2 of our conversation with Bill Rossi, we discuss what you can expect regarding timeline, attrition and increases in your income. We also get into how to involve your staff and how to message the insurance changes to your patients.
Bill is the country’s leading expert on PPO decisions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.
Questions answered on this episode:
- What is the average timeline for dropping insurance plans?
- How important is it to involve the office staff in this process?
- What things should the front office consider when dialoguing insurance participation changes with patients?
- What on average can an office expect with attrition?
- What on average can an office expect with an increase in income?
For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: brossi.apm@gmail.com
For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
There’s plenty of insurance pain everywhere across the country. In the last two years, more dentists have said, “I’ve had it” and transitioned their insurance participation. But can a transition from PPO insurance to fee-for-service be successful?
Yes! In this episode, Bill Rossi shares how. Bill is the country’s leading expert on PPO decisions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.
Questions answered on this episode:
- What things should a doctor consider before changing their insurance participation?
- Are there certain things you look for when you know dropping insurance plans is viable for a practice?
- What are some of the biggest fears or reasons doctors hesitate before transitioning to fee-for-service?
- What services do you provide to help with the process of dropping insurance?
For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: brossi.apm@gmail.com
For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Announcing the sale of a practice to patients brings anxiety and nervousness to many sellers. When do I tell them? How do I tell them?
There’s a good way and a bad way to go about telling them the news that something is happening with the practice. The majority will be fine with it, but some will be reluctant. In this episode, Randon Jenson & Marie Chatterley help you create a game plan ahead of time on how to inform patients so that they don’t feel like they are being traded on the open market, but instead experience the transition as a smooth and positive experience.
Helpful Tip: Avoid using the words “bought” and “sold.”
For help transitioning your practice to new ownership, contact Randon & Marie at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to:
office@longinthetooth.info
Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
It’s a concern every dentist has as they contemplate transitioning their practice to new ownership – Should I tell my staff? When should I tell my staff? How should I tell my staff?Coordinating with staff members causes the most anxiety for any prospective seller. As we kick off Season 2, Randon Jenson & Marie Chatterley share how and when to bring your staff members in on the transition so that they feel onboard with the process and the transition goes as smoothly as possible.
For help transitioning your practice to new ownership, contact Randon & Marie at: ctc-associates.com
Find a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info
Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
Doctors often get so busy working in the practice that they don’t take time to work on the practice. As the end of 2021 draws near, we encourage you to make 2022 the year when you prepare for an inevitable event in your life, the sale of your practice.
Over the past 38 episodes of Season 1, we’ve interviewed thirteen different, dental-specific experts who shared all kinds of tips to help you prepare for the sale of your practice. Relisten to any of those episodes for free at any time.
In this final episode of Season 1, we welcome Randon Jenson and Marie Chatterley from CTC Associates as the new hosts and moderators for Season 2 (coming January 2022). Randon and Marie have guided hundreds of dental practice owners to successful transitions over the years, and they’ve put together a great line-up of topics to benefit practice owners this upcoming year.
Questions asked on this episode:
- What are the biggest keys to success for practice owners to transition after the sale into an even richer and more rewarding season of life?
- Could you give us a sneak peak at the topics that are planned for Season 2 to benefit practice owners?
Join us again in January 2022 to glean new insights to maximize your profitability and peace of mind.
Find dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
There aren’t many hiding places for your money today. We earn money, but the tax man just keeps coming from Federal, State, and Local levels.
When you’re running a practice, the Department of Labor, ERISA, and the IRS have given us a few tax management investment tools to defer the money before the tax man can get to it. You might be familiar with some of these plans, but there’s one in particular that caught us by surprise.
In this episode, you’ll learn from financial advisor, Brian J. Edwards, how a 401(k), Profit Sharing Plan (PSP), and a Cash Balance Plan can be combined to create a “secret sauce” that will put a lot of extra money in your pocket, build up your retirement assets, save the company taxes, and build years on a tax-deferred basis.
Brian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.
Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.
Contact Brian Edwards by phone at: 614-473-2401, or by email at: brian.j.edwards@ms.com for more information.
Find dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
You’ve paid taxes your whole life, successfully built up your business, then all of a sudden the current government administration changes the tax code which can cost you literally millions of dollars. It seems quite unfair, and it is a topic Brian J. Edwards is passionate about addressing.
You have an opportunity to take advantage of an extra $6 million dollars in lifetime tax exemption, but you have to act before January 1, 2022. In this episode, financial advisor, Brian J. Edwards, shares some timely advice on what you should do with the proceeds from the sale of your practice by looking at it from three different perspectives – Estate Planning, Wealth Management, and Education Funding.
Questions addressed on this episode:
- What should I do with the proceeds from an Estate Planning perspective? Trusts, Lifetime Exemption, & Donor Advised Funds (DAF)
- What should I do with the proceeds from a Wealth Management perspective? Municipal Bonds & Unified Managed Accounts
- What should I do with the proceeds from an Educational Funding perspective? 529s
Brian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.
Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.
Contact Brian Edwards by phone at: 614-473-2401, or by email at: brian.j.edwards@ms.com for more information.
Find dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
If you’re a dental practice owner nearing the end of your career, you may be wondering: what’s the value in learning about today’s practice buyers and acquisition loans? Isn’t that dealing on the opposite end of my career path?
While it is the opposite end, the sale of your practice will take place in today’s marketplace where knowing the demand, demographics, and difficulties facing today’s buyers will be advantageous for you to get the best deal.
Ben Stewart joins us once again to share some key insights. Ben is the Sales Director for Bank of America Practice Solutions in the Central and Southeast. He is responsible for 20 Business Development Officers located in Georgia, North Carolina, Tennessee, Ohio, and Florida. They provide financing for Dentists, Veterinarians, and Physicians in private practice. Bank of American Practice Solutions is the largest dental lender in the country.
Questions addressed on this episode:
- What does a typical buyer today look like?
- From a lender’s perspective, what helps to make transactions the smoothest and easiest?
- What is the demand today for younger dentists who want to own practices?
- What are some trends you are seeing in today’s buyers?
- How are lenders looking at practices through this post-COVID recovery? What changes have happened to loan criteria and terms?
- Besides interest rate, what are other important factors for buyer’s to consider when looking for financing?
- What are difficult deals for banks to finance?
Ben Stewart can be reached directly by email at: benjamin.stewart@bofa.com or by phone at: 614-402-2936.
Find dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Deals can’t get done without financing, but in 2020, for the first time in history, many banks stopped lending to dentists.
As the COVID-19 pandemic swept across the country shutting down dental offices, banks shifted their focus to PPE loans, deferments on deals, and reevaluating their lending criteria. There was uncertainty in the market – How would the dental industry be affected? Would practices be able to rebound? Were people going to go back to seeing the dentist?
Ben Stewart of Bank of America Practice Solutions joins us to shed some light on what’s happened and what financing for dental practitioners looks like today. He shares some good news – the dental industry is robust and resilient. Things have rebounded much faster than anticipated.
Bank of America Practice Solutions provides financing for Dentists, Veterinarians, and Physicians in private practice. They are the largest dental lender in the country. Ben Stewart has been working in the industry for the past 20 years providing loans to doctors. He is the Sales Director for Bank of America Practice Solutions in the Central and Southeast. He is responsible for 20 Business Development Officers located in Georgia, North Carolina, Tennessee, Ohio, and Florida.
Questions addressed on this episode:
- What changes in loan criteria occurred as a result of the pandemic?
- What dental financing trends do you see in 2021?
- Are loans available for practice buyers?
- When would a seller need to participate in financing with a buyer?
Ben Stewart can be reached directly by email at: benjamin.stewart@bofa.com or by phone at: 614-402-2936.
Find dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
How many times have you thought to yourself, “If I could just do dentistry, life would be good?” Many practice owners get bogged down by the managerial side of dentistry – staff, payroll, etc. Dental Service (or Support) Organizations (DSOs) and group buyers could be an option to take this burden off your hands for a price.
In this episode, we dive into the distinctions between DSOs and groups and some special considerations if you should choose to sell your practice to either of them. Like most things in life, there are good ones, bad ones, and ugly ones. Educate yourself on what to ask and what to watch out for.
Our subject matter expert on the topic is Greg Jones. Greg is a Licensed Real Estate Broker and the Director of Operations for Doctor’s Choice. Doctor’s Choice is Florida’s largest statewide professional dental practice broker, consistently maintaining over 100 practice opportunities, and representing dentists statewide for over 30 years.
Greg has been with Doctor’s Choice since 2014 helping dentists transition into retirement or ownership. He was awarded ‘Top Agent’ in 2020 and is also a member of the National Association of Practice Brokers (NAPB) and Practice Valuation Study Group (PVSG). Both of these are prestigious groups of only the top dental practice brokers in the country.
Questions addressed on this episode:
- What are groups and what are DSOs?
- What is the future of DSO dental practice purchases?
- What are DSO and group buyers looking for in a practice?
- What are the main differences between DSOs?
- Should sellers use a broker when selling to a DSO or group?
For more information, contact Greg directly by phone at: 561-596-1782, or via email at: greg.jones@doctors-choice.com. Learn more about Doctor’s Choice online at: Doctors-choice.com
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Today’s practice buyers want different things and have different expectations than you. If you’re preparing to sell your practice in the next couple years, this episode will give you at least five key insights (plus many more) on today’s private practice buyers that will help you make strategic decisions for the future.
Our expert on the topic is Greg Jones. Greg is a Licensed Real Estate Broker and the Director of Operations for Doctor’s Choice. Doctor’s Choice is Florida’s largest statewide professional dental practice broker, consistently maintaining over 100 practice opportunities, and representing dentists statewide for over 30 years.
Greg’s father (Kenny Jones) started Doctor’s Choice 32 years ago. While Greg had no idea what career he wanted to pursue, he knew that he was a “people person” and loved helping and conversing with others. Greg decided to work with his father to see if becoming a dental practice broker & consultant was a good fit. And that was all she wrote. Since 2014, Greg has been with Doctor’s Choice helping dentists transition into retirement or ownership. He was awarded ‘Top Agent’ in 2020 and is also a member of the National Association of Practice Brokers (NAPB) and Practice Valuation Study Group (PVSG). Both of these are prestigious groups of only the top dental practice brokers in the country.
Questions addressed on this episode:
- What does today’s typical private practice buyer look like?
- What are private buyers looking for in a practice?
- What if a seller’s practice doesn’t match what buyers are looking for?
- Do practice buyers generally prefer to lease or purchase the real estate?
- How do differences in seller’s and buyer’s procedures affect deals?
- What are reasonable seller expectations in rural cities?
Learn more about Doctor’s Choice online at: Doctors-choice.com. Contact Greg Jones directly via email at: greg.jones@doctors-choice.com or by phone at: 561-596-1782
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Transitioning from being an owner to being an employee is a huge shift financially and psychologically that many practice owners aren’t equipped to face. We’ve addressed some of the psychological effects in other episodes, so today, we are focusing on the financial changes you can expect, especially if you sell to a DSO.
The culture, compensation, tax write-offs, patient insurance plans, and more are all formed by the person who is in control. They decide what to buy and what to spend, what not to buy and what not to spend. As the seller, that is no longer you. That can be a tough pill to swallow if the new owner doesn’t share the same values as you (and yes, there are some unfortunate horror stories).
Earl M. Douglas, DDS, MBA, BVAL joins us again to address what sellers can expect after selling to a DSO. Dr. Douglas began his transition career in 1982 after selling his own dental practice. His company, ADS South, LLC, provides consulting services in the Southeast, from Louisiana to Washington, D.C.
Dr. Douglas has extensive training and experience in both clinical dentistry and business. He has created professional software for the valuation and analysis of dental practices which is used by many professional brokers and lenders. He is a contributing author for Dental Economics and he has presented at numerous seminars for Dental Economics and state dental associations. He is also a member of the Practice Valuation Study Group.
Questions addressed on this episode:
- How will the culture of a practice likely change after selling?
- How will a seller's compensation rate change?
- How will a practice seller's tax write-offs be impacted?
- What changes in patient insurance plans will likely occur?
- How will these changes affect a seller's employment compensation?
Learn more about Dr. Douglas online at: adssouth.com or contact him via email at: Earl@ADSsouth.com or by phone at: 770-664-1982
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
The price DSOs are willing to pay for a dental practice can look really, really enticing. It can seem like a no-brainer choice for a practice seller, but a well-informed seller would seriously reconsider. You have to look past this top line number to understand the terms and conditions that are associated with the offer to know where the bottom line will fall. The discrepancy can be alarming.
Today, we welcome Earl M. Douglas, DDS, MBA, BVAL to the podcast to educate us on DSOs. Dr. Douglas began his transition career in 1982 after selling his own dental practice. His company, ADS South, LLC, provides consulting services in the Southeast, from Louisiana to Washington, D.C.
Dr. Douglas has extensive training and experience in both clinical dentistry and business. He has created professional software for the valuation and analysis of dental practices which is used by many professional brokers and lenders. He is a contributing author for Dental Economics and he has presented at numerous seminars for Dental Economics and state dental associations. He is also a member of the Practice Valuation Study Group.
Questions addressed on this episode:
- Do DSOs really pay as high as 100% of a year’s gross collections?
- If I don’t get the sale price all up front, what are the contingencies?
- Why should anyone look this deal over when it seems like a no-brainer?
- How can DSOs justify paying so much?
- What is a better alternative than selling to a DSO?
Learn more about Dr. Douglas online at: adssouth.com or contact him via email at: Earl@ADSsouth.com or by phone at: 770-664-1982
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
There’s a classic, popular line in business sales – “Time kills all deals.” But when Denise Logan hears that, she knows the person who said it is actually scared – scared that if they don’t push, they will lose out and the deal will fall through.
Denise has another saying that challenges this mantra – “Unaddressed emotion kills deals.”
Every single seller has an emotional drama around the sale of their practice. If things happen too fast and their emotions aren’t addressed, then they will likely walk away from the deal. You can keep those transactions together as long as you help people to process the emotion that otherwise trips their fears. Sometimes it means slowing down so that their emotions can catch up.
The million dollar question becomes how do you drill down to find the unaddressed emotion in a way that won’t offend people? We discuss that and more in our final episode with Denise Logan.
Denise Logan is on a mission to help sellers and advisors to understand the change that’s happening, and to increase the number of advisors that have the ability to care about people, along with transactions. Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling your business and letting go into your own version of what’s next.
Questions discussed:
- What is the best way to drill down to find unaddressed emotion in a way that will not offend others?
- What are some examples of unaddressed emotion leading to sellers actually sabotaging their own deals?
- What % of sellers have a difficult time with the emotional side of practice sales?
- How can practice sellers self-diagnose to determine if the emotional side of a transaction will be an issue in their deal?
- What is a seller’s best course of action to remedy challenges with the emotional side of selling their practices?
- What practical and intangible steps can a practice owner take to avoid the immortality mindset trap?
- What is the best way for a practice owner to emotionally prepare for the transition of their practice to new ownership?
- If you had to sell in the next year, what 1 THING would you do to guarantee success?
Contact Denise online at: deniselogan.com, or email her at: denise@deniselogan.com. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
In a deal, many people will try to say, “Let’s keep emotion out of it.” But did you know that’s actually impossible? Emotions are always present and fear especially can show itself in five ways on both sides of the transaction – fight, flight, freeze, fawn, and submit.
In this episode, we examine with Denise Logan the psychology and emotions of dealing with buyers. When you deal with the emotion in the room instead of pushing past it, you create a safe environment which builds trust and keeps your deal from ending in disappointment.
Denise Logan is on a mission to help sellers and advisors to understand the change that’s happening, and to increase the number of advisors that have the ability to care about people, along with transactions. Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling your business and letting go into your own version of what’s next.
Questions addressed on this episode:
- Transparency: What are your thoughts on concealing information in a transaction?
- Deception: What signals are being sent out by a seller to buyers when a seller is not forthcoming with information?
- Dual representation: What are your views on dual representation in dental practice brokerage?
- Dual agent: How can a dual agent/practice broker represent a seller’s best interest as a dual agent?
- Fear: How can managing buyer’s expectations and identifying buyer’s emotions and motivations impact a deal?
- Good fit: What if a seller cannot find a buyer that is a perfect fit?
- Flexibility: How flexible should a seller be in accepting someone as a buyer?
- Change: What if a prospective buyer wants to make changes in a practice? Does this mean that the seller was doing things wrong?
Contact Denise online at: deniselogan.com, or email her at: denise@deniselogan.com. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
For most practice owners, selling their practice is the single biggest professional transition of their life. It’s a complex emotional journey that involves way more than money. If an advisor says to you, “Oh you’ll figure it out. You’ll have plenty of money.” That’s not a good advisor. Run away. They are only focused on the transaction and don’t care enough about you.
In this episode, we’re talking all about advisors. It’s a topic we’re passionate about and so is our special guest, Denise Logan.
Denise is on a mission to help sellers and advisors to understand the change that’s happening, and to increase the number of advisors that have the ability to care about people, along with transactions. Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling your business and letting go into your own version of what’s next.
Denise’s two decades of research and thought leadership on the subjects of work, money and meaning and how executives navigate the waters of transition and reclaim their sense of identity outside of their business has made her a popular speaker to audiences on three continents and a frequent commentator on the subjects of business succession planning, transition and legacy. She has also provided advanced training to advisors employed by some of the world’s largest financial institutions, law firms and accounting firms, helping their clients successfully transition their businesses to new owners. And she is the author of the book, The Seller’s Journey.
Questions addressed in this episode:
- How would you advise a seller on selecting a practice broker that cares for their practice transition, as much as the transaction itself?
- What would you say is the percentage of dental practice brokers that are able to put the seller before themselves in a transaction?
- What are your thoughts about practice owners selling their practices directly themselves, without a qualified broker?
- When a seller does not use a qualified broker who can build a good market for their practice? How does that playout with seller emotions and a seller’s prospects for a good outcome?
- What should practice sellers be looking for in attorneys?
- How can practice sellers and their brokers best work with attorneys to manage expectations of both their client/sellers and those of buyers?
Contact Denise online at: deniselogan.com, or email her at: denise@deniselogan.com. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
We welcome next to the podcast, the Seller Whisperer, Denise Logan.
It is a complex emotional journey to sell your business and let go into your own version of what’s next. Many get trapped in their businesses and miss out on other important parts of life. Many tend to omit or ignore the personal growth and emotional side of this practice sale journey.
Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate this complex emotional journey.
Denise’s two decades of research and thought leadership on the subjects of work, money and meaning and how executives navigate the waters of transition and reclaim their sense of identity outside of their business has made her a popular speaker to audiences on three continents and a frequent commentator on the subjects of business succession planning, transition and legacy. She has also provided advanced training to advisors employed by some of the world’s largest financial institutions, law firms and accounting firms, helping their clients successfully transition their businesses to new owners. And she is the author of the book, The Seller’s Journey.
Questions addressed in this episode:
- What is the “lizard brain” and how does it affect practice sales?
- How do you navigate the conversation about “what the work provides” for a business owner, and what exactly does that mean?
- What’s O-MY (One More Year) Syndrome, and how can you spot it and solve for it?
- How does a practice owner answer the question, “Who Am I if I am not practicing dentistry? How is this question relevant when it comes to selling?
- What advice do you have for practice owners so they don’t get trapped in their businesses and miss out on other important parts of life?
- Why do people tend to omit or ignore the personal growth and emotional side of the practice sale journey?
Get in touch with Denise online at: deniselogan.com, or email her at: denise@deniselogan.com. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
In our final episode with Jason P. Wood, we ask him the big question, “If you were in a practice owner’s shoes these days, what are the biggest risks that you would watch out for?” Listen in to save yourself from heartache and lots of lost money.
We discuss four big risks:
- Risk #1 - Transition planning (or lack thereof). We don’t want to think about it, but death will come to us all. All practice owners should have their practices in a Trust or you could lose so much.
- Risk #2 - Lease assignments. When dealing with Landlords, make sure you have “reasonable discretion” NOT “sole discretion” included.
- Risk #3 - For Sale by Owner (FSBO) transitions. These tend to have a much higher failure rate than brokered deals. We’ll tell you why.
- Risk #4 - Dual representation broker transitions. This is a bad idea and truthfully a fallacy. You can’t serve two masters.
Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.
Contact Jason by email at: jason@dentalattorneys.com, or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Be wary of the road you choose to travel down when selling your practice. You have options which is a good thing, but there are also some roads you definitely do not want to traverse. Take insurance credentialing for example. This has become a battlefield with “militarized” parties playing in the game.
In this episode, we welcome back Jason P. Wood. Jason is an attorney who has served over 7,000 dentists in the U.S. He is quite familiar with the right roads to travel and how to come out on top.
In this episode, we discuss:
- Insurance credentialing, seller financing, and earnouts
- Experiences selling to private individuals
- Experiences selling to small groups, or Dental Service Organizations (DSOs)
Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.
Contact Jason by email at: jason@dentalattorneys.com, or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Inflated expectations during the sale of a practice can cause unnecessary headaches, conflict, and plenty of money. This episode with Jason P. Wood, Attorney at law, will help you think more realistically regarding Letters of Intent (LOIs), Earnest money deposits, Asset Purchase Agreements, and seller post-closing employment. Turn all the stones over right from the start because the hardest thing to do during a transition is to take a few steps back.
Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. They have served over 7,000 dentists in the U.S. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.
Contact Jason by email at: jason@dentalattorneys.com, or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Next up, we welcome Jason P. Wood, Attorney at law, to the podcast. Jason is a partner in the Law Firm of Wood & Delgado. Together, they have served over 7,000 dentists in the U.S.
Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.
In this episode, we ask the big question: What are post-pandemic specific legal issues being faced by practice owners? We cover PPP, EIDL, staff employment, and more.
Contact Jason by email at: jason@dentalattorneys.com, or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
This week, we’re taking a break from interviewing a new subject matter expert to hear from our podcast host, Bob Brooks, CEPA, CBI. Over the years, Bob has worked with many practice owners advising them on their practice transitions. He’s got a wealth of good, bad, and funny experiences to share so that you don’t make the same mistakes other owners have made. (Don’t worry, no names are mentioned).
Unproductive things to think and say as a Practice Owner:
- “If any of my staff find out that I’m thinking about selling, they’ll certainly leave.”
- “This office is great, another dentist can start practicing right away.” (the office hadn’t been updated since 1975…)
- “My golfing buddy is a criminal defense attorney, and he will assist with the sale.”
- “My patients love me. They’re like family to me.”
- “My patients travel 100 miles to see me.”
- “Someone is going to get killed in that parking lot one day.”
- “When you buy my practice, you’re going to lose patients.”
- “I really don’t care what I get paid.”
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
The world of practice transitions is maturing in many ways for the better. If you’re thinking about making a transition, ideally you are planning 3 years in advance so you can avoid the two most common mistakes – not having a transition team, and your own emotional preparedness.
Tune in for our last episode with Brian Hanks, MBA, CFP, as we talk all about evaluating transition options, advisors, transition trends, For Sale by Owner (FSBOs), and sale readiness.
Brian’s company, Dental Buyer Advocates, guides dentists through the process of analyzing, negotiating, and purchasing the right dental practices. He has served over 1,100 dentists nationally. Brian was an accountant and Certified Financial Planner™ at two different dental CPA firms, and he has an MBA from the University of Michigan.
Key questions we answer on this episode:
- Who do buyers and sellers typically need to transition a dental practice?
- What are some newer trends with transitions?
- Who should attempt to sell their practices and who should hire help?
- When is the ideal time to start prepping to sell your practice?
- Any common mistakes to avoid with transitions?
To get a discount on Brian’s new book, Selling Your Dental Practice, go to: dentaltransitioncoaching.com/book/. You can also access 100+ free articles about different questions you might already be asking at: dentalbuyeradvocates.com/blog/
To contact Brian Hanks, email him at: brian@dentalbuyeradvocates.com, or call: 801-304-3302.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Have you read the books, How to Buy a Dental Practice, and Selling Your Dental Practice? Our special guest on this episode, Brian Hanks, MBA, CFP, authored both of those. He is the right guy to sit down with today to talk all about good fit, buyer readiness, common seller mistakes, buyer’s post sale success, and more.
Brian’s company, Dental Buyer Advocates, guides dentists through the process of analyzing, negotiating, and purchasing the right dental practices. He has served over 1,100 dentists nationally. Brian was an accountant and Certified Financial Planner™ at two different dental CPA firms, and he has an MBA from the University of Michigan.
Key questions we answer on this episode:
- How would a seller know if a buyer is a good fit?
- Assuming a good fit, what does a buyer need to be ready to purchase?
- What common mistakes do buyers make that kill deals?
- What might a buyer try to negotiate that sellers need to be ready for?
- How can a seller help set-up a buyer for future success?
- Where can I point a buyer to make sure they're getting good advice?
To get a free copy of the book, How to Buy a Dental Practice, that was mentioned on this episode, go to: dentalbuyeradvocates.com/book
To contact Brian Hanks, email him at: brian@dentalbuyeradvocates.com, or call: 801-304-3302.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
It’s the question all late career dentists want to know – What is the average price of a practice, and how much is my practice worth?
Today, we are joined by Brian Hanks, MBA, CFP. Brian’s company, Dental Buyer Advocates, guides dentists through the process of analyzing, negotiating, and purchasing the right dental practices. He has served over 1,100 dentists nationally. Brian was an accountant and Certified Financial Planner™ at two different dental CPA firms, and he has an MBA from the University of Michigan.
In this episode, Brian gives a quick, easy answer to the question, “What is the average price of a practice today?” But a word of caution – the word “average” can hide all kinds of sins and numerical fallacies. In order to get the specific value for your practice, you’ve got to dig a little deeper. This episode addresses some of those subtleties as well as some tips for you to get top dollar for your practice.
On this episode, we discuss:
- What is the average price of practices selling nationally?
- Is the rise of corporate dentistry fueling the general rise in practice prices?
- What role do banks play in practice prices?
- With student loans, how can buyers afford to buy practices?
- What practice characteristics result in above average sale prices?
- What can sellers do to get top dollar for their practice?
To access the free resource Brian mentioned in this episode, the 2021 Dental Practice Pricing Guide, go to: dentaltransitioncoaching.com
To contact Brian Hanks, email him at: brian@dentalbuyeradvocates.com, or call: 801-304-3302. Learn more about the services he provides at: dentalbuyeradvocates.com
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info
Joshua Austin, DDS MAGD FACD, joins us once again as the perfect person to address digital dentistry and the use of technology in dentistry for late career practice owners.
Dr. Austin has a monthly column in Dental Economics that focuses on guiding dentists in their decisions about dental products and equipment. It is one of the most read dental magazines in the world. He evaluates everything in his own dental office and is passionate about digital dentistry because of how it can help people and dental practices.
So, what exactly is a “digital dental practice”? And what technology is necessary to be considered a “digital practice”? We answer these questions and more in this episode. Fortunately, it isn’t as complicated as you might think.
Topics discussed:
- What is a “digital dental practice”?
- What technology is necessary to be a “digital practice”?
- What is the MOST IMPORTANT part of digital dentistry?
- Should someone in the 4th quarter of their career look at adopting digital?
- If you could use digital dentistry for one thing and one thing only, what would it be?
Learn more about Joshua Austin online at: joshuaaustindds.com, and explore articles by Dr. Austin in Dental Economics at: dentaleconomics.com/science-tech
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Our next special guest is Joshua Austin, DDS MAGD FACD. Dr. Austin is a published author and lectures nationally on restorative dentistry and reputation management. He has a monthly column in Dental Economics magazine that focuses on guiding dentists in their decisions about dental products and equipment. It is one of the most read dental magazines in the world.
Questions we address in this episode:
- What are younger dentists looking for in a practice?
- Are younger dentists really lazy?
- What should I focus on to recruit a young dentist buyer?
- Does the associate-to-partner buyout model still work?
- What should be my phase out strategy?
Learn more about Joshua Austin online at: joshuaaustindds.com
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
When you hire any professional, such as an Accountant or Attorney, you are hiring them to help you navigate a field that could be fraught with serious problems if not done correctly. Getting the right team players involved can make the experience less stressful, but how can you recognize good advisors from a bad ones?
In our final episode with Larry Chatterley, Larry rattles off some tips to help you make wiser choices when it comes to advisors and some things to watch out for (hint: did you know dual representation can be unethical?)
Mr. Chatterley has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
Questions we address in this episode:
- Should I employ a professional to assist me in the sale?
- Who should I call – my lawyer, my accountant, my financial planner, my supply salesman, or a broker? What kind of professional guidance will I need?
- If I do hire a professional to guide me, how much will it cost me to sell the practice?
- What should I tell my spouse to do if I should die before the practice is sold?
If you’re a practice owner in Colorado, Idaho, New Mexico, Utah, or Wyoming, contact CTC Associates at ctc-associates.com for practice transition tools and guidance.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
As a current practice owner, one day you’ll be a practice seller. In this episode, Larry Chatterley draws from his wealth of experience in successful practice transitions to help you prepare for the sale of your own practice. We talk through many tips to doing this well and many pitfalls to avoid.
Topics we discuss in this episode:
- What should I say to my staff, and when should I say it?
- How long will it take to find a purchaser and close a transaction?
- What about taxes? Is it possible to minimize or defer the tax liability associated with the sale?
- I own my own building. What do I do with it?
Mr. Chatterley has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
If you’re a practice owner in Colorado, Idaho, New Mexico, Utah, or Wyoming, contact CTC Associates at ctc-associates.com for practice transition tools and guidance.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
What is your practice really worth, and who is most qualified to evaluate it?
In today’s episode, we talk with Larry Chatterley all about practice evaluation and practice sale price. Mr. Chatterley has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
In this episode, we discuss questions like:
- How can I get the most money for my practice, and at the same time be fair to the purchaser?
- Should I attempt to get all cash, or should I finance a portion of the sale?
- How will the purchaser finance the acquisition?
- What if I am asked to subordinate my seller note to the bank?
If you’re a practice owner in Colorado, Idaho, New Mexico, Utah, or Wyoming, contact CTC Associates at ctc-associates.com for practice transition tools and guidance.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
It is a prevailing thought that many practice owners share to bring in an associate for a while to make sure that person is a good match. While this has some merit, there are six major factors that Larry Chatterley outlines in this episode to structure a successful associateship.
Mr. Chatterley has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
Questions we address in this episode:
- Why not bring in an associate for a while to see if we get along and if he or she is the right candidate for my practice?
- How will I know when I have the right purchaser?
- What resources are available to help practice owners evaluate potential purchasers of their practice?
Discover helpful articles including the one referenced in this episode by visiting Dental Sales Articles and Information by CTC Associates. If you’re a practice owner in Colorado, Idaho, New Mexico, Utah, or Wyoming, contact CTC Associates at ctc-associates.com for practice transition tools and guidance.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
At some point in your career, you will feel the need for change. You may have a need to overcome solo-economic dependency, improve staff relations, or find some relief from the stress of managing a private practice.
Our next subject matter expert, Larry M. Chatterley, joins us for a four-part series where we address 24 essential practice planning issues. Through proper planning you can preserve and enhance the value of your practice, and learn how to avoid making critical mistakes that can turn the sale of your professional practice into an emotional disaster and a financial disaster.
Mr. Chatterley has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.
Questions we address in this episode:
- What are my transition options as a late career dentist?
- What do I really need to know about selling a practice, and are my expectations realistic?
- How can I know which option is best for me?
- How will I know when it is the "right time" for me to sell my practice?
- How will demographic trends over the next ten years affect my practice value and marketability?
- If I don't think I am quite ready to sell, what should I be doing now to prepare myself and my practice for a transition?
If you’re a practice owner in Colorado, Idaho, New Mexico, Utah, or Wyoming, contact CTC Associates at ctc-associates.com for practice transition tools and guidance.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Many times, late career practice owners think that they will have to work longer hours and work much harder to grow their practices. For this reason, they discount the idea of growing their practices late in their careers. But there are other ways to define “growing”, and just because your hygiene schedule is full doesn’t mean you have the full picture about your practice. You could be spending a lot of time, energy, and money only to have your collections gradually creeping down. Do you know if your practice is growing or if something unhealthy is actually happening instead within your practice?
Join us for our final conversation with Ms. Genevieve Poppe, CEO of Poppe Practice Management and a leading dental practice management consultant in the US.
Questions we discuss:
- What do you mean by “growing”? What do you mean by “churning”?
- Could “growing” be defined not by growth in collections, but by increased profitability (ie. more efficient use of doctor’s and staff’s work hours)?
- What would you say to late career dentists who are “churning” and not thinking about increasing profitability or increasing practice value?
- What are the biggest impediments and challenges to late career dentists implementing changes?
- Why do you think that most dental practice owners do so little transition planning when they know that leaving dentistry someday is an inevitable event?
- From your perspective as a high-level practice consultant, what do most practices have in common that experience successful transitions to new ownership?
If you’re curious about anything you heard, you can contact Genevieve online at poppepracticemanagement.com, or give her a call directly at 608-358-3370. She can also be found on Facebook and Linkedin.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
The topic of accountability can be an uncomfortable one in the dental industry, yet it is a critical component for practice owners to achieve their true success potential. Creating accountability at the ownership and leadership level, as well as at the team level is a key to differentiating your practice.
Listen in to our conversation with Ms. Genevieve Poppe, CEO of Poppe Practice Management and a leading dental practice management consultant in the US, as we talk all about implementing accountability in systems and communications.
Questions we address:
- Why is accountability important to practice success?
- Is there a system that can help to create accountability?
- How can an Entrepreneurial Operating System help practice owners?
- What tools are available to help drive accountability?
- What is the impact of accountability on team morale?
- Is it hard to start holding people accountable, and what pushback can be anticipated?
- How do you help dental teams care about “the numbers”?
To get a copy of the book Traction by Gino Wickman that was referenced in this episode or for more information about anything you heard, contact Genevieve online at poppepracticemanagement.com, or give her a call directly at 608-358-3370. She can also be found on Facebook and Linkedin.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Most age 55+ practice owners are not interested in working harder, but many are learning to work smarter to drive profitability and practice value.
Our next special guest is Ms. Genevieve Poppe, CEO of Poppe Practice Management. Ms. Poppe has held many positions in the dental industry over the last 20+ years. Her expertise is proven by years of success in all aspects of practice operations, and she is now widely recognized as a leading dental practice management consultant in the US.
In this episode, our conversation focuses on developing a practice success mindset and implementing some simple changes to build more success.
Questions we discuss:
- What are the primary functions in an office that drive growth?
- What are the most common reasons new patients don't schedule or reschedule?
- Should dental offices record their phone calls?
- How many new patients do most practices need to see each month?
- What are some treatment acceptance barriers that doctors frequently experience?
- What are some tips for retaining patients and getting referrals or reviews from them?
For more information, easily schedule a call with Genevieve online at poppepracticemanagement.com, or give her a call directly at 608-358-3370. She can also be found on Facebook and Linkedin.
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
On this episode, we welcome Jordan Comstock, founder and CEO of BoomCloud. Jordan and his team help dental practices create, organize, automate, and manage in-house membership programs so that they can create recurring revenue by automating payments from their members. His work allows dental practices to reduce their dependence on dental insurance.
Questions we discuss:
- What dental practices benefit most from having membership plans for their patients?
- What practices are more likely not to benefit from having membership plans?
- How do membership plans work?
- How have practices that have implemented membership plans benefited?
- How have patients benefited in practices that have implemented membership plans?
- What symbiotic business management strategies exist to maximize the overall benefit of implementing membership plans?
Access many free resources and schedule a demo at boomcloudapps.com
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Listen in as we wrap up our conversation with Mr. Benjamin Tuinei, President of Veritas Dental Resources, to discover what most practices are doing wrong when it comes to insurance administration, and to identify some "low hanging fruit" opportunities that any dental office can focus on to be more efficient with insurance administration.
We’ll also answer:
- When it comes to basic level CDT coding, what are common issues as it pertains to insurance billing that dental offices should be aware of?
- How do you handle non-covered services?
- What about services that are severely under-compensated by insurance such as veneers, implants, or even cosmetic crowns? How can I survive on providing 5-star dentistry at 1-star reimbursements?
- Are pre-authorizations recommended? If so, how do you implement a pre-authorization policy without delaying treatment as a result of waiting 6-8 weeks to get a pre-auth sent back?
If you have questions about anything you heard, email Ben at:
ben@veritasdentalresources.com, or call 888-808-4513
For more information about Ben Tuinei, visit:
https://veritasdentalresources.com/
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Our conversation continues with Mr. Benjamin Tuinei, President of Veritas Dental Resources, as we answer these important questions:
- As one gets closer to retirement, what should the PPO strategy include? Dropping dental plans? Or maintaining dental plans?
- If I want to drop dental plans, what are the negative side effects to the practice?
- What are the positive effects of dropping insurance plans?
- What is the right way to drop a dental plan while minimizing patient attrition?
- Is there any value to retaining certain PPO contracts leading up to retirement/selling my practice?
- What are key practice indicators you should be assessing to determine if a PPO plan is a good candidate to drop?
If you have questions about anything you heard, email Ben at:
ben@veritasdentalresources.com, or call 888-808-4513
For more information about Ben Tuinei, visit:
https://veritasdentalresources.com/
Learn about dental practice transition specialists in your area by messaging:
office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Our next special guest is Mr. Benjamin Tuinei. Ben has assisted over 6,700 dentists nationwide in maximizing their dental insurance reimbursements. He has been published numerous times in publications such as Dental Economics, and a frequent speaker at study clubs and dental conventions nationwide. He currently serves as the President of Veritas Dental Resources.
“Veritas” means “truth”, and in this episode, Ben shares the truth to questions surrounding the topic, “Can you really negotiate fees with insurance plans?”
If you have questions about anything you heard, email Ben at:
ben@veritasdentalresources.com, or call: 888-808-4513
For more information about Ben Tuinei, visit:
https://veritasdentalresources.com/
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Special Guest John J. Siebert, CPA, MBA, CTC describes the benefits of cost segregation studies, deferred compensation plans, etc.
If you have questions about anything you heard, email John at: john@columbus-cpa.com, or call 614-367-7850
For more information about John J. Siebert, visit:
https://www.columbus-cpa.com/about-us.htm
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Methods by which practice sellers can reduce their tax liabilities when selling practices are addressed by CPA, John J. Siebert.
If you have questions about anything you heard, you can email John at: john@columbus-cpa.com, or call 614-367-7850
For more information about John J. Siebert, visit:
https://www.columbus-cpa.com/about-us.htm
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
John J. Siebert CPA, MBA, CTC addresses tax code changes planned by the new administration and how that will affect dental practice owners.
If you have questions about anything you heard, you can email John at: john@columbus-cpa.com, or call 614-367-7850
For more information about John J. Siebert, visit:
https://www.columbus-cpa.com/about-us.htm
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Special guest John J. Siebert, CPA, MBA, CTC updates listeners on the status of PPP2, PP1 Forgiveness, EIDL and the Employee Retention Credit.
If you have questions about anything you heard, email John at: john@columbus-cpa.com, or call 614-367-7850
For more information about John J. Siebert, visit:
https://www.columbus-cpa.com/about-us.htm
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at longinthetooth.info
Welcome to the Long in the Tooth podcast. In each episode, a top industry leader in the United States shares non-clinical gems of wisdom for long-time practice owners. These educational, non-salesy conversations will benefit your bottom line immediately, and be a great resource for your future business planning.
Topics we will discuss include CARES Act updates and minimizing your taxes, trends shaping the future of dental practice, working less and making more, determining dental practice values, dentists do's and don'ts in retirement planning, and many more.
For more information about this podcast, visit longinthetooth.info
Learn about dental practice transition specialists in your area by messaging office@longinthetooth.info
The host, J. Robert Brooks, has been committed to helping dental practitioners fulfill their practice goals with smooth, positive and successful experiences since 2003. He is a Certified Exit Planning Advisor (CEPA) with the Exit Planning Institute, a Certified Business Intermediary (CBI) through the International Business Brokers Association (IBBA), an Ohio licensed real estate broker, and owner of Practice Endeavors, LLC.