NDP: Recent Episodes
NDP
Transition Talk is a podcast about dental practice transitions. Like we do for our clients, in this podcast, we will provide guidance, tips, and real-life scenarios (both good and bad) to encourage you and to help you navigate the sometimes-messy path to dental practice ownership!
The choice between insurance-based and fee-for-service healthcare can shape everything from patient flow and profitability to branding and long-term practice value. In this episode, Christy and Charles break down the risks and benefits of PPO and FFS models, including how PPO participation can support steady new patient flow while increasing network competition, while FFS practices may offer more pricing control, stronger margins, and a more personalized patient experience. They also discuss what buyers should evaluate during a practice transition, why seller goodwill and transferable contracts matter, and how owners can thoughtfully approach a shift from PPO to FFS over time.
Associates, to break down the latest updates and changes. From new repayment plan options and federal lending limits to balancing student debt with broader financial goals, Austyn shares timely insight to help navigate an increasingly complex student loan landscape.
Financing plays a major role in nearly every practice transition, and today’s lending environment continues to shape how buyers and sellers approach the process. In this episode, Adam Schenck from Bank of America joins Christy and Charles to discuss the current lending landscape, from interest rate trends and loan approval factors to practice pricing, second locations, and what doctors should consider when choosing the right lender. Whether you’re preparing to purchase your first practice, expand into another location, or sell your existing one, this discussion offers practical insight into how lending decisions can impact your future goals.
Choosing insurance coverage might not top your list of exciting ownership milestones, but it plays a vital role in safeguarding your future. Fortunately, there are many resources at your disposal to help you navigate all of the policy intricacies. In this episode, Christy discusses the insurance landscape with our guests, Tara Cain, Insurance Account Manager at CWA Risk Solutions, Claudia Glaubitz, Director of Business Development at Risk Agency, and Joey Bertrand, CEO at Risk Agency. Our guests provide valuable insight into what types of critical coverage will protect you, your practice, and your property from costly setbacks.
Dentistry offers many directions to pursue, and your journey should be guided by what truly excites and motivates you. If a dental specialty program is your passion and your goal, investing time and energy into the process can help you stand out and set a clear path forward. In this episode, Christy and Charles offer tips for getting selected to a program, preparing for the interview, and making a lasting, positive impression.
The question we hear most often from aspiring practice owners is, “How do I find the right practice opportunity?” Choosing the practice that truly aligns with your goals is one of the most significant life decisions you'll make. In this episode, Christy and Charles walk through practical ways to identify and secure your ideal opportunity, from networking and broadening your connections to continuing education and targeted letter campaigns. Whether you're a student, resident, or associate, the discussion is tailored to where you are in your journey, so you can focus on the strategies that fit your next steps.
Even though there are many benefits to practice ownership, there are also trade-offs. In this episode, Christy and Charles break down the realities of ownership, helping you decide if it’s the right path for you. They explore how various aspects of ownership can feel rewarding to some and challenging to others. From wearing many hats, managing a team, and handling business responsibilities, all of these factors have a double edge sword, carrying both advantages and disadvantages. And if you decide you’re ready to take that leap, NDP is here to help guide you away from stress and towards success.
In most divorce cases, one of the biggest challenges is determining how assets should be divided. When one or both spouses have ownership stake in a healthcare practice, the process becomes even more complex. Enter the divorce valuation: this determines the worth of the practice and identifies the portion eligible for division, supporting a fair and defensible outcome in court. In this episode, Christy and NDP’s Head of Valuation Dawn Whitehurst discuss how these valuations work, when they’re necessary, and the distinction between divorce and standard business valuations.
More locations don’t automatically mean more profit or value. In this episode, Christy and Charles unpack the realities of expanding into a satellite location and challenge common myths surrounding this growth strategy. The co-hosts provide a framework to approach expansion with clear goals and realistic expectations. They’ll show how owners can optimize their satellite practices to position themselves for success, both now and when it’s time to transition in the future.
Although the foundation of the dental industry has remained consistent, there have been some meaningful changes in recent years that have shaped the dental landscape for both buyers and sellers. Christy and Charles discuss updates in the private practice and DSO arenas, from elevated practice prices, satellite location trends, interest rates, buyer and seller demand, DSO consolidation and more. This episode highlights why staying informed and keeping your goals in focus leads to smarter, more strategic business decisions.
You’ve made one of the most significant transactions in your career, and you’re now the proud owner of a dental practice. Now you have to face your next hurdle: gaining new patients while also retaining the base. Fortunately, there are many steps you can take to ensure a smooth transition for the team and patients. In this episode, Christy and Charles discuss tips for rebranding the business, nurturing the existing patient base, and positioning yourself to market to new audiences.
Many buyers and sellers strive to close their practice sale by the end of the calendar year. Although this seems like a natural and satisfying bookend to the year, both waiting or rushing to close a deal will only cause unnecessary pressure. Whether your goal is to close on your practice sale before the year ends, or you have a different deadline in mind, Christy and Charles emphasize in this episode that time can kill deals. The co-hosts explain common hinderances in the deal process and provide helpful tips on meeting your closing goals.
For dentists, and especially practice owners, it’s not easy to wear all of the hats, day in and day out. From the daily grind, managing employees, and handling difficult patients, it can all lead to stress and exhaustion, which can eventually result in burnout. Christy and Charles pull from their own career experience and client stories to offer insight and tips for navigating burnout. Their key message: With the right tools and support, you can maintain a feeling of balance and positivity in your career.
A valuation is more than applying a dollar amount to a business; it’s about thorough diligence and understanding the variables that tell the business’ story. Take a deep dive into this chapter as Valuation Manager Bryan Gooden helps break down the intricacies and offers his experience on valuations across multiple industries.
While start-up dental practices offer a blank slate to design the practice you’ve always envisioned, not having the built-in patient base and cash flow that a practice acquisition typically provides can be a big challenge. When it comes to specialty start-ups, this adds a different level of complexity. In this episode, we break down which specialties are in demand, which involve higher costs to launch, and which carry the most competitive pressure.
What factors make for a “Don’t Mess This Up” opportunity versus a “Buyer Beware” opportunity? This episode speaks to the buyers out there, helping to identify the differences between the right and wrong practice opportunity. Tune in as we take a look at the financials, doctor work, real estate, location and other aspects to consider as you explore different opportunities. This episode originally aired May 18, 2022.
Once you’ve sold your practice to a new owner, the reality of retirement can feel different than expected. With a lower income and a new routine, this next chapter can bring some uncertainty. Building a strategic plan can help you feel confident about the road ahead. Christy and Charles offer key considerations, from filling your time, budget management, tax planning strategies and more. GET MOREThis blog provides a list of operational responsibilities to ensure the practice is ready for new ownership: https://bit.ly/47eyTu4.
What dental buyers valued in a practice a decade ago isn’t the same as what they prioritize today. Buyers are diving deeper into the due diligence process, have different desires surrounding location preferences, real estate purchase options, and practice data, among other things. NDP Practice Listings Manager Kathy Whiting shares her experience, illustrating how buyers’ preferences have shifted throughout the years. The key message for selling doctors: As buyer priorities evolve, sellers who adapt can showcase their practice in a way that stands out to the right buyers.
Purchasing a dental practice comes with unique challenges and variables at every stage of the process. Whether you’re doing your due diligence on a practice opportunity or finalizing your letter of intent, soliciting guidance from a professional can help bring confidence along every step of the way. Christy and NDP Head of Consulting Bridget Schwebke discuss the various options our buyer consulting service offers and how it’s designed to help you achieve a smooth transition to ownership.
While the financial pieces often dominate the conversation in a DSO sale, there are many more factors involved in the process other than EBITDA and multiples. Christy and Charles help practice owners take a step back and understand all the key considerations when partnering with DSOs. From how the practice value is truly calculated, your preferred workback timeframe and your life after the sale, understanding these components will help you set the right expectations.
Practice price is only one component to a sale, yet it’s typically the one that sellers think about most. If you’re selling or transitioning your practice, and the valuation or market price comes in lower than expected, it can not only cause confusion, but also change the trajectory of your transition plan. Is there anything you can do about the price once it’s out in the open? What if you only have a short amount of time to react? Christy and Charles help make sense of why the price may be lower than expected and how to navigate this unforeseen circumstance.
As a dental student or resident, you're likely juggling graduation requirements, career paths and personal relationships. And with student debt looming, it can all feel like a lot of weight on your shoulders. Noah Jones from the University of Kentucky joins Charles on this episode to share how he’s managing his priorities in preparation for the future. The way that Noah sees it: this stage is filled with open doors.
While traditional financing is most often used to fund private practice acquisitions, seller financing can also be a tool to help pay for the purchase. Seller financing may sound like an attractive option, as many believe it offers the potential for better rates or terms, but that’s not exactly the case. To help you understand the full picture and implications, this episode discusses common scenarios and reasons for using seller financing, how it can help (or hurt) your transition and how to know if it’s a viable option for you.
As you begin your career as an associate, practice ownership may seem more like a dream, rather than a milestone within reach. In reality, the preparation should start early. Practice owner Dr. Dan Butterman and his associate and son, Dr. Kevin Butterman, continue their story from episode 130 and talk about their future partnership. They discuss their initial ideas, transition timeframe and how they’re ensuring that Kevin is not only prepared for the clinical work, but also the administrative and leadership aspects of the business.
Stepping into associateship after dental school can feel like jumping off the deep end. This phase is about learning quickly and mastering not only the clinical skills, but also the people and administrative skills. To give perspectives from both sides, practice owner Dr. Dan Butterman and his associate and son, Dr. Kevin Butterman, discuss how they’re bridging the gap between dental school and real-world experience, while setting the foundation for their future.
As you explore a potential practice to buy, how can you confirm that the opportunity is not only profitable, but also aligns with your personal and professional goals? This is where the due diligence process comes in. Charles and NDP transition consultant August Sandy give a rundown on what the process entails and how it can help provide reassurance that you’re making the right choice in a practice.
When the focus is on important life and career decisions, the thought of securing life and disability insurance often takes a backseat. We get it. No one wants to think about the “what if,” and there may not be any immediate circumstances pushing you to consider it. CWA Risk Solutions’ Tara Cain brings her insurance expertise to the podcast and discusses who needs it, when to get coverage, the ins and outs of applying for coverage and resources to simplify the process.
Once you’ve decided you’re ready to buy or sell a practice or take on the next career milestone, knowing where to turn first should be your next step. NDP’s Brandy Pecora and Alivia Youree discuss common questions, concerns and misunderstandings in the early phases of the buying, selling and valuation processes. Together, they illustrate what happens when you get the ball rolling with a dental transition advisor.
Coming out of dental school, the type of practice you work for should be a choice made with your long-term goals in mind. With the attractive financial packages, reduced risk and business responsibilities and a “fear of missing out” effect, it’s easy to see the appeal of DSOs over private practice. To help new dentists navigate the facts and make an informed decision, Christy and Charles weigh in on both DSOs and private practices and the situations where each could be the right fit.
“Rather than focus on building an income, focus on building yourself as an asset.” By leveraging a business mindset from the start and investing a significant amount in continuing education, Kentucky practice owner Dr. Friend Bechtel has built himself as a valuable asset. His tenacity has led him to overcome obstacles early and own a thriving practice today. Tune in for an episode packed with nuggets of motivation and advice as Dr. Friend shares his full journey.
Building a successful practice isn’t about following a specific formula. Rather, you create your own destiny with the path you choose. This episode dives into the story of Minnesota practice owner and NDP client Dr. Jason Spychala. Under his leadership, the practice has grown, they’ve built a new building, and he recently brought on his associate as his partner. Tune in to hear his ownership journey, his experience with the valuation process and how he found his path.
Bringing in an associate is one of the most significant opportunities for practice growth. With the right type of practice, plan and associate, the business can truly take off and thrive. From clinical goals, daily production numbers, continuing education and compensation, the considerations outlined in this episode will help ensure you’re prepared to welcome a new doctor.
Unexpected challenges and unknowns can make the road to buying or selling a dental practice feel a little rocky. From practice valuations, legal documents, due diligence and transition timing, Christy and Charles touch on several areas that can cause pain points and even regret later down the line. This episode will help you feel prepared for the types of obstacles that may come your way and offer confidence to get to the other side.
The sale structure of a dental partnership is an important detail that can impact the deal and life as partners. One structure may sound like the best option—be it for simplicity or efficiency—but that doesn’t mean it will have the best outcome in the future. Joining this episode to offer their legal and financial expertise is attorney Matt Mitchell from Friday, Eldredge and Clark LLP and Cain Watters & Associates Financial Planner Sarah Oliver. They discuss the tax and legal implications of asset versus stock sales, common misconceptions, repercussions of making adjustments after the fact and the importance of operating agreements.
While many assume that all debt is bad debt, obtaining lending is often a necessary piece to practice ownership. Experienced dental lenders Johnette Green from Provide and Adam Schenck from Bank of America join this episode to help buyers be in the best financial position to purchase their dream practice. They discuss aspects that banks look for in the buyer’s personal finances and the practice financials, details that buyers often miss, when to engage a lender, how sellers can support buyers in the lending process and much more.
Running a successful practice is much more than the clinical work. To enhance your practice’s efficiency, it’s important to leverage dental-specific solutions to lift the weight of certain business responsibilities and save you money on supplies and services. Charles and Brett Pierce, ELITE Dental Alliance President and CEO, discuss what options are out there, how to utilize them to the fullest and why implementing vendor changes can be a positive contributor to your practice’s success.
Working alongside doctors through major milestones brings an abundance of rewarding moments. From witnessing their teachings come to life to seeing the full evolution of a dentist’s career, Christy and Charles reflect on gratifying memories from the past.
Many doctors begin their career by building experience as an associate. This stepping stone to practice ownership can help you gain insights to the decisions you’ll eventually face in your own practice. In this new episode, Christy and Charles discuss growing your clinical speed and productivity, building liquidity and several other action items to consider during your associateship.
Dental valuations are complex, and finding the right time to value a practice can be intricate in itself. There isn’t a universal timeframe, but the timing is incredibly unique to the buyer and seller’s specific situation. Christy and Charles walk through several scenarios, illustrating when it’s appropriate to value, when it’s not and the implications behind the timing.
Ensuring compatibility and laying out expectations early is key to getting your partnership started off on the right foot. From mentally, clinically and financially preparing yourself to understanding the other doctor’s vision, this episode dives into the groundwork needed to know if this is the right career and personal step for you.
Just like dating, dental partnerships not only require a collaborative and cohesive dynamic, but it’s important to understand all of the details for a relationship to thrive. If a partnership opportunity is on the horizon for you, engaging in key conversations and asking the seller the right questions can build a foundation for success. This episode outlines the important questions to ask your future partner and how to understand the answers.
Knowing the right questions to ask is a powerful tool, especially when it comes to asking your dental transition advisor for insight and advice. Good questions can make conversations more productive, maximize your time and further your overall progress in your practice purchase or sale. Christy and Charles walk through the most productive questions from clients and why some questions can be more beneficial than others.
With the Federal Trade Commission pushing to ban non-compete agreements, questions and confusion are escalating among practice owners and associates. While the U.S. District Court has blocked the ruling for now, attorney Ali Oromchian offers clarity on the current developments and shares considerations to make if the rule does go into effect.
When the documents are signed and you’ve officially closed on your practice purchase, you’re likely eager to now jump into the job head on. To help new owners financially thrive post-close, Charles and Cain Watters & Associates Financial Planner Zane Harris lay out some key considerations. They touch on marketing strategy, curating your vendors, equipment and technology, tax planning, depreciation strategies and even some personal considerations, like new homes and student loans.
Closing on a practice sale signifies the monumental moment for buyers of crossing the finish line and starting a new chapter of your career. To set yourself up for success in the practice, there are several financial decisions to make 30 days prior to closing the deal. Charles invites Cain Watters & Associates Financial Planner Zane Harris to weigh in and help buyers through this critical period in the dental transition process.
Whether you’ve done your research and you’re ready to kick off your next career chapter, or you’re feeling a little lost in the weeds, a coaching call or a preliminary meeting with a dental transition advisor like NDP can provide both direction and assurance. To maximize your time and gain the most value, Christy and Charles share what to expect and how to prepare for your first meeting with NDP.
Identifying opportunities for improvement can ultimately position your practice in an attractive spot for a buyer down the line. Cain Watters & Associates Partner Judson Crawford joins Christy on this episode to dive into the latest version of the Dental Practice Comparison Report. They’ll discuss the key findings from the nationwide practice data and lay out some guidelines for growing your practice this year.
It’s natural to want to grow your dental practice by renovating or building a new office space. However, this can come at a cost, potentially impacting your overhead, overall practice value and even a future practice transition. In this episode, Christy and Charles show that while it’s okay to jump into this new project, you must consider timing and renovate or build with the overall business in mind.
If you’re a new partner or buyer coming into a practice, making operational changes quickly can potentially shake things up and cause insecurity among the team. But what if the team is overpaid or underpaid? What if you want to adjust the vacation policy or insurance options? What if you don’t want to rehire a team member? Tune in as Charles and Christy discuss how you can make adjustments while being mindful of the team’s perspective.
Announcing a big practice change to your team, like the addition of a new partner or transitioning the business to new ownership, can be a sensitive and pivotal conversation. You will want to ensure your team feels confident and optimistic about the next chapter. In this episode, Charles and Christy walk through tips for determining when to tell your team, what to tell them and how to prepare for that important conversation.
The dental transition landscape is seeing buyers become more diligent and selective with their decisions, causing practices considered “healthy” to have more buyer opportunities during the selling process. But what makes a practice “healthy”? Christy brings on NDP Senior Transition Consultant Morgan Ramsey to discuss the common financial and operational indicators that ultimately show your practice is ready for a transition.
As you consider buying or selling a practice, the first few questions you may ask are, “When and how should I start the planning process?” and “How long does a transition take from start to finish?” The timing from when you start planning to when the practice sale closes can vary, especially with both internal and external factors at play. Christy and NDP Senior Transition Consultant Matt Doyle outline some guidelines to help you create a plan and shed light on the answer for you.
When does it make sense to bring on a transition advisor so that you can maximize the benefits of hiring one in the first place? Is it when you have a concrete practice opportunity to purchase? Is it before you even start the discovery process? The timing, along with your unique situation, can determine the when and if an advisor truly is a good fit for what you need.
When it comes to searching for that dream associateship or position, there’s a little more required than learning about the job responsibilities. Arthur | Marshall’s Rich Gehrke and Kevin Simpson join Christy to share tips for finding your associateship or job opportunity, approaching the interview process and doing the homework to prepare for this significant life decision.
The process of searching for your ideal associate or partner requires more than just a job posting. It requires you to set a clear understanding of what you’re looking for and have the desire to not only craft a compelling offer, but to create a positive experience for the candidate. This process isn’t about having a line of candidates through your door, but rather, it’s about going into it feeling ready to put yourself in the candidate’s shoes. Rich Gehrke and Kevin Simpson, two recruiting experts from the Arthur | Marshall team, join Christy on this episode to share their tips and knowledge to help you find the best person for your practice.
When Christy and Charles decided to start Transition Talk in 2018, they didn’t know what a valuable resource it would become and the impact it would have today, but they knew they had educational content to share. The co-hosts celebrate the milestone of 100 episodes by reminiscing about their favorite moments and episodes and sharing a behind-the-scenes look at the road traveled to where they are today.
With the implications of inflation, interest rates and economic volatility looming, some doctors may feel uncertain about making a big career decision. How can current and future practice owners make sense of it all? What can they do to stay positive as they approach a future practice sale? Brian Bortz, Cain Watters & Associates Partner, joins this episode to provide an update on the economy and investment markets. He addresses concerns that buyers and sellers may have and shares how they can navigate the current climate.
Managing the clinical, business and operational side of a dental practice is a juggling act, which means owners likely have a lot of questions swirling in their minds. Charles and Christy use this episode to answer common transition and ownership questions. From preparing for a transition, assessing potential buyers to building and lease questions, this episode provides clarity and insight on a wide range of topics.
With a constant buzz surrounding dental service organizations (DSOs) and private equity (PE) firms, practice owners may wonder if this is the appropriate route for them and their practice. Christy and Charles explain the types of qualities that DSOs and PE firms look for, while also while also illustrating both the opportunity and risks of the corporate sale.
From navigating a three-doctor partnership, a child’s health diagnosis, busy schedules and much more, pediatric dentist Dr. Michelle Decere had to figure out what works and what doesn’t to keep the wheels moving. In this episode, she shares her story and shows that sometimes the keys to a fulfilling lifestyle are leveraging your support system, setting priorities and finding balance.
Dr. Christy Marcello is the only female specialist dual trained in pediatric dentistry and orthodontics in the state of Louisiana. And as a practice owner, wife and mom, she understands the weight and stress that many women endure as they seek perfection. Tune in to hear her story and how she strives to be not the best, but rather be the best version of herself.
Not only is goodwill a large contributing factor to the overall practice value, but because it’s intangible, the handoff between the buyer and seller isn’t as simple as handing over the keys. Yet, it has to be addressed. In this episode, Christy and Charles discuss why goodwill matters, when it’s worth more or less, what sellers may be expected to do to transition goodwill, what buyers can reasonably ask for and ways a buyer and seller can tarnish goodwill.
We get it. You are ready to close that deal. Whether it’s excitement, anxiety or another feeling or reason, many people just want to get through their dental transition and close the deal as quickly as possible. However, speeding through the process can lead to oversight of important details and even complications to the overall transition. NDP’s Head of Consulting Bridget Schwebke joins Christy on this episode to walk through some common occurrences and provide tips on how to slow down and treat each phase with diligence.
Dental transitions between family members come with their own set of expectations, obstacles and even perks. Charles welcomes a father-son duo, Drs. Rick and Kyle Washut, to share their transition story, the lessons learned and wins along the way.
In the world of dentistry, it’s not uncommon to see two young people meet in dental school and journey together into their careers. That’s where it began for Drs. Todd and Terrah Larrabee, owners of a family dentistry and orthodontic practice and parents of two boys. Their message to any other couples in dentistry is clear: Practice ownership is about creating your own dream rather than fitting into someone else’s. If you desire it, find a way to make it happen. Tune in for their full story.
While more women than ever are entering the field of dentistry, there’s still some hesitancy among women about becoming a practice owner. With self-doubt obscuring the picture, many female dentists wonder how to navigate a successful career, build a thriving practice and achieve “mom of the year” status. Angie Svitak, Cain Watters & Associates Financial Planner, joins Christy on this empowering episode to show female dentists that with the right amount of confidence, prioritization and support, it’s 100% possible to achieve their goals.
Whether you’re the buyer or seller, you have a vision of what the perfect practice, buyer and dental transition looks like. However, when it doesn’t play out exactly the way you envisioned, and you’re forced to switch gears, it can be challenging to keep your eyes on the end goal. This new episode shows you how to maintain an open mind and broaden your perspective throughout the buying or selling process.
Negotiating the practice real estate or lease is often a task that comes up near the end of the transition. But with significant financial implications and all of the moving pieces involved, this aspect of the transition requires consideration well in advance. In this episode, Christy and Charles cover common questions surrounding the real estate or lease. What are the most negotiated areas? What does it mean to have a triple net versus a gross lease? What happens if the owner sells the practice but not the real estate? Listen in for the answers.
Despite what dental practices are seeing with staffing shortages, inflation and rising costs, practices have proven to be resilient. Cain Watters and Associates Partner Hunter Satterfield joins Charles on this episode to pause and assess the recent trends across practices and offer solutions to help owners respond and grow.
It’s not easy to cultivate a successful dental partnership. With years of experience working with dentists, Cain Watters & Associates CPA and Partner David Forbess returns to Transition Talk to offer his expertise and discuss real-life examples of conflicts in partnerships. Together, David and Christy illustrate the importance of starting the conversation before the worst-case scenarios take shape.
While dental students may be hesitant to jump into practice ownership, the transition can many times be easier than they think. In the final episode of this three-part series, Christy and Charles continue to offer an optimistic approach and answer students’ most asked questions about ownership. They discuss student loans, corporate sales, work-life balance, advice for recent graduates and much more.
The path to practice ownership can seem daunting, especially for dental students whose core focus has recently been on the clinical aspects. In part two of this three-part series, Christy and Charles help alleviate the concerns and answer students’ most asked questions about practice ownership. They touch on topics such as red flags to be aware of, how to identify a healthy business, the “dating phase” between the buyer and seller and much more.
As dental students prepare to kick off their careers and consider owning a practice, planning their next steps after dental school can feel overwhelming. Christy and Charles answer students’ most asked questions about practice ownership, touching on topics such as the stress that comes with ownership, developing confidence as an owner, leading a team and much more.
With money, effort and time put into a dental practice, owners want to know what their life’s work has amounted to and how they can increase their overall practice value. Recorded live at the Cain Watters & Associates Annual Meeting, Charles and Christy teamed up with the co-hosts of the Accumulating Wealth Podcast to weigh in on the question that’s on every practice owner’s mind, “What’s my dental practice worth?”
When you begin to consider selling a portion or all of your practice, it's normal to wonder how long it typically takes to close the deal. While there is rarely a standard start-to-finish timeline, Christy and Charles show that numerous factors can affect the timing, from the type of practice and buyer, financial and emotional variables to even a little luck.
While the idea of selling a portion or all of your practice can feel complex and intimidating, asking the right questions early and equipping yourself with the proper insight can help provide a clear path. Christy and Charles discuss the top questions on sellers’ minds as they begin the selling process and how they can acquire the answers.
While the idea of purchasing a dental practice may lead to trepidation and fear, asking the right questions and stocking yourself with the proper knowledge can help ease the emotions. Christy and Charles discuss the top questions on buyers’ minds as they begin the purchasing process and how they can track down the answers.
Which business structure yields the most advantages for both the buyer and seller? Which structure will set the dental partnership up for success? Although one type may be easier to set up, which one has the most long-term benefits? Cain Watters & Associates Financial Advisor David Forbess joins this episode to dive into the answers and discuss the pros and cons of the various business structures.
Three or more owners in a dental practice can lead to a prosperous business, but won’t be short of bumps along the road. This episode explores the advantages and disadvantages of a group practice, illustrating the skills required to cultivate a thriving partnership.
The same factors that make your dental practice unique can cause the valuation process to be more complex. Charles and Christy welcome Senior Valuation Analyst Dawn Whitehurst on the episode to provide her insight and walk through several real-life examples and situations.
When preparing to sell a dental practice, sellers need to make sure the proper pieces are in place before welcoming in a buyer. In this episode, Christy and Charles cover transition timing, financial plans, valuations and other items to consider before forming a plan of action.
Although it’s not the easiest path to ownership, we know there are times when a start-up just makes sense. Tune in to this episode for some start-up tips and resources to get better informed on if this is the right path for you. Christy and Charles discuss several considerations, such as determining your location, driving new patients and assembling your team of resource providers to help you along the way.
If you’re looking to purchase a dental practice, it’s clear you want to ensure that what you’re investing in is worth your money. While you may not want to overpay for a practice, this episode looks at the details and stories of three practices, illustrating situations where it may be worth a higher-than-expected price and those where it’s not.
What factors make for a “Don’t Mess This Up” opportunity versus a “Buyer Beware” opportunity? This episode speaks to the buyers out there, helping to identify the differences between the right and wrong practice opportunity. Tune in as we take a look at the financials, doctor work, real estate, location and other aspects to consider as you explore different opportunities.
The closing phase of a dental transition can be an exciting yet bumpy rollercoaster ride, filled with potential events that can throw you off course. From last-minute liens, letter of intent changes to landlord delays, this episode covers many potential events that can occur and offers insight to help you feel prepared for what might lie ahead.
Recorded live from the 2022 Hinman Dental Meeting, Christy and Charles catch up with client Dr. Anushka Amin to walk through her experience of buying her Atlanta area practice.
Recorded live from the 2022 Hinman Dental Meeting, we take on the seller’s perspective and list important considerations for doctors who are contemplating the idea of selling their practice or in the midst of the selling journey.
What do you want to accomplish this year as a dental professional? Whether you’re a current practice owner or you’re exploring ownership, this episode is packed with tips for optimizing your practice and planning a dental transition.
We take a look back at 2021, a widely successful year that caught many dentists off guard and offered reprieve after 2020’s uncertainty. How did practices react? Listen in to find out.
The office-sharing arrangement, where two or more independent practices operate out of one physical location, can bring on its own set of unique benefits and challenges. How do dental transitions play out when there’s an office-sharing arrangement in place? Tune in to find out!
Each dental transition comes with its own hurdles, and some may seem more complex than others. Listen in as we discuss three transition situations and provide real-life solutions, proving that it is possible to cross these roadblocks.
The geographical location of your dental practice can have a large impact on your dental transition. Whether the practice is in a rural or urban location can influence everything from the profitability to the timing of the transition. In this episode, discover other transition factors to keep in mind when it comes to geographical location.
Guest Dr. Gabe Duncan joins the podcast to tell his story of starting up his own successful dental practice. While he didn’t see ownership in his cards right out of dental school, his journey through associateship and his love of dentistry led him to a process that just “felt right.”
The site visit is a critical point in a transition diligence - its important for a buyer to know what the goals are and impress the seller...but its equally important for a seller to understand what their role is and what should and shouldn't be on the agenda! We talk about how your site visit may differ if you have lots of candidates or depending on where your practice is located. We of course bring it back with a dating analogy and go over where you should be as a seller in the process if you are considering bringing a buyer into your practice for a visit! Listen in!
Hey team! In this episode we pull on our network to talk with ortho/pedo consultant extraordinaire, Jill Allen about the top questions she gets from her clients re: transition. Jill has the opportunity (like us) to work with both buyers and sellers as they enter or exit transition and she has some great advice from being on the front lines of these practices as they prepare for and initiate a big change! While her focus may be in the ortho/pedo space, I think this episode has a little something for everyone....listen in and visit her site: https://www.practiceresults.com/ To learn more about what she and her team do!
The Corporate Transition -- a different beast than the private transition and one full of complexity. In this four part series we are going to cover how to know you are ready, what you need to know about the deal, how to maximize your value and maybe most importantly, how to get the job done.
In the final part of this series we are going to talk about how to get to closing – how to not mess it up. Basically, what happens once you find a buyer and begin to negotiate the terms of your unique deal. What do you negotiate when and what to expect from the deal presentation, to the LOI to the final legal docs. Getting it done is the most important part! Listen in!
The Corporate Transition -- a different beast than the private transition and one full of complexity. In this four part series we are going to cover how to know you are ready, what you need to know about the deal, how to maximize your value and maybe most importantly, how to get the job done.
In part 3 of our 4 part series Christy, Charles and Brett discuss the elusive EBITDA, Value and discuss what 4x (or 14x) really means….most importantly we are going to talk about how to maximize the value from your practice and the ultimate value you receive whether you are considering a Corporate Transition or really any type of transition, today or in the future.
The Corporate Transition -- a different beast than the private transition and one full of complexity. In this four part series we are going to cover how to know you are ready, what you need to know about the deal, how to maximize your value and maybe most importantly, how to get the job done.
In the first part of this series, we start with a few BIG questions – probably the most important one……is WHY followed closely by ARE YOU READY. Why are you looking to transition? Are you financially ready? Are you emotionally ready? Can you work for someone else? What problem will this sale solve? There isn’t one answer and isn’t one solution, but it’s important that you have seriously thought about why you are wanting this change and if you are ready to make it.
The Corporate Transition -- a different beast than the private transition and one full of complexity. In this four part series we are going to cover how to know you are ready, what you need to know about the deal, how to maximize your value and maybe most importantly, how to get the job done.
In part two of this series, we are diving into the deal and some basic facts you need to know if you are considering this route....basically who are the key players, what are the logistics and structure of a corporate or DSO deal -- this is the HOW to the WHY we talked about in part 1 (if you missed part 1-- start there first)
Understanding these components is so important in planning for or interpreting an existing offer – every deal can look different and each has various levers and buttons that can (and should) be pushed and pulled to get your best deal and ultimately impact your financial and personal life post sale! Listen in.....
In this episode, we are going to cover a unique type of transition – the associate to 100% owner transition. Basically where a buyer starts in a practice they intend to buy 100% in the very short term as an associate first because they can't buy it right away.....it’s certainly not common, but this type of transition can be a great way to mitigate unique risk in certain transitions - whether it's a buyer not having quite enough liquidity, allowing the buyer to prove out production ability or allowing the seller to transition a relationships a bit more intentionally. Of course this type of transition comes with risk for both sides so we also cover what you can do to mitigate those risks. Listen in!
One year post covid - oh what a year it has been. In this special episode Charles and Christy look back on the ups and downs of 2020 and how Covid has changed dental transitions and how things have stayed the same! Listen In!
We know that sometimes associateships are sometimes necessary part of your journey to ownership. Whether its short term while you figure out where to land, or a place you to to build your speed before you own, there are some components of an associate agreement that can make a really big BAD impact on your future -- in this episode we talk about associate agreements gone wrong.....Listen in and don't forget to listen to episode 17 for more associate agreement content!
If you are like most sellers you have thought long and hard about what your eventual transition might look like - maybe its been focused on the value you will receive, what you'll do post transition, how you'll mentor the young buyer and teach them how you've got where you are....Whatever picture you have painted - the truth is that sometimes the expectation doesn't quite match the reality. That can be hard and can be compounded by the emotions that often come with these transitions. So, in this episode of Transition Talk we are covering some maybe hard truths about what to expect in a transition and how to react (and not react) when the reality doesn't fit into the picture you painted. Listen in!
In Episode 3, we talked to the buyers out there and discussed how to approach that first interview with a seller.....given the time that has passed, we thought it was time to flip the coin and answer some questions we hear from those on the other side of the table. In this seller focused episode we talk about transition "dating". What to talk about during those first initial dates, what to cover as you get more comfortable in those follow-up visits, how to make a great first impression and what assumptions to not make that might leave you single! :) In all seriousness, these meetings are important for developing your relationship and can help ensure a smooth transition. Listen in!
Welcome to the first episode of Transition Talk in 2021! In this episode, we are going to focus on the fact that as a seller, you are the leader, you are the driver of the transition. From laying out the plan, providing the valuation, and sharing your expectations YOU as the seller need to know what you want and know how to share it. Listen in as we embark on this four episode stretch all focused on the seller!
In a transition, communication is key and there are two points in a transition - telling staff and telling patients - where you don't get a second chance to make a first impression! In this very special episode, we are lucky to share the airwaves with master communicator, Katherine Eitel Belt, founder of Lionspeak. Christy and Katherine discuss how to tell patients (and get them to convert), how to deal with staff who may not be ready to accept a new owner, and for buyers, how to generally step into your new shoes as a leader. Katherine shares her insight and experience on how to have those hard conversations the right way and she shares tips on how to ready yourself for those conversations (which can be the most important part). This episode is full of little bites of wisdom, so listen in!
Katherine Eitel Belt founded LionSpeak (www.lionspeak.net) -- a communications coaching company dedicated to teaching the powerful art of un-scripted, authentic communication and personal leadership skills. She and her team of experienced coaches provide customized coaching programs to hundreds of dental, veterinary, healthcare, and corporate teams worldwide. Her team focuses on four main areas: front line skills, leadership skills, training skills, speaking skills. everything they do at Lionspeak is founded on the Lioness Principle: Just as the Lioness teaches her cubs to trust their natural instincts and gain independence, the Lioness Principle is about empowering individuals to lead instinctively from wherever they are.
Every transition is different, and while there are certainly universal rules to the process, every specialty has its own unique set of factors to consider. OMS transitions are certainly their own animal! From structure, referral base, OH, technology - all these things have their own importance in an OMS sale. Listen in as Christy and Charles discuss what to look for and what to negotiate in a OMS transition!
Ever heard the story of life about rocks, pebbles, gravel? If not, you should definitely google it and this title will seem a bit random! In this episode we talk about the four big points (or rocks) that you have should focus on during a transition and what we feel is most important about these (and what isn't). What you should dig in on, and what you should give up. This one has good nuggets for both buyers and sellers! We know all the points feel big and sometimes overwhelming, but in our opinion, focusing on the big points first (and understanding their impact) can help in getting you down the path to ownership! Listen in!
In this special episode of transition talk we have our valuation aficionado, Dawn Whitehurst, with us to talk about all things RISK! Christy and Dawn talk about what risk is, how it impacts valuations, what you can do to mitigate your risk and what risk lives regardless of your actions! Whether you are a buyer or seller, there is something in this one for everyone!
In this episode of Transition Talk, we focus on the seller and what their "paycheck" looks like post close in a walk-away sale. While the initial focus is on the price, another big financial and emotional component is how much does a buyer need a seller post close and what are they willing to pay the seller for that time? What amount of time investment is goodwill transfer and what amount is clinical compensation required and expected? Listen in to our thoughts on what's normal and what to consider in your transition!
As we collectively try to get back to "normal" we are noticing some changes in some areas of the transition world, primarily in the lending arena! So much so that we wanted to take a look back at our popular episode about lending (episode 5 if you want to re-listen) and let you know what we see changing and what pieces of lending haven't changed in this post Covid world. Whether looking to purchase soon, are preparing to own in the next few year or if you are a seller who is looking to find a buyer -- lending is critical!! Listen in to part 2 of "Show me the Money!" to find out what to expect and where we are today!
To buy or not to buy accounts receivable is one of the more common questions we get once we are past the "to buy or not to buy the practice" question! While there isn't a right or wrong answer there are some things to consider and definitely pros and cons of a AR purchase or the collection of the AR post close. Listen in!
There are lots of ways to be successful in a transition...and lots of ways to wreck a deal. In this episode we talk about 8 big ones -- this list is by no means all inclusive of either set, but as always, we are open, honest and share it all to help educate you and lead you down the road to a successful transition ! Listen in!
Satellite offices can have big opportunity if approached in the right way -- but what if your plan didn't pan out as you intended and you are looking to sell it? In this episode of Transition Talk we discuss some hurdles you and the buyer might encounter if you are looking to transition a satellite and we discuss what you can do to avoid them - even if you don't think selling is in your future! Listen in!
As we sit here in mid 2020, with the Covid closures of the economy and dental practices fresh on our memory, the number one question we are getting is "why should I buy"? We understand where the question comes from -- its an uncertain time and relying on the past can be more challenging....BUT there are still prime opportunities and incredible practices looking to transition. Not every opportunity is a great one but for those buyers who take the right diligence steps who have the ability to focus on the bigger picture can come out ahead. Listen in to our opinion of WHY buy?
In this episode of Transition Talk, Christy talks with special guest Brett Pierce about the elephant in our industry,the PE/DSO sale. With so much information in the market, it can be hard to weed out the facts, understand the players and it's more important than ever to educate yourself about this ever present player in the dental industry. We focus on the top 5 questions we get from clients and potential clients as they begin to explore the PE/DSO market! Listen in!
Figuring out ways to boost profitability, lean out a recently purchased practice or prepare your practice to capture more value in transition? In this episode of Transition Talk, we host special guest Mr. Brett Pierce of Elite Dental Alliance (EDA) and discuss the obvious and not so obvious ways to review a practice's expenses to empower you as the owner to spend your money where you want to spend it! Christy and Brett provide insight on how to lean out a practice and cut the fat whether a new owner or an established owner ready to make the next move. Listen in!
Have questions about ways to find cost savings in your own practice? Visit EDA at https://elitedentalalliance.com/ to learn more - mention Transition Talk and have a complimentary consultation with one of their team members!
How you split the money in a partnership matters -- is it all eat what you kill? All based on ownership? What about expenses? What if we do different procedures? In this episode of Transition Talk we talk about all things split related and give you our two cents on how money should be divided. Listen in!
You already own but have the opportunity to purchase the records of a nearby competitor...is it worth it? How much should you pay? How do you ensure the patients show up? In this episode of Transition Talk we cover the pros and cons of purchasing the patient records and how Covid-19 will likely make this a more common question (and opportunity). Listen in!
Hosted by the AACD, listen in on this special episode where Charles and Christy discuss the impact of Covid-19 on dental transitions and valuation. An environment that will inevitably continue to evolve, listen in as they discuss how those in transition and those considering transition can navigate these challenging times. Prefer to watch the recorded webinar? Watch here: https://youtu.be/Bk2tl8bO31Y
If you are entering a partnership, the partnership agreement (or "operating" or "company" agreement) is crucial to what happens in the event of death, disability, disagreement or departure. We call them the 4 D's. In this episode of Transition Talk we discuss some of the bad provisions we have seen in a partnership agreement and discuss why it doesn't matter if you are a buyer or seller in a partnership transition -- the terms of your agreement should protect and benefit you both because you each may find yourself in need of the protection! Listen in and tune in over the next weeks as we dive into partnership agreements and all their intricacies!
Covid-19 has sent shock waves through our personal lives, healthcare system, global economy and pretty much everyone has been impacted in some shape, fashion or form. In this special episode of Transition Talk we are discussing the potential impact of Covid-19 on your transition -- whether you are in the midst of transition (as a buyer of seller) and how the shutdown might impact your practice value or price. Do you close now, later? How will banks look at your practice/opportunity? Clearly as we publish this episode there are still many unknowns but we are confident in private dentistry and will continue to update you as this develops!
Asset sale or stock sale? What are the pros and cons if you are the buyer or the seller....why does this matter? In this episode of Transition Talk we cover the differences in these two structures and help you understand the impact of each in your transition.
It's the long awaited (and asked for) specialty transition episode all about the periodontal practice! Its a unique market being driven by the buyers but continues to be an opportunity for sellers who transition it correctly, Tune in to get our insight on this specialty!
In Round 2 of the Transition QA from our time at ASDA NLC, we cover another round of great questions.....on today's episode we cover the following questions:
1) If you are buying a good practice.....but the staff isn't ideal, what do you do? 2) How can you make a practice more "you"? 3) How do I bring up seller financing if I am buying 100% directly out of school and am only approved for a smaller amount? 4) I'm looking at an older, outdated office...what do you think it takes to upgrade/update? 5) What if the "old man" you are buying the practice from is staying on to be an associate but has a hard time in being "just the associate"? 6) What are the pros and cons of doing an AGD/GPR from a transition standpoint? 7) What makes a "good" practice? What are the best things to look for? 8) How to manage worry of getting a fair contract and price..... 9) What are some "red flags" when looking into ownership? 10) How do you own and have financial autonomy while still having a family? 11) Why would you consider working for a DSO?
In this episode of Transition Talk, we catch up with Dr. Bryan Dawley, a general dentist near Boston. Bryan is a new owner and worked with NDP through the buying process. He shares his opinion of the biggest challenges and biggest opportunities new buyers might face and shares his insight on being a new owner. Listen in!
Is this a good deal? Its a loaded question but in every deal you have to understand this question -- first from a high level perspective and then you have to take the deep dive. In this episode, we focus on that first step -- what do you need to know early on to know if the deal makes sense and is worth pursuing. From financials, to the price, to understanding if you can do the work and importantly can you afford it. Listen in and find out what to focus on in the beginning!
The path to your goal is never a straight line -- that was certainly the case here at NDP. In this episode we take a bit of a tour down memory lane and talk about how NDP became the company we are today. It wasn't all roses, but has always been based in our core goal of educating and helping people transition. Turns out ownership and the benefits of it aren't just applicable in dentistry - listen in!
Over the course of a transition there will be lots of people involved - ultimately they should all serve one purpose...to help you get to the close you want. It's unlikely that any one person can serve every function so in this Transition Talk we breakdown who should be involved, when they should be involved and what direction you as the client should provide those you hire! Listen in!
Charles and Christy had a great time at the ASDA National Leadership Conference in Chicago and had a great interactive live Q&A session on transitions. It was so great that they had a ton of unanswered questions and we thought it would make the perfect podcast episode!
Listen in to get their take on these awesome questions....
1) Benefits of owning a solo practice vs. a group practice? 2) What is the best way to manage staff? 3) What other factors do you look at other than location? 4) When do you know the timing is right to buy a practice? 5)What is the first thing you do/change when you buy a practice? 6) If you are moving to a new state with no connections or insight…are you still doing a “letter campaign”? 7) How long should I plan on owning? 8) How to choose an area that will benefit me 20 years from now (i.e. changing demographics)? 9) How much extra time do you spend on the practice as an Owner vs. an Associate? 10) What is the best way to acquire new patients to grow a start-up?
One of the biggest questions we get on the valuation process is when to do it....its not an easy question and really depends on your situation and the unique aspects of the buyer and seller. Are you entering into a partnership? Promised ownership from the start? Did you bring a different procedure to the practice? Sellers did you make big investments for your associate? All of these situations can lead to a different answer to the question of "When to Value".... listen in!
We are back with another specialty transition episode and this time we are tackling Endodontics! Heavy referrals, ability to have a super low overhead and a practice where we care the least about space. Listen in to this episode to see how these transitions are different (and how they are the same)! Listen in!
Like any other transition, merging two practices take thought, planning and a really good why. In fact, the "why" and the "what are you trying to achieve" are the main questions we ask when clients approach us with a merger. We think if you aren't getting flexibility, increased return or growth it may not be your best bet...but listen in to learn the whys of the merger!
What happens if you own but need to be an associate? Does that mean you are failing as an owner? We don't think so -- we think there are some pretty critical times where owning and being an associate can make sense and actually be a pretty smart move. Listen in to when owning and being an associate can move you up the success curve or get you over the hump! Listen in!
We are back with another episode focusing on the specialty transition, this time the spotlight is on the Pedodontic transition! As you will hear us discuss, if you have chosen the Pedo specialty you are in a unique position at this time in the market...it's the one specialty where a start-up can make sense, it's a buyer's market and a specialty that doesn't require a the traditional referral relationship of other specialties. There are some cautions though...listen in and get ready to own!
On this Transition Talk we fast forward from the LOI to closing day, and talk about the most common questions we get about closing and the days and weeks leading up to it. We talk about the patient and referral notification, the sellers work back and the top three things that can delay your closing if not handled correctly.....Listen in!
Certain pieces of a transition are universal. Communication is key whether you are an orthodontist or an oral surgeon.You MUST like and love an opportunity first and foremost. This being said, there are circumstance for each specialty that make it unique in a transition. In this first "Specialty Transition" series, we focus on the Orthodontic Transition and how this transition differs from the "norm".
From the interwoven dependence of production, collections, contracts, and case stats to some of the common items to consider in the transition terms including prepaid patients and the work back - we cover the big points you need to focus on..... Listen in!
We know that when you see an x-ray or scan you can see what needs to be fixed and what is exactly where it needs to be. It's what you do and what you breathe. We also know, that it's likely that if someone mentions a Profit and Loss your first response is...huh?
Even if you know what the P&L is and what you MIGHT need to look for you likely are still a bit hesitant.... How much did the owner really earn? What costs will change if I grow? What is the real overhead? What costs are too big - which ones are too small?
In this episode, we break down the profit and loss for a little 101 basics - the important stuff that you NEED to know whether you are buying a practice now or in the future. We give you the tools to look at the financial side of your soon to be business (or new business) with a bit more confidence. Listen in!
In a transition, one of the greatest assets are the employees you inherit with the practice. Because of their value, many buyers often have questions about how they will be accepted, how they should be introduced to them (and when) and what do to with the benefits and compensation offered to them.
In this episode of Transition Talk, we tackle all of those topics and give you options of how to transition the practice employees and also how to deal with some sensitive employee issues you may face in your transition. Listen in!
Overall, we think it’s pretty clear that the NDP team are fans of private practice ownership. That being said, we think being knowledgeable about ALL your options is the most important piece of the puzzle of ownership. Whether you are offered the opportunity to buy into a corporate owned practice or the opportunity to own a private practice with a silent partner/investor, there are many ways to get to ownership. In this Transition Talk, we explore when a corporate or alternative ownership deal makes sense (and of course we talk about when it doesn’t)! Have a deal you want to explore? Contact us to learn more: info@nationaldentalplacements.com
Walk-away or Partnership? How to determine when a short-term partnership – aka the Staggered Sale - makes sense (and when it might be required) to pull out the equity in your practice. Whether you do high end procedures or crank out the production and need to mentor someone to take over, or your buyer needs a bit more time to take it all over there are times when a unique practice needs a unique transition method. The staggered sale can be a great opportunity and, on this episode of Transition Talk we talk about the good the bad and the ugly of this unique transition method.
In this episode of Transition Talk, we tackle the sometimes surprising hurdles of the valuation process.
Each practice is unique, so the impact to a value isn’t as simple as a+b-c, but in our experience, there are definite factors that may impact your value negatively. Being aware of these hurdles can help educate you and can manage your expectations. Understanding these potential hurdles in the valuation process can also help you mitigate these risks as you look to transition down the road. So listen in, we talk prepaid patients in Ortho, Delta Dental Premier, high end procedure bases, not having enough (or the right) information and more!
The process is going well -- you have negotiated a LOI, you have started your financial diligence and then you have to schedule your much anticipated site visit! What do you look at? How do you do a chart audit? When can you do it...and when do you need back-up? What questions or conversation is appropriate? In this episode we dive into the diligence site visit and give you our tips about how to make this a worthwhile visit!
In this episode of Transition Talk, we take a deep dive into some of the emotion of the transition. Whether a buyer or a seller, the transition process is an emotional one and in our experience each "side" feels like they are the only one at risk. We know the important thing is to keep the big picture in mind and we also know that taking out some of the emotion and knowing how to prepare for some of it can make your transition more successful! Listen in to some of the biggest gripes from buyers and sellers and check out our blog for some additional resources noted in the episode!
In this episode of Transition Talk, we catch up with Dr. Brock Pumphrey, a periodontist in Atlanta. Brock worked with NDP as he went from associate to owner and today owns a successful, growing perio practice and runs multiple study clubs. He shares his opinion of the biggest challenges and biggest opportunities new buyers might face and shares his insight on being a new owner. Listen in!
To lease or to buy -- that is the question! In this episode of Transition Talk, we discuss the other important purchase you may make as an owner and we talk all about the practice building! When do you buy and when might it make sense to be a long term tenant. Listen in and let us know what you think!
In this episode, we are talking about the associate agreement. Maybe you need to get your production up, refine your clinical skills, need to increase your liquidity, or aren't ready to settle on geographical home. Whatever the reason - the associateship is often a critical part of the journey to ownership. We talk about what you should care about - and what you shouldn't care about. What about documenting the terms of a future transition? Listen in and remember, if you have an agreement and/or opportunity and need another pair of eyes and ears to review, feel free to reach out to our team for a complimentary overview!
You have heard the chatter...private equity, DSO offers, EBITDA, and crazy multiples resulting in crazy values. Is this the beginning of the end of private practice dentistry? We definitely don't think so! In this episode of Transition Talk, we explore the basics of a private equity offer. We discuss, what EBITDA is and how it's calculated. What are the requirements of a seller in these types of offers? When does it make sense (and when does it not)? Does the same opportunity exist for all specialties? If you are a buyer or a seller and are interested in learning more about the value of a private equity offer -- listen in!
In this episode of Transition Talk, we explore what, hopefully, is the best part of the transition into ownership....being an Owner! In the "What Happens Next" series, we explore what happens after closing. In this first interview of the series, Christy sits down to talk with previous NDP client Dr. Derek Williams about his experience transitioning from dental student to owner!
They talk about what went right, how patients and staff reacted, what he would do differently and what he would suggest for a new buyer if he could do it all over again. Listen in and get some tips from an "expert" in ownership!
Dr. Derek Williams is a general dentist in Lufkin, Texas and the co-owner of with Dr. Justin Short of The LIfestyle Practice. Derek and Justin work with other dentists to help them create their own lifestyle practice, focusing on increasing production and collections, creating an engaged team, reducing stress, and setting up systems that will serve as a foundation for years to come. After working together, their clients see, on average, a 33% increase in collections, often including cutting back clinical hours. They offer free consultations. For more information visit www.thelifestylepractice.com or email/text Derek at (936)701-6447 or derek@thelifestylepractice.com!
While it's no secret we are a fan of the private practice acquisition, we know that isn't always possible and there are certain instances where a start-up makes sense. In this episode of Transition Talk, we dive into start up costs, the "break-even" (and how that can mean different things to different people), who to have on your start-up "team" and we provide some examples of when a start-up can make sense - and when it doesn't! Listen in!
Performing diligence on an opportunity isn't always easy! Maybe you are early in the process and the seller isn't willing to share much yet, or maybe you have a handful of practices you want to proactively pursue but aren't sure if they meet what you need? In this episode of Transition Talk we discuss how to "Nancy Drew" a practice opportunity and figure out some details before you formally begin diligence. We talk about real life examples and when the hesitancy to provide information is a red flag, and when it isn't. Put your detective hat on and listen in!
In episode 13, we dive into the first of our “Real Life” series and re-examine the interview and finding the opportunity (Episodes 2 & 3)but with real life examples. We walk through times when clients followed all the “rules” and times they didn’t, and talk about the outcomes. The moral of the story is that this is challenging and emotional process that you can mess up (but we hope you don't)! We explore how to navigate the interview road and provide our experience and opinion on these important initial steps in practice ownership! Listen In!
In episode 11, we started the discussion about the legal documents. We talked big picture and focused on how to get the right attorney on your team to keep the process from derailing your transition. In this episode, we focus on the main agreement, most commonly known as the Asset Purchase Agreement, and the major negotiated terms we like to see within this agreement. From re-treatment to the seller's work back, we highlight what we think are the critical pieces and emphasize some common mistakes we see buyers make during the legal negotiation process.
Legal documents are a critical step in the transition process – its where the negotiations are formalized into the actual documents governing your transition. Asset Purchase Agreement, Partnership Agreement, Operating Agreement, Bill of Sale, Non-Competition and Solicitation – so many documents! Your transition type will govern what documents you need and understanding those will help in your success. In this episode we talk big picture, including what types of attorneys to utilize, how much you can expect to pay for their services and how to keep the communication lines open during what can be a contentious (or awkward) process! It’s a big topic so for this episode we keep it high level but stick around for Part 2 next episode where we dive into the details.
In this episode of Transition Talk we continue our discussion from Episode 9 but focus on those looking to transition to a partnership! As with a partnership, transitioning a practice is a full spectrum decision that can impact you financially, emotionally and can alter the rhythm of your practice. In this partnership focused episode we give you insight and resources to know how to know if you might be ready and more importantly how to prepare, so when the day comes you can transition your practice with success! Check out our website and blog for more information on this episode!
Blog: http://www.nationaldentalplacements.com/tt-episode-10-ar…or-a-partnership/
In this episode of Transition Talk we switch gears a bit and focus on the other side of the transition coin, so sellers, listen up! Transitioning a practice is a full spectrum decision that can impact you financially, emotionally and can alter the rhythm of your days. In this episode we focus on the outright or “walk away” type of sale and how you know you might be ready and more importantly how to prepare so when the day comes you can transition your practice with success!
Oh, mistakes and hindsight! Not all in the transition world is rosy! In this Transition Talk we highlight some of the most common mistakes a buyer and new owner can make in the diligence phases and early ownership. We also talk about how to potentially avoid those snafus so you can get to the finish line of practice ownership and start out on the right foot.
The letter of intent is where it all starts. In this episode, we talk about what the letter of intent means, what terms need to be included, who the players are in the process and the various levels of formality your offer may or not be depending on your situation. As always, communication is key, but we have some good tips and insight into this critical process! We’ve also posted some more detail on our blog about additional terms we don’t get to in the episode, so head on over to our blog post to check that out! http://www.nationaldentalplacements.com/blog/
Student Loan Debt – three words that you know well and dread talking about. In this episode of Transition Talk we tackle our thoughts on student loan debt and how that relates to practice ownership. We believe you can do both and believe that owning a practice can get you to debt free faster! Check out our blog for resources: http://www.nationaldentalplacements.com/tt-ep-6-student-loan-debt-bonus/
At NDP we aren’t experts on everything and we pride ourselves on making sure that we connect our clients to those people who are the best at what they do in dentistry, so you can feel confident in your team. In this Bonus episode of Transition Talk, we interview Travis Hornsby, the founder of the Student Loan Planner, who does this day in and day out for clients like you. He has great insight and can help you navigate when and how to tackle that debt. Listen in and visit the blog for direct details on Travis' Student Loan Planner! http://www.nationaldentalplacements.com/tt-ep-6-student-loan-debt-bonus/
In this Transition Talk - Unplugged, Charles discusses what makes pediatric practices and pediatric transitions unique and why owning a pediatric practice can be a smart plan if done correctly!
Debt – a dreaded word, but one we want you to embrace and understand so you can make the best decision about your future! In this Transition Talk we discuss practice lending – the terminology, the process, what banks are looking for and how to prepare yourself to be in the best financial position when you are ready to own.
Once you know you like and love the doctor and the location – how do you know if the practice lives up to your expectations both financially and operationally? In this Transition Talk, we offer guidance on when in the process asking for the financials make sense and how to respectfully ask and explain why you need to review the financial and operational information. We also provide a key list of documents to request on our blog!
Making a good first (and second) impression can be the key to getting the practice you want, especially when there is a pool of competing buyers. In this Transition Talk we provide tips on what to do and what not to do in the interview process.
Sometimes you know you want to be a practice owner but can’t quite figure out where you want to be geographically or how to find a practice in the area you want to settle down in. In this episode of Transition Talk we provide our proven tips on how to find available dental practices and how to plant the seeds for transition!
Welcome to Transition Talk! In this inaugural episode, we take a few minutes to introduce ourselves, give you a quick overview of why we do what we do and what to expect on upcoming episodes….Stay tuned for the good stuff!