Blogs

Six Permanent Changes to the Dental Industry Brought About by Large Dental Conglomerates

No doubt exists that significant and permanent change has been ushered into the dental industry by the new mega conglomerate dental practices. The changing dental industry can be researched for any community by speaking with healthcare professionals, browsing the internet, observing community billboards, and driving through the areas where dentists have their practices.

4 Things Not to Discuss with Prospective Dental Practice Buyers

4 Things Not to Discuss with Prospective Dental Practice Buyers

When it comes time to sell your dental practice, there are many things that will come up in conversation with your prospective buyer.  Most of them you can be prepared for, and some of them will be surprises.  However, the idea is to keep it positive, honest, and avoid negative communication.  You never want to say anything that will cause a negative emotional response of a prospective buyer.  Neutral and positive discussion will draw more attention, build rapport with your prospect and make the buyer more confident in purchasing the dental practice.  
 
There are at least four things that should never be discussed with a prospective buyer.  They are:
 
- negative comments about staff
- sophistication of treatment the patient population may accept
- historical failures in practice
- and any negative reasons for wanting to sell the dental practice.
 

Selling Your Dental Practice

4 Reasons Why It Is a Good Time to Sell Your Dental Practice
 
This is a great time to sell a dental practice.  Dentists do not have to be at the end of their career to sell their practice.  After the sale, Dentists can become an employee with less responsibility or start a new career in academics.  If your financial goals have been achieved, there may not be a  better time than now to sell a dental business for this generation.

There are several reason why this is a good time to sell:  

-Challenges and complications due to Obama-care

-High amounts of capital in medical hedge funds

-Banks and private equity groups are lending to buyers at great rates

Dental Practice Value

5 Things to do to decrease stress and maintain business value in the last few years of dental practice
 
During your last few years of practice most dentists are aware the end is near, and at times,  it can be difficult to keep pushing towards long term goals.  Following are five things you can do to decrease stress and maintain the value of the business before your final and official dental practice valuation:  Exercise seriously,  spend extra time with your special patients, fire bad patients, top off those retirement accounts, and study how to manage receiving a lump sum of money.
 
Exercise it one of the best ways to maintain health and decrease stress.  It also helps promote better sleep habits.  Try something new like personal training, small group fitness classes, swimming, or bike riding.  Planning for an active retirement requires individuals to be in good health. The training is not just to get through the last few years, but to be ready to embrace a very active retirement!  
 
Dentists all have their special patients whom they enjoy visiting with when they are in for recalls or treatment.  Tell the staff to plan for an extra five to ten minutes to visit with these  people.  Thank the patients that have been a joy to serve, and let them know how positively they have affected the practice.  These few positive minutes a day will be incredibly uplifting.  This is also a chance to spread some happiness.

Value of a Dental Practice

How to Increase the Value of a Dental Practice Before it is Sold.

increase value of dental practiceA dental practice is a business like any other business.  Dentists are experts at being dentists, and not at building business to be marketed and sold.  Dentist tend to carve out a comfortable niche and work that niche for profit.  Nothing lasts forever, and transition is coming earlier to the current generation.  Financial planning is better, and personal lifestyle design is the new way to live rich.  Young professionals want more freedom, and this includes dental professionals.  Owning a practice can be very stressful at times.  The new normal is likely to be five to fifteen years of practice ownership.   Many dentists will now desire to practice in a less stressful and more flexible opportunity as opposed to working in one office until retirement as previous generations have done.  The younger generation will take advantage of the multiple opportunities that are now available.
 

Dental Practice Valuation

What's Really Involved in a Thorough Dental Practice Valuation?
 
Entering into business ownership of a dental practice is a very exciting time. The education and boarding process that have been the life focus for so long are now mostly complete.  A residency or short term associate position may be coming to an end.  The dentist is ready for a rewarding career and to commit themselves to the care of their clients.  Whether you are looking to buy your first dental practice, or getting prepared to transition out of your current dental practice, these key points will pertain to the valuation of the practice for either party.
 
The traditional methods of (dental practice valuation) evaluating a dental practice for purchase have not changed for generations.  There will always be a place for number crunching.

Mistakes to Avoid When Selling Your Dental Practice, by Reagan Rodriguez

It used to cross your mind occasionally, but now the idea of transitioning (selling your dental practice) is in your every thought.  You have worked hard and build a great business.  Many of your clients have become like a second family.  You feel privileged to have know and been able to help so many people whom have made your life such an amazing journey.  Hopefully, you are financially secure, and there is so much more you want to do with the rest of your life.  It is time to start chasing your “bucket list” and pursuing experiences you have only dreamed about.  
 
Today, the time to transition can happen earlier than in the past.  Financial planning has improved, and  many young dentist are embracing the concept of personal lifestyle design.  Selling a practice rarely means you are ready to settle down in a small condo or house to live the rest of your days.

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