Long in the Tooth: Insights for Age 55+ Dentists
Episodes
57 episodes
10 things dentists can do to prepare for a transition
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 sea...
The "3 Rs" to a successful dental practice owner
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 m...
3 options for handling Accounts Receivable in a transition
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, tran...
Evaluating DSO offers: Tips for practice owners
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 b...
You can do anything as long as you know the rules of the game
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 c...
Can we figure out how to make this a win-win solution?
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. ...
Start with the Give-Me Shots for You and Your Staff
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 kn...
What was the best & the hardest part about selling your practice?
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 ...
When do I know if I’m ready to bring on an associate?
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 w...
For Associates: What are the Pros + Cons of working for a DSO?
“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. DSO...
What work back arrangements have you experienced?
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 o...
How do offers differ from a DSO to an independent buyer?
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 w...
Practice transition issues related to dental insurance
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 ...
What is the process of dropping insurance?
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 unlik...
Can a transition from PPO insurance to fee-for-service be successful?
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 succe...
When should I announce a practice sale to my patients?
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 w...
Should I tell my staff about the transition?
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 ...
Season 1 Wrap-up: A Special Transition
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, ...
Hide Your Money from the Tax Man
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 ...
If I Sell My Practice, What Should I Do with the Proceeds?
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 <...
Who are Today’s Practice Buyers and What are They Looking for?
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 i...
Financing: How has the Pandemic Affected Dental Lending?
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...
DSOs and Group Buyers: What Practice Seller’s Need to Know
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) an...
5 Things to Know about Today’s Private Practice Buyers
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 privat...
After Selling to a DSO
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 focu...
