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Shared Practices | Your Dental Roadmap to Practice Ownership | Custom Made for the New Dentist

A bootcamp in small business ownership and practice management for dentists, giving the new graduate a roadmap to successful practice ownership. We interview the best dentists, experts, consultants and more on our weekly show. Here's the topics we will be covering in our 8 Seasons: 1. First Years as a Dentist 2. Think Like a Business Owner 3. Money and Numbers 4. Startups, Acquisitions, and Partnerships 5. Internal Systems 6. Marketing & Growth 7. Leadership, Vision and Culture 8. Beyond Dentistry Go to SharedPractices.com to get our PDF roadmap of these 8 Seasons.
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Shared Practices | Your Dental Roadmap to Practice Ownership | Custom Made for the New Dentist
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Sep 22, 2017

“Success begins in your mind”. This episode is all about how you can be more successful on a daily basis in your dental career. We dive into a myriad of topics including mindset, morning huddle, scheduling, fees, case acceptance, co-diagnosis, quadrant dentistry, same-day dentistry and CAD/CAM. And we still had more on the list! This episode is full of content and full of pearls. We hope you enjoy.

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

Reach out to George- George@sharedpractices.com

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Sep 15, 2017

We call this a miniseries, but Dr. Justin Short is truly giving us the maximum. This episode on marketing sells itself. Justin again provides us his unique perspective on a traditional dental business concept providing a fresh look at some of the main marketing strategies. We talk mailers, websites, reviews, referrals, Groupon and about how they all come together to bring patients in the door. Dr. Short also discusses how to be unique in your advertising and how to tailor your marketing to target the patients you are trying to acquire.

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

Reach out to George- George@sharedpractices.com

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Sep 12, 2017

We pick our discussion from last time with Dr. Justin Short on how to create that amazing patient experience in your office. The episode starts with when the patient first steps through the door. Dr. Short shows us how to differentiate your office from the competition with a little bit of outside the box thinking. We also learn about Justin’s 100% treatment acceptance strategy. We love Justin because he always gives us the straight answer even if it’s an unpopular one and this is the way he approaches his interactions with his patients as well. Honesty and forthrightness are the themes of this episode and taking these ideas seriously will pay dividends now and in the future. We certainly learned a lot this episode and we know you will too.

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

Reach out to George- Georgehariri@gmail.com

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Sep 8, 2017

Multi-practice owner and transition specialist Dr. Brady Frank joins us to provide new insight on analyzing potential practices. While many of our previous guests have focused on finding the largest practice with reproducible production, Dr. Frank suggests looking for low producing offices and quickly ramping up production, infusing the practice with equity. You will learn how to find these practices, what to look for and the many exit options available. Dr. Frank also has an amazing opportunity that he is opening up to everyone who listens to this podcast. Don’t miss it!

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

To get in contact with Brady Frank or to get a free copy of his book, reach out to George- Georgehariri@gmail.com

 

Dr. Frank has been a multiple practice owner for 15 years and has been teaching Phasing Out and Expansion strategies to dentists for over 9 years.  Dr. Frank is the Founder of OsteoReady Implant Solutions.  Dr. Frank and his wife of 11 years live in Oregon with their 3 boys. Dr. Frank is a sought-after speaker and educator, and has addressed thousands of dentists at major dental meetings and events throughout the country. Between his experience as a speaker, teacher, clinician and innovator, Dr. Frank is an invaluable figure in the field of implant dentistry for both the dentist and the patient.

Sep 5, 2017

Today's episode of the mini-series is all about the customer experience. Justin attributes much of his success to his patient experience. Today is the first part of 2 episodes about Justin's practice from a patient's perspective. We cover everything from the time a patient decides to call until the moment they walk in the office. The majority of the episode discusses the importance and how to handle the new patient phone call. 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

Reach out to George- Georgehariri@gmail.com

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

 

Sep 1, 2017

Show Notes

Today we take a look back at all that we have learned so far from the array of great guests we have had so far on the podcast regarding practice valuations. We have covered an amazing amount of content and so we thought that it would be helpful to take an episode to put it all into perspective. Every guest has a unique story that can provide us motivation and inspiration as we continue in our careers. But besides inspiration, we also want this podcast to be a great resource and guide for entrepreneurial dentists like you and we think in depth content is the key to reaching that goal. That is what this episode is all about.

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group! 

Download: Practice Selection Outline

Reach out to George- Georgehariri@gmail.com

Aug 29, 2017

The miniseries just got real! Dr. Justin Short and ‘G-Unit’ dive into the topic of staff management. You will learn how Justin successfully created a top tier, cross-trained staff while keeping his employee overhead at just 20%. Other topics that come up are getting the right team on the bus, turning 8’s into 10’s, frontloading your staff training, the hiring process, correcting sub-par behavior quickly and holding your team accountable. You want great content? You got it in this episode!

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

 

Reach out to George- Georgehariri@gmail.com

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Aug 25, 2017

Hunter is back! This week he takes us through two real practice purchase opportunities. We go in depth as Hunter explains his four-step practice evaluation process. We look at real numbers of two very different practices in order to determine a valuation range, find opportunities for practice growth and uncover red flags. This episode is full of great content and advice on practice analysis. We recommend you take these concepts and analyze as many practices as you can to hone your skills. Make sure to download the analysis spreadsheet on the Shared Practices resource page to aid you on your path to practice ownership.

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

Reach out to George- Georgehariri@gmail.com

Download: Practice Valuation Case Study

Hunter Smith, DDS is a 28 year old General Dentist in Jonesboro, Arkansas. He completed his undergrad at Arkansas State University in his hometown area of Jonesboro, then attended the University of Tennessee Health Science Center Collage of Dentistry in Memphis.After graduating in May 2014, Dr. Smith bought his first dental practice in August 2014 following a 2 month stent as an associate in the practice.

After successful management and system changes increased that already successful first practice by 46% profitability in just 1 year, Dr. Smith grew to enjoy learning about the business of Practice Ownership and ways that can improve clinical, business, staff, and patient relations. Building upon the early success, Dr. Smith joined up with a long-time best friend and fellow dental school graduate, Will Little, to form Southern Dental Group in October of 2015. Since forming SDG, Drs Little and Smith have acquired an additional 5 locations in the last 18 months. Southern Dental Group's 6 locations boast increased profitability of over 50% post-acquisition, an average overhead of less than 50%, business profits (EBITDA) over 26%, and have revenues of over 5 million dollars annually.

Dr. Smith enjoys the opportunity to show and tell dentists, specifically young dentists, how to get into practice ownership early and be highly successful and profitable. He is proud to present the Dental Ownership Summit along with his business partner and co-founder of SDG Will Little in order to bring ownership knowledge and strategies from some of the best mentors and business minds in the industry.

Aug 22, 2017

Justin talks to us about how to develop ourselves into the best leaders we can be. He takes us through the 15 things that we can do to improve our leadership ability. A quote that came up in the conversation was “The true measurement of leadership is influence”. As Dentists we have the ability to influence our patients into healthier lifestyles. As practice owners we have the ability to influence our staff’s feelings of fulfillment in their work. This episode with Dr. Short not only helps us to become better leaders but illuminates the ways in which being a good leader can promote a healthy and productive practice.

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our New FB Group!

 

Reach out to George- Georgehariri@gmail.com

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

 

Aug 18, 2017

This week we interview Ike Urling, a fourth year dental student at MWU. Ike shares with us his journey to finding an amazing off market practice in one of the most saturated areas of Arizona. Ike used methods that Jordan Thomas discusses in episode 2-21 to find his ideal practice. He also delves into a crucial aspect of making these opportunities a reality: relationship building!

It has always been our goal here at Shared Practices to provide real, relevant information that helps dentists pursue their dream of practice ownership. Ike represents the reality of this goal and we are happy he has joined us in this episode to continue to help educate others on their path to ownership! Enjoy!

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Download: Ike Urling’s Mailer


Connect with Ike on our new FB Group

Reach out to George Hariri - Georgehariri@gmail.com

Ike Urling is a fourth year dental student at Midwestern University in Glendale, AZ. He is from small town called Snowflake located in in North Eastern Arizona. Ike attended Scottsdale Community College and Arizona State University. He is happily married with one daughter.

Aug 15, 2017

Do you want to get inside the head of a guy who’s office grossed 1.7 million while only working 3 days a week? So did we! This week we begin our mini series of interviews with Dr. Justin Short, practicing dentist and owner of The Lifestyle Practice, a practice consultant and education company. Justin discusses the tools he used to create his personal vision and explains how he turned that vision into reality while navigating the challenges along the way. This is a great episode that will set the stage for the amazing content coming up in our mini series of interviews with Dr. Short.

Login onto Facebook and post any questions or topics that you would like us to discuss with Justin. You can also email at the link provided below.

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join Our FB Group

Reach out to George Hariri - Georgehariri@gmail.com

Send Justin an email: http://thelifestylepractice.com/contact/

Justin’s page: http://thelifestylepractice.com/

 

Read more at http://sharedpractices.libsyn.com/podcast#iBtJuqBIG71eItUP.99

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Aug 11, 2017

Welcome to another episode of the Shared Practices Podcast! This week we’re sharing a conversation we had a with a young doc from N.C., Dr. Jordan Thomas. We dive deep into Jordan’s fascinating story of acquiring a practice immediately after graduating this summer. He gives us a lot of great tips and insight on his process for identifying where you want to practice, doing the demographics in a systematic and thorough way, and most importantly, reaching out to the selling docs effectively. Jordan also has a really interesting take on a LOI versus a purchase agreement in a deal, and gave us a unique perspective on what situations one or the other (or neither!) might be the best option. We learned a lot talking through Jordan’s story of ownership and hope you do too. Thanks again for listening and we’ll catch you next week on the Shared Practices Podcast!

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join Our FB Group

Reach out to George Hariri - Georgehariri@gmail.com

Download: Jordan Thomas Mailer

Dr. Jordan Thomas is a 2017 graduate of the UNC School of Dentistry. He has had a passion for business ownership since his childhood, and decided he wanted to go into dentistry to treat patients well, build relationships, and grow a successful group of practices. He began reaching out to various dental practice owners throughout the state of North Carolina a couple years ago, and through his efforts is successfully transitioning into practice ownership straight from dental school.

 

Aug 8, 2017

Dream big! This episode Justin takes us step by step in developing our ‘Why, Vision and Goals’. We encourage everybody listening to open a word document or grab a sheet of paper and join us in determining the answers to these crucial questions. Already done it? Do it again! Visions and goals change with time so it’s never a bad time to re-evaluate their relevance as we continue to evolve in our careers and in our lives.

We would love to hear your Whys, Visions and Goals so login to Facebook and share with us. Enjoy the episode!

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join Our FB Group

Reach out to George Hariri - Georgehariri@gmail.com

Send Justin an email: http://thelifestylepractice.com/contact/

Justin’s page: http://thelifestylepractice.com/

 

Read more at http://sharedpractices.libsyn.com/podcast#iBtJuqBIG71eItUP.99

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Aug 4, 2017

Welcome to another episode of the Shared Practices Podcast! We had a great interview this week with Dr. Justin Short, a dentist from the St. Louis area and owner of The Lifestyle Practice - a consulting and education company that helps you define and achieve your perfect lifestyle. We’re taking a break this week from the jam-packed, intense-note-taking style episode to give you a show more about mindset and vision for the lifestyle you want. We talk a lot about the idea of developing a vision for your practice and lifestyle, whether multiple practices is the best or only model for reaching that vision, and unintuitive ways to build rapport and case acceptance. One of the big takeaways we got from the show is Justin’s unique take on the power of small teams - it is a pearl that is not to be missed! Thanks again for listening and we’ll catch you next week on the Shared Practices Podcast!

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our new Facebook Group!

Send Justin an email: http://thelifestylepractice.com/contact/

Justin’s page: http://thelifestylepractice.com/

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis.  He inspires other dentists to design their practice to serve their life.  The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Jul 28, 2017

Welcome to another episode of the Shared Practices Podcast! This one is a bit of a throwback to season one, but we know you’re going to love it. We have on the show with us consultant/startup guru Jayme Amos, dentist Paul Goodman, and attorney Rob Montgomery. We get into a great discussion about some of the red flags and pitfalls to watch out for as an associate. We talk about the language of contracts and non-competes, when to involve a lawyer during your contract negotiations, and how daily minimums work from both the employee and employer’s perspective. We also have a really great back and forth about the difference between being a 1099 or W-2 employee, and what might be the best situation for an associate. We hope you enjoy this throwback episode as much as we did recording it. Thanks for listening to this week’s episode of the Shared Practices Podcast!

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Follow us on Facebook

Reach out to Jayme on his website: https://idealpractices.com/home

Reach out to Rob: Rob@RMontgomery-Law.com

Reach out to Paul: Doctor@penningtondentalcenter.com

Jayme Amos is the founder of Ideal Practices Consulting, author of Choosing the Right Practice Location, and host of “Dentistry’s Ideal Practices Podcast.” Jayme has a degree in International Business and has focused his expertise in dental practice startups, focusing on site selection, demographics, financing, construction, floor plan design and profitability.

 

Dr. Paul Goodman is a graduate of the University of Pennsylvania School of Dental Medicine, and has been practicing dentistry for over 10 years. He works with his brother in two locations in Mercer County, NJ. Dr. Goodman has purchased three dental practices and shares his personal experience with retiring dentists in managing the expectations of their patients and team members during the transition process. He is the founder of Rising Dentists Study Club and Rittenhouse Consulting, LLC - both in Philadelphia.

 

Rob Montgomery has been serving the individualized legal and business needs of dentists, dental practices and dental service organizations for over 20 years.  Rob has worked on hundreds of dental deals, ranging from practice start-ups to complex practice acquisitions involving multistate practice locations. Rob focuses his practice on the legal and business needs of his dental clients, advising on the formation of business entities, practice start-ups and lease negotiations, buy-ins, partnership agreements, practice acquisitions and sales, and much more.

Jul 21, 2017

Welcome to another episode of the Shared Practices Podcast! We’ve invited Rich Andrus from Menlo Group onto the show to help us understand practice leases. We touch on a lot of topics in this episode but the three biggest subjects are how to do deal with a practice that already has a lease in place, creating a new lease if the seller doc wants to retain the real estate, and whether or not you should buy the real estate if you have the option. Rich takes us through all of these topics masterfully in addition to highlighting many other important points throughout. We think you’re going to learn a lot in this one - we sure did! Thanks for listening to this week’s episode of the Shared Practices Podcast!

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Join our new Facebook Group!

Contact George with any questions at Georgehariri@gmail.com

Send Rich an email: rich@menlocre.com

Rich Andrus specializes in the sales and leasing of office and investment properties, with an emphasis in medical and dental tenant/buyer and landlord/seller representation.  Rich’s innate ability to establish relationships with landlords and tenants alike allow him to make an immediate impact in any situation. Rich graduated from Utah State University with a dual Bachelor’s degree in Finance and Marketing and a dual minor in Economics and Spanish.  Additionally, he graduated from the W.P. Carey School of Business at Arizona State University with a Masters in Business Administration.

Jul 14, 2017

Welcome to another episode of the Shared Practices Podcast! Today we are sharing with you part II of our conversation with Dave Alvey. This episode is all about SBA loans, so sit back, relax, and prepare your brain for some awesome lending information! Dave gives us a quick walk through of the difference between SBA loans and more traditional financing. We then get into the pros and cons of an SBA loan, and how it may be able to help a new or recent grad get into ownership sooner than they thought possible. Then at the end of the interview we have a little fun as Dave gives us the advice he has for his son - a 4th year dental student. This conversation was a lot of fun and we really hope you enjoy it. Thanks for listening to this week’s episode of the Shared Practices Podcast!

 

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Today's Episode Resource: David Alvey's List of Questions to Ask when looking at a practice to purchase. 

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Contact George with any questions you may have at: GeorgeHariri@gmail.com  

The Syndication manager and founder of Atlantic Commercial Credit, David Alvey has over twenty-seven years of commercial lending and advisory experience.He has extensive knowledge of dental and veterinary practice mergers and acquisitions, practice operations, credit analytic, cash flows, and tax and accounting analysis.

 

Dave’s engagement experience has been dedicated to financing healthcare providers primarily for medical, dental, and veterinary practices involving mergers, buy-ins, buy-outs, refinancing for growth, and multiple practice operations. His experience includes revenue and operational differences such as fee-for-service practices, PPOs, HMOs, DMOs, and Medicaid providers. In addition, Dave has an extensive background in tax and financial reporting and transaction advisory.

Jul 7, 2017

Welcome to another episode of the Shared Practices Podcast! Today we are joined by Dave Alvey, a commercial lender and founder of Atlantic Commercial Credit. To say Dave has a lot of experience and insight is an understatement! We have a wide ranging conversation that covers seller financing, practice qualities that are favorable to a new grad, the importance of borrower liquidity, among many others. Dave also shares a really great tip on finding a “Master Plan” at your local city building. If you don’t know what that is you’ll definitely want to listen for that pearl - it could save you thousands of dollars. Thanks for listening to this week’s episode of the Shared Practices Podcast!

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Today's Episode Resource: David Alvey's List of Questions to Ask when looking at a practice to purchase. 

Follow us on Facebook

If you are in the process of obtaining financing of any kind contact GeorgeHariri@gmail.com  

The Syndication manager and founder of Atlantic Commercial Credit, David Alvey has over twenty-seven years of commercial lending and advisory experience.He has extensive knowledge of dental and veterinary practice mergers and acquisitions, practice operations, credit analytic, cash flows, and tax and accounting analysis.

 

Dave’s engagement experience has been dedicated to financing healthcare providers primarily for medical, dental, and veterinary practices involving mergers, buy-ins, buy-outs, refinancing for growth, and multiple practice operations. His experience includes revenue and operational differences such as fee-for-service practices, PPOs, HMOs, DMOs, and Medicaid providers. In addition, Dave has an extensive background in tax and financial reporting and transaction advisory.

Jun 30, 2017

 

Welcome to another episode of the Shared Practices Podcast! Today’s guest is Rick Shneyder, a business banker working in Milwaukee at Bank of the West. We’re really excited about sharing this episode with you. Rick lays out the broad strokes of factors that affect a new grad’s ability to get financing and then, more broadly, how lending works for dentists. Key takeaways include the lending process from top to bottom (including timeframe for each step), advice on financing for multiple locations, and exactly what to look at in the terms of the loan. Rick also shares some tips on how to figure out if your banker knows what they’re doing. All that and more on today’s episode!

 

Links Mentioned in the Show

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

Follow us on Facebook

Reach out to Rick at Rick.Shneyder@bankofthewest.com

 

Guest Bio:

 

Rick was born and raised in Milwaukee, WI. He attended UW Milwaukee with an undergraduate degree in Finance (2004) and an MBA with a focus in Leadership & Negotiation (2006). Currently, Rick is a Vice President & Business Banking Officer at Bank Of The West specializing in several areas. He has a focus on Real Estate Financing (Investment & Owner User). Real Estate financing ranges from apartment buildings to medical offices to manufacturing facilities. He is also an expert in Dentistry, Veterinary and Optometry Financing. Within those 3 industries, Rick focuses in on Acquisitions (full or partial), Consolidation Financing, Start Ups, Tenant Improvement Financing and More. Rick is also an expert in providing operating lines of credit and financing company equipment needs.

Jun 23, 2017

Show Notes

 

Welcome to another episode of the Shared Practices Podcast! We invited dental consultant Marie Chatterley onto the show to talk with us about all things insurance. “Who wants to listen to people talking about insurance?” we can hear you thinking, but trust us - you don’t want to miss Marie’s advice about transitioning into a practice the right way. We talk a lot about insurance credentialing (what it is and when to get it), handling patient communication issues about insurance participation, and wrap up the show with a discussion about PPOs and Delta in particular. This is a content-heavy episode so get ready to dive deep into the world of handling insurance during a transition!

 

Links Mentioned in the Show

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

FAQs about Insurance Credentialing from dental-insurancecredentialing.com

Get more information about Marie and her company CTC here

Send Marie an email

 

Guest Bio:

 

Marie Chatterley has been consulting in the dental industry since 2003. She specializes in coaching doctors through major career transitions such as buying a dental practice, starting one from scratch, or finding a dental associate position. Marie received her undergraduate degree in Public Relations and Marketing from Brigham Young University. Her graduate work and research at Regis University was focused specifically on the business start-ups process (examples: market and demographic research, business plan development, effective marketing strategies, real estate negotiations, and legal issues with hiring and retaining employees).

 

Jun 16, 2017

Show Notes

Kiera Dent is a dental consultant and she joins us on today’s episode of the Shared Practices Podcast. We talk a little about her journey into dentistry, but quickly jump into some practical advice for owners and soon-to-be owners. In this conversation we touch on how to find an associateship (that doesn’t suck), learning how to communicate and educate patients in a way they can understand, and helping dentists bridge the gap between dental school and practice ownership. Kiera also touches on the importance of credentialing, which - trust us - makes a bigger impact than you might think! All this and more on today’s episode of the Shared Practices Podcast.

 

Links Mentioned on the Show

Dental placement pros

Visit Kiera’s website     

Contact Kiera: kierasdentalconsulting@gmail.com

“Never Eat Alone” book (Amazon)

Guest Bio

Kiera works with dentists and their teams to help uncover what changes can be implemented in a practice to create the most financial growth. She has been involved in dentistry for 15 years and is passionate about acting as a means to help practice owners achieve higher levels of success. She acts as an implementer and goes between dentists and their teams to hold everyone accountable for their individual part in achieving specific goals.

 

Jun 9, 2017

Welcome to another episode of the Shared Practices Podcast! We’ve got a return guest in Matt Porter, and we’re glad we asked him back. Matt dives deep into practice valuations from the perspective of a broker, and describes his unique valuation method. He shares with us how to assign values to qualitative factors - collection trends, demographics, staff tenure, etc. - that make the valuation process a lot more concrete, so you can determine if a practice is a good deal or not. We also touch on how to normalize a P&L, why you should stop using “percentage of collections” as a valuation metric, and what not to look at in a valuation. All of this and more on today’s Shared Practices episode.

Links Mentioned in the Show

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

* Menlo Transitions

* Reach out to Matt: matt@menlotransitions.com

 

Guest Bio:

 

In transitioning, brokering and consulting with dental practices, Matt brings a balance of real estate, tax, accounting, and small business acumen. His ability to properly evaluate and leverage both the quantitative and qualitative facets of a dental practice help to provide maximum value to his clients, whether buying or selling a practice. Matt has successfully transitioned dozens of dental offices and represented countless dentists who desire to sell their practice, purchase a practice, or secure a partnership.

Jun 2, 2017

Show Notes

Dr. Tuan Pham is the owner of a successful FFS practice owner in Austin, TX as well as the founder of DentalMaverick.com. Tuan graduated from dental school in 2005 and after a few years as an associate in a practice, it was sold out from under him and he found himself without a job.  Tuan shares why losing his job as an associate is one of the best things that ever happened to him. This eventually led to his search for the best startup location in a crowded metro and what he did himself rather than paying for third party demographics services.  Tuan also shares how experimenting with fees taught him a great lesson about patients' price sensitivity and how we often are holding ourselves back from a more profitable practice. Tuan is a very talented leader and offers a lot of great advice to young dentists looking to own a practice.

 

Links Mentioned on the Show

Our Episode Resource Page

Google My Maps

Tuan's Dental Maverick Summit

Dental Maverick

May 26, 2017

Show Notes

In episode 1-2 Richard interviewed Dr. Derek Williams after two weeks of practice ownership as a brand new graduate.  Since that episode Derek has more than doubled revenue and profitability of the office.  George interviews Derek about all the factors that led to his practice growth.  Derek discusses his transition, making changes in the office and dealing with staff.  Derek offers a unique perspective being a new grad and new owner at the same time. Derek talks about increasing his production per patient, dealing with staff and increasing new patient flow.

                                                         

Links Mentioned on the Show

 

Thelifestylepractice.com

Mrmoneymustache.com

May 19, 2017

Download Dr. Stroyan’s list of questions to ask at an associateship interview!

 

Dr. Cameron Stroyan (aka “DJ Destroyan”) graduated with Dr. Low from Midwestern University in Phoenix, AZ and then went to work in a practice near Seattle. After listening to this podcast, Cameron decided to become a partner now rather than waiting a couple of years. Despite hiring a very well recommended transitions lawyer who promised to help every step of the way, Cameron felt that he was forced to do the valuation and negotiation on his own. Cameron talks about the uncomfortable process of sitting in his future partner’s house and trying to negotiate down the purchase price with what felt like absolutely no leverage. For anybody considering a partnership, this episode outlines the process from somebody who has done it first hand.

 

Links Mentioned on the Show

Cameron’s Youtube Channel

Dr. Stroyan’s guide

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