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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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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!

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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. 

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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

May 12, 2017

Download the Advanced Demographics Guide


In this episode of the Shared Practices Podcast I introduce my new Co-host, George Hariri, to the show. We talk about demographics and how to apply them for the practice purchase. We dive into how to know when demographics for an acquisition are important. How to assess the external growth opportunities in an area. Then George blows my mind with the method he used to reverse engineer finding his ideal practice starting with demographics.

Links Mentioned on the Show

Dentagraphics.com

BreakawayPractice.com

Dentaltown.com

George Hariri is a D3 (soon to be D4) at Midwestern University, in Phoenix, AZ. He, along with Dr. Derek Williams (See Season 1 Episode 2), run a group on dentaltown called “Ambitious Dental Students”. George has spent the vast majority of his time in dental school studying up on the business side of dentistry and helps others look at practice purchases as well as other opportunities.

May 6, 2017

In this episode Dr. Hunter Smith shares his methods of determining the range of values that you should consider for a practice acquisition.  He also shares why demographics are just as important for an acquisition as they are for a startup and how location plays into that.  We go through all the levels of profitability that can be used to determine the final value of a practice.

Links Mentioned on the Show

 

Guest Bio

Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first 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 to 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.

 

Thank you to our sponsors!

SpearEducation.com

  • Mention the podcast for a 30 day trial
    Use the promo code LOW200 for $200 off your annual membership

Formlabs.com/SharedPractices 

  • Checkout the many applications of the Form2 in dentistry and request a sample surgical guide
Apr 29, 2017

In this episode Dr. Hunter Smith lays out the fundamentals of understanding what a practice is worth.  A broker can send you a practice listing, but how do you know if this is all the information you need and what is the most important?  Hunter lays out which documents to ask for, which numbers to pay attention to, and his top 4 factors for pulling the trigger on a practice.  Learn why it's so important to understand your personal factors that play into whether or not this practice is worth it for you.

Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first 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 to 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.

Thank you to our sponsors for this episode:

SpearEducation.com - mention the podcast for a 30 day trial and promo code LOW200 for $200 off your annual membership after the trial

Formlabs.com/SharedPractices - Checkout the many applications of the Form2 in dentistry and request a sample surgical guide

Apr 21, 2017

In the first two years out of school, Hunter Smith and his partner have acquired 6 dental practices. In this episode of the Shared Practices Podcast, Hunter joins us to talk about that journey. We cover a lot of ground in this episode including the value of getting great advice, what not to do when acquiring, and the path to multiple practice ownership. Hunter also shares some great advice about the one thing that holds people back from being more successful. We really had a great conversation and hope you enjoy this one.

Email Richard@SharedPractices.com or hunterasmithdds@gmail.com with a practice you want evaluated on the show.  (Even if you’ve signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

Links Mentioned on the Show

Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first 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 to 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.

Apr 14, 2017

A bonus episode with Dr. Cory Glenn about why being a practice owner is worth it even if you're more into clinical dentistry than running a business. I also get a bit personal and share why I had to drop Blue Sky Bio as a sponsor for our podcast (It's not you, BSB, it's me).

Sign up for the Blue Sky Bio Academy for help and support from Dr. Glenn as you integrate guided implant surgery into your practice: Blue Sky Bio Academy (http://www.blueskybio.academy/public/main.cfm)

Go to BlueSkyBio.com (https://blueskybio.com/) and use the promo code Share Practices Podcast for $200 off any order $500+ or $250 off any Implant starter package.

Email John Cary, the general manager of BSB to tell him you are now planning on using BSB because of our show at JCary@BlueSkyBio.com

 

Apr 7, 2017

Are you looking into an acquisition and wondering where to start? When is the best time to meet with a lender? Should you overpay on student loans or set aside cash to build liquidity? In this episode of the Shared Practices Podcast we are chatting with Matt Porter, a dental broker from Arizona, and we take a deep dive into the many facets of a successful practice acquisition. We get into a great discussion on the dollar amount of goodwill and why that number may mean a lot more to the seller. Matt also walks us through the role of a great broker, taxes and asset allocation, and how you can spot a lemon. It was a joy to record with Matt and he really brings a lot of value to the conversation, so enjoy the episode!

 

Email Richard@SharedPractices.com or hunterasmithdds@gmail.com with a practice you want evaluated on the show.  (Even if you’ve signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

 

Links Mentioned on the Show

* Menlo Transitions

* Reach out to Matt: matt@menlotransitions.com

 

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.

Mar 31, 2017

You know you need systems in your practice to be more profitable and predictable, but how do you start putting them into place? In today’s show of the Shared Practices Podcast we have Dr. Mark Costes, and he walks us through the basics of systemization. We discuss which parts of your practice should be systemized first, the value of leadership in a practice, and the power of checklists. Mark also shares a tip about the potential of over-systemization and how to avoid that pitfall. All that and more on this episode of the Shared Practices Podcast.

Links Mentioned on the Show:

* Crucial Accountability by Vital Smarts (Amazon)
* Mark’s website and a link for a FREE copy of his book - Dental Success Institute
* Mark’s dental podcast - The Dentalpreneur (iTunes)
* Reach out to Mark - info@truedentalsuccess.com

Email Richard@SharedPractices.com or hunterasmithdds@gmail.com with a practice you want evaluated on the show.  (Even if you’ve signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

 

Dr. Mark Costes is the founder of the Dental Success Institute, Horizon Schools of Dental Assisting, and the author of Pillars of Dental Success. He runs multiple practices, speaks at dental forums around the world, and coaches over 50 practice owners to help maximize profits.

Mar 24, 2017

When do most people move into practice ownership? After 5 years? After 1 year? Well, the two guys on our show today bought their first practice when they were in their D3 year! Their story is an incredible journey of the value of hard work, utilizing mentors, and building relationships that you won’t want to miss. Along the way you’ll hear about the power of developing a “start now” attitude, defining your mission and vision to achieve your goals, and the biggest mistake a new practice owner can make. All that and more on today’s episode of the Shared Practices Podcast.

Links Mentioned on the Show

Email Richard@SharedPractices.com or hunterasmithdds@gmail.com with a practice you want evaluated on the show.  (Even if you’ve signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

Daniel Dela Cruz and Matthew Whitson are both 4th year dental students and they have partnered up to purchase their own dental practice before completing school. They decided to hire an associate with more than 20 years experience in the field to run the practice while they finish up school. Daniel was born in the Philippines and moved to the US when he was 9 years old. Mathew is from Cookeville, TN. The two of them met at the University of Kentucky.

 

Mar 17, 2017

Welcome to season 2 of the Shared Practices Podcast! We’re hitting the ground running with financial advisor Reese Harper. Reese has a wealth of information and we really dive deep on the topic of acquisitions. In this episode you’ll hear about finding the right size practice for your goals, avoiding lemons, understanding the importance of the hyg:doctor production ratio, and the most important thing to consider when acquiring a practice. You’ll also hear about the small piece of advice that changed the trajectory of Reese’s company. All that and more on today’s episode of the Shared Practices Podcast.

Links Mentioned on the Show

  • Reese’s company - Dentist Advisors
  • Reese’s podcast - The Dentist Money Show (iTunes)
    • Episode #41 Ben Tuinei Explains the Art of PPO Negotiation
    • Episode #26: 9 People Dentists Need to Know
  • Matt Porter with Menlo Transitions
  • Menlo Group for Leases in the Phoenix market


Email Richard@SharedPractices.com or hunterasmithdds@gmail.com with a practice you want evaluated on the show.  (Even if you’ve signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

Guest Bio
Reese Harper, CFP® is the founder and CEO of DentistAdvisors.com, a financial advisory firm that was originally named Acquire Wealth. Soon after its inception, Reese decided to narrow his focus on dentists and specialist which make up about 94% of his current clientele. His trademark planning methodology called “Elements” is used by dentists all over the country to plan, invest and retire better. Reese also serves as editor of the DentistMoney™ blog.

Jan 8, 2017

Welcome to Season 2! In today's episode with Dr. Scott Leune we dive into what it means to implement clinical and business systems in your dental practice.

Visit BreakawayPractice.com to sign up for Dr. Leune's course in San Antonio or learn about their other services.

Dental Intel was the resource Breakaway uses for automatically monitoring key indicators from practice software.

Dr. Leune graduated from UT Health Science Center School of Dentistry in 2005. His dental career began with three startup practices in San Antonio which grew to 80 staff, 10 dentists, and a call center in a very short time. These practices continued to average a combined total of over 700 new patients per month and were all managed by Dr. Leune working a mere 4 days per month. In 2011, Dr. Leune started seven practices in the Dallas-Fort Worth area, opening them within a two-month timespan. Over the last 4 years, through the Breakaway Affiliate Program, Dr. Leune has helped build approximately 80 startup practices nationwide.

For the last 8 years, Dr. Leune has lectured to thousands of dental professionals & executives sharing his proven systems, marketing and practice design, leading to consistently sold-out seminars. He has been featured in numerous dental publications and listed as the ‘most-subscribed-to-person’ on Dentaltown (the premiere online dental community).

Dr. Leune has also created and grown Breakaway’s Support Services and Affiliate Program to include over 270 practices nationwide, adding several more each day. He has continued to redefine practice management, as the leader & expert in profitable dental practice systems to maximize success.

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