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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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Now displaying: April, 2017
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.

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