Long in the Tooth: Insights for Age 55+ Dentists

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 offers from DSOs compared to independent buyers in many cases can be extreme and staggering. If a DSO is asking you to pay for an associate’s wage out of your own wages, we hope this makes you pause and think like Dr. Lori did, “Something doesn’t smell right here.”

Dr. Lori Kemmet joins us once again from Boulder, CO for Part 2 to honestly share what these arrangements can look like. Both the good and the ugly. 

As a dentist, the more educated you can become on the types of offers, your transition options, and the consequences for certain agreements, you’ll save yourself from regrets later and earn what you deserve for all your efforts over the years.

Have a question about something you heard? Reach out to Lori directly at: [email protected]

For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to: [email protected]

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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 was getting pushed into a corner and I didn’t like where this was going.” - Dr. Lori Kemmet

As a dentist, the more educated you can become on the types of offers, your transition options, and the consequences for certain agreements, you’ll save yourself from regrets later and earn what you deserve for all your efforts over the years.

Dr. Lori Kemmet is a dentist in Boulder, CO who owns a private practice called Incredible Smiles. She has experienced offers from both sides and joins us this episode to shed some light on what the process can be like negotiating terms with a DSO vs an independent buyer. 

• DSOs only wanted to use my 2019 numbers, not the last three years; they knew 2019 would be a lower year in production because we were closed for 6 weeks due to COVID-19.
• The DSO offer was OK but seemed low; after checking with a broker it was confirmed that it was low. 
• The DSO was hoping that I would not talk with a broker; they even suggested that we could avoid the broker fees.

Have a question about something you heard? Reach out to Lori directly at: [email protected]

For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to: [email protected]

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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 it be selling your practice in 1-5 years, bringing on an associate or partner, a buy-in / buyout partnership, or merger – there are issues you should consider related to dental insurance to ensure your transition is successful and profitable.

There are many variables to consider. In our 3rd and final episode with Bill Rossi, we break down the different transition scenarios to help guide you to success.

Bill is the country’s leading expert on PPO deci­sions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.

Questions answered on this episode:

• If someone is looking to sell their practice in the next 1-5 years, does it make sense to consider dropping insurance?
• If someone is thinking of adding an associate or partner, is there an advantageous time to consider a change of insurance participation?
• What challenges are buyers facing when purchasing a practice that is contracted with insurance plans?
• What should buyers be aware of when purchasing a fee-for-service practice?

For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: [email protected]

For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to: [email protected]

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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 unlike buying a practice or building a new facility, dropping insurance is a reversible decision. You can always go back. But if you’re strategic about it, there are few things you can do to add more independence and more to your bottom line. 

In part 2 of our conversation with Bill Rossi, we discuss what you can expect regarding timeline, attrition and increases in your income. We also get into how to involve your staff and how to message the insurance changes to your patients.

Bill is the country’s leading expert on PPO deci­sions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.

Questions answered on this episode:

• What is the average timeline for dropping insurance plans?
• How important is it to involve the office staff in this process?
• What things should the front office consider when dialoguing insurance participation changes with patients?
• What on average can an office expect with attrition?
• What on average can an office expect with an increase in income?

For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: [email protected]

For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to: [email protected]

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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 successful?

Yes! In this episode, Bill Rossi shares how. Bill is the country’s leading expert on PPO deci­sions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.

Questions answered on this episode:

• What things should a doctor consider before changing their insurance participation?
• Are there certain things you look for when you know dropping insurance plans is viable for a practice?
• What are some of the biggest fears or reasons doctors hesitate before transitioning to fee-for-service?
• What services do you provide to help with the process of dropping insurance?

For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: [email protected]

For help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to: [email protected]

—

Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 with the practice. The majority will be fine with it, but some will be reluctant. In this episode, Randon Jenson & Marie Chatterley help you create a game plan ahead of time on how to inform patients so that they don’t feel like they are being traded on the open market, but instead experience the transition as a smooth and positive experience. 

Helpful Tip: Avoid using the words “bought” and “sold.” 

For help transitioning your practice to new ownership, contact Randon & Marie at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to:
[email protected]

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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 anxiety for any prospective seller. As we kick off Season 2, Randon Jenson & Marie Chatterley share how and when to bring your staff members in on the transition so that they feel onboard with the process and the transition goes as smoothly as possible.

For help transitioning your practice to new ownership, contact Randon & Marie at: ctc-associates.com

Find a dental practice transition specialist in your area by sending a message to: [email protected]

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Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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, the sale of your practice. 

Over the past 38 episodes of Season 1, we’ve interviewed thirteen different, dental-specific experts who shared all kinds of tips to help you prepare for the sale of your practice. Relisten to any of those episodes for free at any time. 

In this final episode of Season 1, we welcome Randon Jenson and Marie Chatterley from CTC Associates as the new hosts and moderators for Season 2 (coming January 2022). Randon and Marie have guided hundreds of dental practice owners to successful transitions over the years, and they’ve put together a great line-up of topics to benefit practice owners this upcoming year.

Questions asked on this episode:

• What are the biggest keys to success for practice owners to transition after the sale into an even richer and more rewarding season of life?
• Could you give us a sneak peak at the topics that are planned for Season 2 to benefit practice owners?

Join us again in January 2022 to glean new insights to maximize your profitability and peace of mind.

Find dental practice transition specialists in your area by messaging: [email protected]

Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info

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 tax management investment tools to defer the money before the tax man can get to it. You might be familiar with some of these plans, but there’s one in particular that caught us by surprise.

In this episode, you’ll learn from financial advisor, Brian J. Edwards, how a 401(k), Profit Sharing Plan (PSP), and a Cash Balance Plan can be combined to create a “secret sauce” that will put a lot of extra money in your pocket, build up your retirement assets, save the company taxes, and build years on a tax-deferred basis.

Brian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.

Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.

Contact Brian Edwards by phone at: 614-473-2401, or by email at: [email protected] for more information.

Find dental practice transition specialists in your area by messaging: [email protected]

Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info

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 Brian J. Edwards is passionate about addressing.

You have an opportunity to take advantage of an extra $6 million dollars in lifetime tax exemption, but you have to act before January 1, 2022. In this episode, financial advisor, Brian J. Edwards, shares some timely advice on what you should do with the proceeds from the sale of your practice by looking at it from three different perspectives – Estate Planning, Wealth Management, and Education Funding.

Questions addressed on this episode:

• What should I do with the proceeds from an Estate Planning perspective? Trusts, Lifetime Exemption, & Donor Advised Funds (DAF)
• What should I do with the proceeds from a Wealth Management perspective? Municipal Bonds & Unified Managed Accounts
• What should I do with the proceeds from an Educational Funding perspective? 529s

Brian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.

Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.

Contact Brian Edwards by phone at: 614-473-2401, or by email at: [email protected] for more information.

Find dental practice transition specialists in your area by messaging: [email protected]

Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info