Long in the Tooth: Insights for Age 55+ Dentists

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 is the opposite end, the sale of your practice will take place in today’s marketplace where knowing the demand, demographics, and difficulties facing today’s buyers will be advantageous for you to get the best deal.

Ben Stewart joins us once again to share some key insights. Ben is the Sales Director for Bank of America Practice Solutions in the Central and Southeast. He is responsible for 20 Business Development Officers located in Georgia, North Carolina, Tennessee, Ohio, and Florida. They provide financing for Dentists, Veterinarians, and Physicians in private practice. Bank of American Practice Solutions is the largest dental lender in the country.

Questions addressed on this episode:

• What does a typical buyer today look like?
• From a lender’s perspective, what helps to make transactions the smoothest and easiest?
• What is the demand today for younger dentists who want to own practices?
• What are some trends you are seeing in today’s buyers?
• How are lenders looking at practices through this post-COVID recovery? What changes have happened to loan criteria and terms?
• Besides interest rate, what are other important factors for buyer’s to consider when looking for financing?
• What are difficult deals for banks to finance?

Ben Stewart can be reached directly by email at: [email protected] or by phone at: 614-402-2936. 

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

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 PPE loans, deferments on deals, and reevaluating their lending criteria. There was uncertainty in the market – How would the dental industry be affected? Would practices be able to rebound? Were people going to go back to seeing the dentist?

Ben Stewart of Bank of America Practice Solutions joins us to shed some light on what’s happened and what financing for dental practitioners looks like today. He shares some good news – the dental industry is robust and resilient. Things have rebounded much faster than anticipated.

Bank of America Practice Solutions provides financing for Dentists, Veterinarians, and Physicians in private practice. They are the largest dental lender in the country. Ben Stewart has been working in the industry for the past 20 years providing loans to doctors. He is the Sales Director for Bank of America Practice Solutions in the Central and Southeast. He is responsible for 20 Business Development Officers located in Georgia, North Carolina, Tennessee, Ohio, and Florida.

Questions addressed on this episode: 

• What changes in loan criteria occurred as a result of the pandemic?
• What dental financing trends do you see in 2021?
• Are loans available for practice buyers?
• When would a seller need to participate in financing with a buyer?

Ben Stewart can be reached directly by email at: [email protected] or by phone at: 614-402-2936. 

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

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) and group buyers could be an option to take this burden off your hands for a price. 

In this episode, we dive into the distinctions between DSOs and groups and some special considerations if you should choose to sell your practice to either of them. Like most things in life, there are good ones, bad ones, and ugly ones. Educate yourself on what to ask and what to watch out for.

Our subject matter expert on the topic is Greg Jones. Greg is a Licensed Real Estate Broker and the Director of Operations for Doctor’s Choice. Doctor’s Choice is Florida’s largest statewide professional dental practice broker, consistently maintaining over 100 practice opportunities, and representing dentists statewide for over 30 years. 

Greg has been with Doctor’s Choice since 2014 helping dentists transition into retirement or ownership. He was awarded ‘Top Agent’ in 2020 and is also a member of the National Association of Practice Brokers (NAPB) and Practice Valuation Study Group (PVSG). Both of these are prestigious groups of only the top dental practice brokers in the country.

Questions addressed on this episode:

• What are groups and what are DSOs? 
• What is the future of DSO dental practice purchases? 
• What are DSO and group buyers looking for in a practice? 
• What are the main differences between DSOs?  
• Should sellers use a broker when selling to a DSO or group?

For more information, contact Greg directly by phone at: 561-596-1782, or via email at: ​​[email protected]. Learn more about Doctor’s Choice online at: Doctors-choice.com

Learn about 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

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 private practice buyers that will help you make strategic decisions for the future.

Our expert on the topic is Greg Jones. Greg is a Licensed Real Estate Broker and the Director of Operations for Doctor’s Choice. Doctor’s Choice is Florida’s largest statewide professional dental practice broker, consistently maintaining over 100 practice opportunities, and representing dentists statewide for over 30 years.

Greg’s father (Kenny Jones) started Doctor’s Choice 32 years ago. While Greg had no idea what career he wanted to pursue, he knew that he was a “people person” and loved helping and conversing with others. Greg decided to work with his father to see if becoming a dental practice broker & consultant was a good fit. And that was all she wrote. Since 2014, Greg has been with Doctor’s Choice helping dentists transition into retirement or ownership. He was awarded ‘Top Agent’ in 2020 and is also a member of the National Association of Practice Brokers (NAPB) and Practice Valuation Study Group (PVSG). Both of these are prestigious groups of only the top dental practice brokers in the country.

Questions addressed on this episode:

• What does today’s typical private practice buyer look like? 
• What are private buyers looking for in a practice?
• What if a seller’s practice doesn’t match what buyers are looking for?
• Do practice buyers generally prefer to lease or purchase the real estate?
• How do differences in seller’s and buyer’s procedures affect deals?
• What are reasonable seller expectations in rural cities?

Learn more about Doctor’s Choice online at: Doctors-choice.com. Contact Greg Jones directly via email at: ​​[email protected] or by phone at: 561-596-1782

Learn about 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

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 focusing on the financial changes you can expect, especially if you sell to a DSO.

The culture, compensation, tax write-offs, patient insurance plans, and more are all formed by the person who is in control. They decide what to buy and what to spend, what not to buy and what not to spend. As the seller, that is no longer you. That can be a tough pill to swallow if the new owner doesn’t share the same values as you (and yes, there are some unfortunate horror stories).

Earl M. Douglas, DDS, MBA, BVAL joins us again to address what sellers can expect after selling to a DSO. Dr. Douglas began his transition career in 1982 after selling his own dental practice. His company, ADS South, LLC, provides consulting services in the Southeast, from Louisiana to Washington, D.C. 

Dr. Douglas has extensive training and experience in both clinical dentistry and business. He has created professional software for the valuation and analysis of dental practices which is used by many professional brokers and lenders. He is a contributing author for Dental Economics and he has presented at numerous seminars for Dental Economics and state dental associations. He is also a member of the Practice Valuation Study Group.

Questions addressed on this episode:

• How will the culture of a practice likely change after selling?
• How will a seller's compensation rate change? 
• How will a practice seller's tax write-offs be impacted? 
• What changes in patient insurance plans will likely occur?
• How will these changes affect a seller's employment compensation? 

Learn more about Dr. Douglas online at: adssouth.com or contact him via email at: [email protected] or by phone at: 770-664-1982

Learn about 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

The price DSOs are willing to pay for a dental practice can look really, really enticing. It can seem like a no-brainer choice for a practice seller, but a well-informed seller would seriously reconsider. You have to look past this top line number to understand the terms and conditions that are associated with the offer to know where the bottom line will fall. The discrepancy can be alarming.

Today, we welcome Earl M. Douglas, DDS, MBA, BVAL to the podcast to educate us on DSOs. Dr. Douglas began his transition career in 1982 after selling his own dental practice. His company, ADS South, LLC, provides consulting services in the Southeast, from Louisiana to Washington, D.C. 

Dr. Douglas has extensive training and experience in both clinical dentistry and business. He has created professional software for the valuation and analysis of dental practices which is used by many professional brokers and lenders. He is a contributing author for Dental Economics and he has presented at numerous seminars for Dental Economics and state dental associations. He is also a member of the Practice Valuation Study Group.

Questions addressed on this episode:

• Do DSOs really pay as high as 100% of a year’s gross collections? 
• If I don’t get the sale price all up front, what are the contingencies?
• Why should anyone look this deal over when it seems like a no-brainer?
• How can DSOs justify paying so much?
• What is a better alternative than selling to a DSO?

Learn more about Dr. Douglas online at: adssouth.com or contact him via email at: [email protected] or by phone at: 770-664-1982

Learn about 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’s a classic, popular line in business sales – “Time kills all deals.” But when Denise Logan hears that, she knows the person who said it is actually scared – scared that if they don’t push, they will lose out and the deal will fall through. 

Denise has another saying that challenges this mantra – “Unaddressed emotion kills deals.”

Every single seller has an emotional drama around the sale of their practice. If things happen too fast and their emotions aren’t addressed, then they will likely walk away from the deal. You can keep those transactions together as long as you help people to process the emotion that otherwise trips their fears. Sometimes it means slowing down so that their emotions can catch up.

The million dollar question becomes how do you drill down to find the unaddressed emotion in a way that won’t offend people? We discuss that and more in our final episode with Denise Logan. 

Denise Logan is on a mission to help sellers and advisors to understand the change that’s happening, and to increase the number of advisors that have the ability to care about people, along with transactions. Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling your business and letting go into your own version of what’s next.

Questions discussed:

• What is the best way to drill down to find unaddressed emotion in a way that will not offend others?
• What are some examples of unaddressed emotion leading to sellers actually sabotaging their own deals?  
• What % of sellers have a difficult time with the emotional side of practice sales?
• How can practice sellers self-diagnose to determine if the emotional side of a transaction will be an issue in their deal?
• What is a seller’s best course of action to remedy challenges with the emotional side of selling their practices?
• What practical and intangible steps can a practice owner take to avoid the immortality mindset trap?
• What is the best way for a practice owner to emotionally prepare for the transition of their practice to new ownership?
• If you had to sell in the next year, what 1 THING would you do to guarantee success?

Contact Denise online at: deniselogan.com, or email her at: [email protected]. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.

Learn about 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

In a deal, many people will try to say, “Let’s keep emotion out of it.” But did you know that’s actually impossible? Emotions are always present and fear especially can show itself in five ways on both sides of the transaction – fight, flight, freeze, fawn, and submit.

In this episode, we examine with Denise Logan the psychology and emotions of dealing with buyers. When you deal with the emotion in the room instead of pushing past it, you create a safe environment which builds trust and keeps your deal from ending in disappointment. 

Denise Logan is on a mission to help sellers and advisors to understand the change that’s happening, and to increase the number of advisors that have the ability to care about people, along with transactions. Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling your business and letting go into your own version of what’s next.

Questions addressed on this episode:

• Transparency: What are your thoughts on concealing information in a transaction?
• Deception: What signals are being sent out by a seller to buyers when a seller is not forthcoming with information?
• Dual representation: What are your views on dual representation in dental practice brokerage?
• Dual agent: How can a dual agent/practice broker represent a seller’s best interest as a dual agent?
• Fear: How can managing buyer’s expectations and identifying buyer’s emotions and motivations impact a deal?
• Good fit: What if a seller cannot find a buyer that is a perfect fit? 
• Flexibility: How flexible should a seller be in accepting someone as a buyer?
• Change: What if a prospective buyer wants to make changes in a practice? Does this mean that the seller was doing things wrong?

Contact Denise online at: deniselogan.com, or email her at: [email protected]. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.

Learn about 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

For most practice owners, selling their practice is the single biggest professional transition of their life. It’s a complex emotional journey that involves way more than money. If an advisor says to you, “Oh you’ll figure it out. You’ll have plenty of money.” That’s not a good advisor. Run away. They are only focused on the transaction and don’t care enough about you. 

In this episode, we’re talking all about advisors. It’s a topic we’re passionate about and so is our special guest, Denise Logan.

Denise is on a mission to help sellers and advisors to understand the change that’s happening, and to increase the number of advisors that have the ability to care about people, along with transactions. Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling your business and letting go into your own version of what’s next. 

Denise’s two decades of research and thought leadership on the subjects of work, money and meaning and how executives navigate the waters of transition and reclaim their sense of identity outside of their business has made her a popular speaker to audiences on three continents and a frequent commentator on the subjects of business succession planning, transition and legacy. She has also provided advanced training to advisors employed by some of the world’s largest financial institutions, law firms and accounting firms, helping their clients successfully transition their businesses to new owners. And she is the author of the book, The Seller’s Journey.

Questions addressed in this episode:

• How would you advise a seller on selecting a practice broker that cares for their practice transition, as much as the transaction itself? 
• What would you say is the percentage of dental practice brokers that are able to put the seller before themselves in a transaction?
• What are your thoughts about practice owners selling their practices directly themselves, without a qualified broker?
• When a seller does not use a qualified broker who can build a good market for their practice? How does that playout with seller emotions and a seller’s prospects for a good outcome? 
• What should practice sellers be looking for in attorneys?
• How can practice sellers and their brokers best work with attorneys to manage expectations of both their client/sellers and those of buyers?

Contact Denise online at: deniselogan.com, or email her at: [email protected]. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.

Learn about 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

We welcome next to the podcast, the Seller Whisperer, Denise Logan. 

It is a complex emotional journey to sell your business and let go into your own version of what’s next. Many get trapped in their businesses and miss out on other important parts of life. Many tend to omit or ignore the personal growth and emotional side of this practice sale journey. 

Weaving together her background as a lawyer, mental health professional and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate this complex emotional journey.

Denise’s two decades of research and thought leadership on the subjects of work, money and meaning and how executives navigate the waters of transition and reclaim their sense of identity outside of their business has made her a popular speaker to audiences on three continents and a frequent commentator on the subjects of business succession planning, transition and legacy. She has also provided advanced training to advisors employed by some of the world’s largest financial institutions, law firms and accounting firms, helping their clients successfully transition their businesses to new owners. And she is the author of the book, The Seller’s Journey.

Questions addressed in this episode:

• What is the “lizard brain” and how does it affect practice sales?
• How do you navigate the conversation about “what the work provides” for a business owner, and what exactly does that mean?
• What’s O-MY (One More Year) Syndrome, and how can you spot it and solve for it?
• How does a practice owner answer the question, “Who Am I if I am not practicing dentistry? How is this question relevant when it comes to selling? 
• What advice do you have for practice owners so they don’t get trapped in their businesses and miss out on other important parts of life?
• Why do people tend to omit or ignore the personal growth and emotional side of the practice sale journey?

Get in touch with Denise online at: deniselogan.com, or email her at: [email protected]. Denise’s book, The Seller’s Journey is available on her website, and on Kindle and Audible.

Learn about 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