Long in the Tooth: Insights for Age 55+ Dentists

In our final episode with Jason P. Wood, we ask him the big question, “If you were in a practice owner’s shoes these days, what are the biggest risks that you would watch out for?” Listen in to save yourself from heartache and lots of lost money.

We discuss four big risks:

• Risk #1 - Transition planning (or lack thereof). We don’t want to think about it, but death will come to us all. All practice owners should have their practices in a Trust or you could lose so much.
• Risk #2 - Lease assignments. When dealing with Landlords, make sure you have “reasonable discretion” NOT “sole discretion” included. 
• Risk #3 - For Sale by Owner (FSBO) transitions. These tend to have a much higher failure rate than brokered deals. We’ll tell you why.
• Risk #4 - Dual representation broker transitions. This is a bad idea and truthfully a fallacy. You can’t serve two masters.

Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.

Contact Jason by email at: [email protected], or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.

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

Be wary of the road you choose to travel down when selling your practice. You have options which is a good thing, but there are also some roads you definitely do not want to traverse. Take insurance credentialing for example.  This has become a battlefield with “militarized” parties playing in the game. 

In this episode, we welcome back Jason P. Wood. Jason is an attorney who has served over 7,000 dentists in the U.S. He is quite familiar with the right roads to travel and how to come out on top.

In this episode, we discuss:

• Insurance credentialing, seller financing, and earnouts
• Experiences selling to private individuals
• Experiences selling to small groups, or Dental Service Organizations (DSOs)

Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.

Contact Jason by email at: [email protected], or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.

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

Inflated expectations during the sale of a practice can cause unnecessary headaches, conflict, and plenty of money. This episode with Jason P. Wood, Attorney at law, will help you think more realistically regarding Letters of Intent (LOIs), Earnest money deposits, Asset Purchase Agreements, and seller post-closing employment. Turn all the stones over right from the start because the hardest thing to do during a transition is to take a few steps back.

Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. They have served over 7,000 dentists in the U.S. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.

Contact Jason by email at: [email protected], or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.

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

Next up, we welcome Jason P. Wood, Attorney at law, to the podcast. Jason is a partner in the Law Firm of Wood & Delgado. Together, they have served over 7,000 dentists in the U.S.

Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.

In this episode, we ask the big question: What are post-pandemic specific legal issues being faced by practice owners? We cover PPP, EIDL, staff employment, and more.

Contact Jason by email at: [email protected], or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.

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

This week, we’re taking a break from interviewing a new subject matter expert to hear from our podcast host, Bob Brooks, CEPA, CBI. Over the years, Bob has worked with many practice owners advising them on their practice transitions. He’s got a wealth of good, bad, and funny experiences to share so that you don’t make the same mistakes other owners have made. (Don’t worry, no names are mentioned).

Unproductive things to think and say as a Practice Owner:

• “If any of my staff find out that I’m thinking about selling, they’ll certainly leave.”
• “This office is great, another dentist can start practicing right away.” (the office hadn’t been updated since 1975…)
• “My golfing buddy is a criminal defense attorney, and he will assist with the sale.”
• “My patients love me. They’re like family to me.”
• “My patients travel 100 miles to see me.”
• “Someone is going to get killed in that parking lot one day.” 
• “When you buy my practice, you’re going to lose patients.” 
• “I really don’t care what I get paid.” 

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 world of practice transitions is maturing in many ways for the better. If you’re thinking about making a transition, ideally you are planning 3 years in advance so you can avoid the two most common mistakes – not having a transition team, and your own emotional preparedness.

Tune in for our last episode with Brian Hanks, MBA, CFP, as we talk all about evaluating transition options, advisors, transition trends, For Sale by Owner (FSBOs), and sale readiness. 

Brian’s company, Dental Buyer Advocates, guides dentists through the process of analyzing, negotiating, and purchasing the right dental practices. He has served over 1,100 dentists nationally. Brian was an accountant and Certified Financial Planner™ at two different dental CPA firms, and he has an MBA from the University of Michigan.

Key questions we answer on this episode:

• Who do buyers and sellers typically need to transition a dental practice?
• What are some newer trends with transitions?
• Who should attempt to sell their practices and who should hire help?
• When is the ideal time to start prepping to sell your practice?
• Any common mistakes to avoid with transitions?

To get a discount on Brian’s new book, Selling Your Dental Practice, go to: dentaltransitioncoaching.com/book/. You can also access 100+ free articles about different questions you might already be asking at: dentalbuyeradvocates.com/blog/

To contact Brian Hanks, email him at: [email protected], or call: 801-304-3302. 

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

Have you read the books, How to Buy a Dental Practice, and Selling Your Dental Practice? Our special guest on this episode, Brian Hanks, MBA, CFP, authored both of those. He is the right guy to sit down with today to talk all about good fit, buyer readiness, common seller mistakes, buyer’s post sale success, and more.

Brian’s company, Dental Buyer Advocates, guides dentists through the process of analyzing, negotiating, and purchasing the right dental practices. He has served over 1,100 dentists nationally. Brian was an accountant and Certified Financial Planner™ at two different dental CPA firms, and he has an MBA from the University of Michigan.

Key questions we answer on this episode:

• How would a seller know if a buyer is a good fit?
• Assuming a good fit, what does a buyer need to be ready to purchase?
• What common mistakes do buyers make that kill deals?
• What might a buyer try to negotiate that sellers need to be ready for?
• How can a seller help set-up a buyer for future success?
• Where can I point a buyer to make sure they're getting good advice?

To get a free copy of the book, How to Buy a Dental Practice, that was mentioned on this episode, go to: dentalbuyeradvocates.com/book 

To contact Brian Hanks, email him at: [email protected], or call: 801-304-3302. 

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

It’s the question all late career dentists want to know – What is the average price of a practice, and how much is my practice worth? 

Today, we are joined by Brian Hanks, MBA, CFP. Brian’s company, Dental Buyer Advocates, guides dentists through the process of analyzing, negotiating, and purchasing the right dental practices. He has served over 1,100 dentists nationally. Brian was an accountant and Certified Financial Planner™ at two different dental CPA firms, and he has an MBA from the University of Michigan.

In this episode, Brian gives a quick, easy answer to the question, “What is the average price of a practice today?” But a word of caution – the word “average” can hide all kinds of sins and numerical fallacies. In order to get the specific value for your practice, you’ve got to dig a little deeper. This episode addresses some of those subtleties as well as some tips for you to get top dollar for your practice.

On this episode, we discuss:

• What is the average price of practices selling nationally?
• Is the rise of corporate dentistry fueling the general rise in practice prices?
• What role do banks play in practice prices?
• With student loans, how can buyers afford to buy practices?
• What practice characteristics result in above average sale prices?
• What can sellers do to get top dollar for their practice?

To access the free resource Brian mentioned in this episode, the 2021 Dental Practice Pricing Guide, go to: dentaltransitioncoaching.com

To contact Brian Hanks, email him at: [email protected], or call: 801-304-3302. Learn more about the services he provides at: dentalbuyeradvocates.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

Joshua Austin, DDS MAGD FACD, joins us once again as the perfect person to address digital dentistry and the use of technology in dentistry for late career practice owners. 

Dr. Austin has a monthly column in Dental Economics that focuses on guiding dentists in their decisions about dental products and equipment. It is one of the most read dental magazines in the world. He evaluates everything in his own dental office and is passionate about digital dentistry because of how it can help people and dental practices. 

So, what exactly is a “digital dental practice”? And what technology is necessary to be considered a “digital practice”? We answer these questions and more in this episode. Fortunately, it isn’t as complicated as you might think.

Topics discussed:

• What is a “digital dental practice”?
• What technology is necessary to be a “digital practice”?
• What is the MOST IMPORTANT part of digital dentistry?
• Should someone in the 4th quarter of their career look at adopting digital?
• If you could use digital dentistry for one thing and one thing only, what would it be?

Learn more about Joshua Austin online at: joshuaaustindds.com, and explore articles by Dr. Austin in Dental Economics at: dentaleconomics.com/science-tech

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

Our next special guest is Joshua Austin, DDS MAGD FACD. Dr. Austin is a published author and lectures nationally on restorative dentistry and reputation management. He has a monthly column in Dental Economics magazine that focuses on guiding dentists in their decisions about dental products and equipment. It is one of the most read dental magazines in the world.

Questions we address in this episode:

• What are younger dentists looking for in a practice?
• Are younger dentists really lazy?
• What should I focus on to recruit a young dentist buyer?
• Does the associate-to-partner buyout model still work?
• What should be my phase out strategy?

Learn more about Joshua Austin online at: joshuaaustindds.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