Colin Carr is a distinguished real estate expert specializing in healthcare-related properties, with a particular focus on the dental industry. He emphasizes the critical importance of having specialized real estate expertise in the healthcare sector, as he has seen providers incur significant financial losses due to lack of proper representation in commercial real estate transactions. Carr's perspective is that knowledgeable advocacy during lease negotiations can save healthcare providers thousands of dollars per month and prevent unnecessary borrowing for build-out costs. To address this need, he founded a company that offers exclusive tenant and buyer representation for healthcare professionals, ensuring they are well-informed and not taken advantage of in real estate deals.

Here’s what to expect this episode:

• Having expert representation in real estate transactions is crucial to prevent financial burdens and unnecessary costs for healthcare providers.

• Negotiating key lease elements can help healthcare providers avoid financial losses and maximize savings through strategic decision-making.

• Real estate brokers play a vital role in commercial real estate deals, especially in healthcare transactions, by saving clients money and protecting their interests.

• Commercial real estate acquisitions require thorough due diligence, negotiation skills, and strategic decision-making to ensure competitive terms and options.

• Engaging in negotiations with multiple landlords simultaneously can lead to competitive deals, informed decision-making, and significant cost savings for potential tenants.

• Specialized legal and real estate expertise is essential in healthcare and commercial real estate transactions to protect client interests and maximize financial outcomes.

• By having a knowledgeable team in place, clients can effectively navigate the commercial real estate market and ensure favorable outcomes for their business ventures.

Connect with Colin Carr:

Colin Carr | Chief

Executive Officer | CARR

https://carr.us/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Why is creativity important in marketing for dental clinics?

Hassan Mushaid, an accomplished professional with a rich background in dentistry and business, specializes in marketing strategies for dental practices. Mushaid started his journey as a dental nurse, pivoting over time into the business and marketing side of dentistry due to his strong tech and business skills. He believes in performance marketing strategies for dental practices, a view shaped by his diverse experience in roles such as practice manager, business development manager, and territory manager for Invisalign. Mushaid emphasizes the importance of data, effective communication, and education in marketing, and uses his understanding of investment strategies and risk appetites to create marketing strategies that resonate with patients and boost revenue for dental practices.

Here’s what to expect this episode:

Tracking lifetime value is crucial for dental practices to make informed decisions about marketing strategies and investments.

Creating a positive patient experience builds trust and leads to patients accepting more extensive treatments over time.

Video marketing is essential in dentistry to engage with digital learners and effectively communicate with patients.

Understanding the lifetime value of patients emphasizes the importance of long-term patient retention and satisfaction.

Dental software providers have an opportunity to offer insights and marketing functionality to support practices.

Creativity in marketing strategies is key for dental clinics to establish a strong brand identity and stand out in the industry.

Connect with Hassan Mushaid:

https://www.linkedin.com/in/hassanmushaid/?originalSubdomain=uk

https://hassanmushaid.com/the-creative-composite-2/

Connect with Stan Kinder:

https://www.everythingdso.com/

https://www.linkedin.com/in/stan-kinder-a3280a234/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Why is diversifying investment strategies important for long-term prosperity in the dental practice world?

Curtis May, a seasoned financial advisor and principal at Practical Wealth Advisors, LLC, has a distinct perspective on financial literacy and investing, shaped by over three decades in the industry since 1985. May's approach focuses on teaching fundamental financial principles rather than promoting specific products, emphasizing the importance of managing cash flow, prioritizing savings, and investing in cash-flowing assets. He encourages individuals to take control of their finances and explore opportunities like real estate and business investments to generate passive income and ensure long-term financial stability. Through his podcast, YouTube channel, and website, May challenges traditional financial advice and offers alternative strategies, advocating for continuous financial education and understanding the impact of lost opportunity costs.

Here’s what to expect this episode:

Connect with Curtis May:

https://www.linkedin.com/in/curtismay/

https://alphaomegawealth.com/pennsylvania/curtis-may/

Connect with Stan Kinder:

https://www.everythingdso.com/

https://www.linkedin.com/in/stan-kinder-a3280a234/

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Stewart Townsend, with an extensive background in the software industry and notable tenures at companies like Oracle and Zendesk, brings a wealth of knowledge to the realm of differentiation and unique selling points. Leveraging his expertise in indirect sales and

channel partnerships, Townsend has transitioned from corporate roles to entrepreneurship, now consulting and building software companies. His unique perspective emphasizes the importance of conversations that assess an individual's fit within an organization, aiming to enhance career progression and workplace satisfaction. Townsend's insights extend to how dental practices communicate with customers, advocating for relationship-based approaches and innovative marketing strategies to drive business growth and patient retention.

Here’s what to expect this episode:

• Utilizing referrals and resellers can help dental practices bring in business without needing a large direct sales team.

• Partnerships with complementary services like beauty parlors or plastic surgeons can generate qualified referrals and create additional revenue streams for dental practices.

• Collaborating with independent registered nurses to offer Botox services in unused space within the practice can attract new patients and create an independent income stream.

• Personality-oriented hiring focusing on traits and culture fit over skills and experience can improve patient interactions and create a positive work environment.

• Investing in ongoing personal development and soft skills training can help create a strong team bond and set dental practices apart from competitors.

• Innovative marketing strategies focused on community engagement and education can attract new patients and foster patient retention and business growth.

Connect with Stewart Townsend:

https://www.linkedin.com/in/stewarttownsend/

https://stewarttownsend.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

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Sharon Seeberan, a serial entrepreneur and co-founder of Cloud Medspa, leverages her extensive healthcare background to revolutionize the aesthetic and cosmetically focused practices in the Bay Area. With a keen belief in the cloud medspa business model, she emphasizes its potential to allow practitioners to refocus on patient care while efficiently managing scheduling, space rental, and revenue generation through advanced software. Sharon particularly highlights the symbiotic relationship between aesthetic procedures and cosmetic dentistry, maximizing underutilized rooms in dental practices to generate additional revenue and reduce overhead costs. She advocates for transparency and is committed to

mentoring new practitioners, encouraging a collaborative environment that fosters growth and innovation within the industry.

Here’s what to expect this episode:

• Maximizing underused rooms in dental practices can lead to additional revenue streams by renting out space to practitioners.

• Cloud Medspa locations offer training, mentorship, and support for new aesthetic practitioners, creating a supportive environment.

• Practitioners using the system can earn between $200 to $400 per hour, making it quite lucrative with high-profit margins.

• Networking amongst practitioners at shared spaces leads to better marketing and revenue growth, enhancing business skills and increasing client retention rates.

• The software used for managing Cloud Medspa locations is cloud-based, streamlining the process of renting space and managing schedules.

• Effort for Practitioner Acquisition is crucial to help practitioners understand and take advantage of opportunities in the aesthetics industry.

• The Shared Space Model at Cloud Medspa empowers entrepreneurs to run their own businesses without the overhead costs of owning a space, generating rental revenue.

Connect with Sharon Seeberan:

https://www.linkedin.com/in/shannon-hay-seeberan-480b004/

Connect with Stan Kinder:

https://www.everythingdso.com/

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How does someone with over 30 years of dental consulting experience view the complexities of practice transitions and valuations?

Dr. Tom Snyder, a former Department Chair at the University of Maryland School of Dentistry and current faculty member at the University of Pennsylvania School of Dental Medicine, is a nationally recognized speaker, author, and consultant with over 30 years of experience advising dentists on strategic planning, practice valuations, and partnership formation. Currently overseeing valuation analysis for Henry Schein, he discusses dental practice transitions on host Stan Kinder's podcast, emphasizing how location, cash flow, and physical plant impact value through three approaches: market, income, and asset. Dr. Snyder, who earned his DMD from the University of Pennsylvania and MBA from The Wharton School, stresses the importance of early transition planning (3-5 years ahead), covering financial planning and practice improvements, while noting the typical 6-9 month timeline for selling a practice due to challenges with due diligence, financing, and lease transfers. He highlights major lending institutions like Bank of America and TD Bank, noting dentists' favorable loan repayment records, encourages prompt action considering economic uncertainties, discusses potential revenue growth when younger dentists introduce new procedures, emphasizes the value of professional consultation during transitions, and advises solo practitioners over 50 to assess their practice value and prepare contingency instructions.

Here’s what to expect this episode:

• Dental Financing Landscape: Dr. Tom Snyder outlines the major players in dental practice financing, emphasizing how smaller banks may engage due to the sector's low default rates.

• Cash Flow is Key: The crucial role of cash flow in obtaining financing for dental practice acquisitions is underscored, contingent on a buyer's clean credit history and qualification.

• Post-Acquisition Growth Strategies: The podcast explores the potential for revenue growth after practice acquisition, emphasizing the positive impact of new practitioners with diverse skill sets.

• Professional Guidance Matters: Stressing the importance of professional advice, hosts highlight the role of consultants and coaches in ensuring a smooth and successful dental practice transition.

• Strategic Exit Planning: Dr. Snyder advises solo practitioners over 50 to assess their practice value and prepare a letter of instruction, emphasizing the need for a proactive exit plan in unforeseen circumstances.

Connect with Thomas Snyder:

https://dentalpracticetransitions.henryschein.com/leadership/dr-tom-snyder/

Connect with Stan Kinder:

https://www.everythingdso.com/

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What led Dr. Kyle Gernhofer from his military experience to creating Denscore?

Kyle Gernhofer, a dentist and entrepreneur from northern Michigan, is the founder of Denscore, a direct-to-consumer dental navigation company established in 2019. Gernhofer's perspective on Denscore is deeply rooted in his commitment to enriching the dental industry by creating a platform that educates consumers about their dental care needs. Drawing from his vast experience in the field, including a stint in the US Navy and a decade of running a private practice in San Diego, he aims to make dentistry more accessible and comprehensible for consumers. This commitment extends to Denscore's business model, with strategic, non-dilutive investments and a strong focus on SEO strategies being employed to maintain the company's mission. Gernhofer's vision for Denscore is not just to aid consumers, but also to benefit dental practices by fostering a more informed patient base.

Here’s what to expect this episode:

• Military experience in the US Navy provided Dr. Kyle Gernhofer with skills and confidence for dental procedures.

• Dr. Gernhofer's military experience led to his private practice and work at Denscore.

• Denscore analyzes user data to determine desirable dentists based on affordability, quality, and convenience.

• The Dental Practice Evaluation Algorithm evaluates dental practices based on experience, office hours, insurance participation, and payment plans.

• Importance of SEO in reaching a wider audience for the dental navigation tool and blog content.

• Denscore aims to enhance treatment decision support through AI learnings, work with DSOs, dental practices, and insurance companies.

Connect with Kyle Gernhofer:

https://www.linkedin.com/in/kyle-gernhofer-25abb8a/

Connect with Stan Kinder:

https://www.everythingdso.com/

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"I just never thought in all my life that I would be not practicing dentistry with my hands and that I'd be working with others to help them fulfill their dreams of ownership." - Lauren McDonough

Dr. Lauren McDonough, the Vice President for Practice Ownership Development at Aspen Dental, brings her rich experience as a former multiple practice owner to guide and mentor future dental entrepreneurs. She champions the idea that aspiring dentists should maintain an open mind and conduct thorough research when exploring opportunities, ensuring alignment with an organization that shares their values and vision. With initiatives like "Preparing for Ownership or Partnership" and Aspen Dental's Tag University, Dr. McDonough underscores the vital role of mentorship and development programs in fostering dentists' professional growth and success. Her leadership not only empowers dentists through structured courses and cutting-edge technology but also encourages them to remain driven and focused on their personal and professional goals.

Here’s what to expect this episode:

• Dr. Lauren McDonough's journey in dentistry began as a high school dental assistant, eventually leading her to own multiple practices showcasing growth and success in the field.

• Aspen Dental offers programs to guide dentists through different stages of ownership, from preparing for ownership to expanding influence as a multi-practice owner.

• Desired qualities in potential practice owners at Aspen Dental include leadership, determination, hard work, openness to feedback, and partnership.

• Aspen Dental's ownership program allows dentists to fast track to ownership by joining an existing office or purchasing an established practice within the organization.

• Choosing to affiliate with a DSO or private practice should align with individual values, growth opportunities, and personal goals.

• Development, mentorship, and alignment with organizational values are crucial for early career dentists, with Aspen Dental offering programs like Tag University for ongoing development opportunities.

Connect with Lauren McDonough:

https://www.linkedin.com/in/laurenmcdonoughdmd/

https://www.dentaleconomics.com/resources/contact/14296210/lauren-mcdonough-dmd

Connect with Stan Kinder:

https://www.everythingdso.com/

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Matthew Odgers is a seasoned San Diego-based attorney recognized for his acumen in dental transactions within the dentistry field. With a rich background including eleven years of legal

experience, studying political science and international law in China, and working at a war crimes tribunal in the Netherlands, he has spent the past seven years particularly dedicated to dental law. Odgers strongly believes in the importance of experienced legal representation during dental transactions, considering these to be significant, intricate deals that necessitate

specialized knowledge. His perspective is shaped by his extensive experience representing both buyers and sellers in the dental industry and ensuring fair terms for associates. He also emphasizes the need for advanced negotiation of exit strategies, especially when selling to Dental Service Organizations, to safeguard the seller's interests in unexpected circumstances. This underlines his overarching viewpoint that astute legal expertise is crucial for navigating

the complexities of dental transactions and securing favorable outcomes for all involved parties.

Here’s what to expect this episode:

• DSOs often receive higher valuations but may require sellers to work back for a couple of years post-sale, impacting dentists' decision-making process.

• Understanding personal goals and objectives in the transition process is crucial for achieving desired outcomes in dental practice transactions.

• Negotiating fair terms in business transactions is essential for maintaining goodwill, preventing future issues, and achieving long-term success in professional relationships.

• Conducting due diligence on buyers in rollover equity transactions is crucial to ensure financial outcomes, equity realization, and alignment of cultural fit and treatment philosophies.

• Legal representation challenges in dental practice acquisitions can arise when attorneys take a rigid approach, bill hourly, and prioritize billable hours over the fairness of the deal.

• Selling a dental practice to a DSO involves negotiating exit terms, considering health issues, and understanding varying requirements and approaches of different DSOs.

• Transition Planning for practice owners involves mapping out the ideal transition plan, considering factors such as valuation, timeline, personal goals, and long-term objectives.

Connect with Jakes Goates:

https://odgerslawgroup.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Nicole Mackie is a renowned prosthodontist based in Las Vegas who was introduced to the field of dentistry at a young age through her father's influence. When it comes to establishing her own practice, Mackie credits her success to drawing insights from experts in various fields, developing a team that shares her core values, and consistently expanding her knowledge through mentorship and networking. Her unique approach, shaped by her father, uncle, and other mentors, involves a focus on building a team not solely based on experience, but on personality and disposition, followed by extensive training to ensure alignment with her practice's core values. She also consistently stays abreast of technological advancements, always looking for ways to improve and expand her practice. For Mackie, humility, perseverance, and a commitment to growth are crucial for establishing a thriving practice.

Here’s what to expect this episode:     

• Seek expert advice, embrace new technology, and network with peers to enhance patient care and practice growth

• Hiring based on personality and values leads to smoother onboarding and better fit within practice culture

• Utilize direct-to-consumer marketing and maintain relationships with referring dentists for practice growth

• Prioritize work-life balance for mental, physical, and emotional well-being to excel in the profession

• Seek mentorship opportunities to enhance professional growth and make meaningful connections within the dental community

Connect with Nicole Mackie:

https://www.linkedin.com/in/nicole-mackie-dds-ms-facp-5055a043/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices