The Shared Practices Podcast - Archives

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You risk enough going to dental school. Now consider the additional risk of buying a practice. Mitigating that risk is part of our job—the way we do that? Demographics.

Co-founder of dental-specific demographics firm Dentagraphics, Kent Miller gives our very own demographics superfan—Steven—a look under the hood at why and how we MUST know our demographics. The greater market conditions in your target area, orchestrating those conditions with your real estate—we reveal the entire world of information. After this you'll see Dentagraphics is a no-brainer.

As Dr. Alex Sharp opens Little Rock Dentures & Implants, he becomes even more keenly aware of the challenges new owners face. When you acquire, remember you're playing the longgame; don't obsess with P&L's when simply being a pleasant leader can take your P&L's a long way. But you can what you want and need to change. Alex and Matt talk about changing systems at risk of losing some staff, not being seen as a "money-hungry" new dentist, and how your agreements with the seller are never written in stone.

Some days you're on fire; some days you get stuff done. Some days…you just DON'T have it. Students, associates, new owners—it's true for all of us. People are going to pay you—real money!—for dentistry and you're not going to do a perfect job every time. Those are the facts. How are you going to respond to that emotionally? Are you gonna let the unrealistic expectations from dental school carry over into your career? At some point, your hard decisions are going to make SOMEone upset. Are you ready for that? Matt Ford and Andrew Clingan discuss…

On our April 25th episode, new practice owner "Dallas" was floundering because of continued weird requests from the seller. Without a clear vision for his practice (or his career in general), he continues working with Suzanne to build out a vision, and reverse engineer the mile stones to achieve it.

The energetic Steven-and-Andrew duo returns. Today we take in one of the more serious lessons they've learned this year. To give some context, the books Traction and EOS are—to say the least—influential within the internal Shared Practices culture. As Directors of Pre-owner Mastermind, Steven and Andrew have been discussing another crucial read from Gino Wickman: EOS Life. Check out the summary points below:

1. 10-year thinking

2. Taking time off

3. Know thyself

4. Be still

5. Know your 100%

6. Say "No"…often!

7. Don't do $25/hr work

8. Prepare every night

9. Put everything in one place

10. Be humble

We've morphed from just a podcast…to an established business—that happens to have a podcast. If you're a longtime listener, you know this intuitively. But we have constant stream of new listeners. For them, we're reflecting on our entire body of work, as we tour our own phases of growth.

We readdress things we want to update, reaffirm things we staunchly stand by, and poke fun at ourselves for harping on unnecessary marketing strategies (TikTok anyone?). Listen up so you can keep filtering out the noise and amplifying what works…SUSTAINABLY

"Dr. Patrick" isn't our usual listener. New in our ecosystem, he has an intriguing vision. That shows up in the practice that he's considering buying (seriously, wait till you here the 💰collections💰 on this behemoth). Bottom line is: pick your problems. Listen in to see if you would pick the same problems as Dr. Patrick would.

Our guest "Dallas" is a low-key guy who found a practice using our mailer strategy. Having bought his practice six months ago, he's now getting frustrated with his seller. Out-of-place requests from the seller, and a vague asset purchase agreement only add to the confusion. Listen in to learn why you should have (and refer to) a rock-solid asset purchase agreement, and when to break it.

"You can be an absentee owner and make way more money than when you were sitting in the chair—and that's a beautiful thing."

Danielle Davis joins Andrew today as we continue our new segment: Startup Stories. Accomplished in her own right, she and husband Austin Davis are one of the most savvy couples in all of dentistry. Having opened startup after startup, Danielle and Austin soon had fool-proof standard operating procedures. Check out how they've scaled those SoP's; from signing the lease to build-out, to why they chose Memphis, and how they felt comfortable taking huge risks.

www.MenloTransitions.com

Whether a buyer or seller, you'll want to take some notes during this episode...

After a dental-focused banking career, our special guest and broker David Haynes was invited to join Menlo Transitions as a practice broker. When he discovered the practice buyers' palpable disdain for brokers, he decided there was a ripe opportunity to change the way he serve those seeking an acquisition. Whether Effectively working opposite from brokers, showcasing yourself as a buyer, and how NOT to get ahead of yourself when valuing your new acquisition.