The Shared Practices Podcast - Archives

Welcome to another episode of the Shared Practices Podcast! We've invited Rob Bay form Dental Intel onto the show to help us understand how to use metrics and apply them to a practice acquisition. We touch on the topics of what dental intel is, how to apply dental intel to acquisitions, and how to apply metrics to managing a practice. Rob even offers to help out the listeners of our show. This was one of our most informative episodes so far! Thanks for listening to this week's episode of the Shared Practices Podcast!

To be the first to have access to the Ownership Accelerator and our launch special join the Waiting List!

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Reach out to George- [email protected]

Dental Intel- http://www.dentalintel.com/index.html

Rob Bay is the co founder and president of Dental Intel. Rob loves numbers,data, and excel. There is nothing that he loves more than helping a customer understand how numbers and data can change their life significantly for the better.

Today the second part of Tanner Applegate's two part series airs. During the first part of this two-part series we talked about all the things that need to happen prior to closing. This week we talk about transferring ownership after money has exchanged hands and you now have the keys.

To be the first to have access to the Ownership Accelerator and our launch special join the Waiting List!

Download The Practice Acquisition Checklist

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Reach out to George- [email protected]

Tanner Applegate is CEO and Co-founder of Dentistry Making a Difference (DMD). Started in June of 2016, DMD is a prosocial dental group practice located in Denver, CO. This means that the company has a culture and focus and is centered on creating a lasting impact for those around them than about benefitting themselves. Some people like to describe us as the Toms Shoes of dentistry.

Back to Season 2! We are picking up the season at the point of transitioning into practice ownership. We have covered selecting practices, how to get a fair price etc. Now we want to talk about transferring ownership. This is the first of a great 2-part series talking about all the little things that go into transferring ownership.

To be the first to have access to the Ownership Accelerator and our launch special join the Waiting List!

Download The Practice Acquisition Checklist

Join our New FB Group!

Reach out to George- [email protected]

Tanner Applegate is CEO and Co-founder of Dentistry Making a Difference (DMD). Started in June of 2016, DMD is a prosocial dental group practice located in Denver, CO. This means that the company has a culture and focus and is centered on creating a lasting impact for those around them than about benefitting themselves. Some people like to describe us as the Toms Shoes of dentistry.

Are you interested in creating an associate driven model or having a multi-doc office? Hiring amazing associates and providing an environment that nurtures their passion will make your business stronger and more productive. Our old friend Jake Stimmel comes on to help us do just that by sharing his experiences working as a dental associate recruiter. Jake has a lot of advice for creating a great system to consistently find that awesome associate dentist. Great stories and useful content, this episode has a little bit of everything.

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Jake Stimmel is currently a 1st year dental student in St. Louis. Jake previously worked at Dental Placement Pros, a dentist recruitment company. Jake also wrote many of the Show Notes for this podcast before starting dental school!

Show Notes

Today we take a look back at all that we have learned so far from the array of great guests we have had so far on the podcast regarding practice valuations. We have covered an amazing amount of content and so we thought that it would be helpful to take an episode to put it all into perspective. Every guest has a unique story that can provide us motivation and inspiration as we continue in our careers. But besides inspiration, we also want this podcast to be a great resource and guide for entrepreneurial dentists like you and we think in depth content is the key to reaching that goal. That is what this episode is all about.

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Download: Practice Selection Outline

Reach out to George- [email protected]

Hunter is back! This week he takes us through two real practice purchase opportunities. We go in depth as Hunter explains his four-step practice evaluation process. We look at real numbers of two very different practices in order to determine a valuation range, find opportunities for practice growth and uncover red flags. This episode is full of great content and advice on practice analysis. We recommend you take these concepts and analyze as many practices as you can to hone your skills. Make sure to download the analysis spreadsheet on the Shared Practices resource page to aid you on your path to practice ownership.

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Reach out to George- [email protected]

Download: Practice Valuation Case Study

Hunter Smith, DDS is a 28 year old General Dentist in Jonesboro, Arkansas. He completed his undergrad at Arkansas State University in his hometown area of Jonesboro, then attended the University of Tennessee Health Science Center Collage of Dentistry in Memphis.After graduating in May 2014, Dr. Smith bought his first dental practice in August 2014 following a 2 month stent as an associate in the practice.

After successful management and system changes increased that already successful first practice by 46% profitability in just 1 year, Dr. Smith grew to enjoy learning about the business of Practice Ownership and ways that can improve clinical, business, staff, and patient relations. Building upon the early success, Dr. Smith joined up with a long-time best friend and fellow dental school graduate, Will Little, to form Southern Dental Group in October of 2015. Since forming SDG, Drs Little and Smith have acquired an additional 5 locations in the last 18 months. Southern Dental Group's 6 locations boast increased profitability of over 50% post-acquisition, an average overhead of less than 50%, business profits (EBITDA) over 26%, and have revenues of over 5 million dollars annually.

Dr. Smith enjoys the opportunity to show and tell dentists, specifically young dentists, how to get into practice ownership early and be highly successful and profitable. He is proud to present the Dental Ownership Summit along with his business partner and co-founder of SDG Will Little in order to bring ownership knowledge and strategies from some of the best mentors and business minds in the industry.

This week we interview Ike Urling, a fourth year dental student at MWU. Ike shares with us his journey to finding an amazing off market practice in one of the most saturated areas of Arizona. Ike used methods that Jordan Thomas discusses in episode 2-21 to find his ideal practice. He also delves into a crucial aspect of making these opportunities a reality: relationship building!

It has always been our goal here at Shared Practices to provide real, relevant information that helps dentists pursue their dream of practice ownership. Ike represents the reality of this goal and we are happy he has joined us in this episode to continue to help educate others on their path to ownership! Enjoy!

Connect with Ike on our new FB GroupReach out to George Hariri - [email protected]

Ike Urling is a fourth year dental student at Midwestern University in Glendale, AZ. He is from small town called Snowflake located in in North Eastern Arizona. Ike attended Scottsdale Community College and Arizona State University. He is happily married with one daughter.

Welcome to another episode of the Shared Practices Podcast! This week we're sharing a conversation we had a with a young doc from N.C., Dr. Jordan Thomas. We dive deep into Jordan's fascinating story of acquiring a practice immediately after graduating this summer. He gives us a lot of great tips and insight on his process for identifying where you want to practice, doing the demographics in a systematic and thorough way, and most importantly, reaching out to the selling docs effectively. Jordan also has a really interesting take on a LOI versus a purchase agreement in a deal, and gave us a unique perspective on what situations one or the other (or neither!) might be the best option. We learned a lot talking through Jordan's story of ownership and hope you do too. Thanks again for listening and we'll catch you next week on the Shared Practices Podcast!

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Reach out to George Hariri - [email protected]

Download: Jordan Thomas Mailer

Dr. Jordan Thomas is a 2017 graduate of the UNC School of Dentistry. He has had a passion for business ownership since his childhood, and decided he wanted to go into dentistry to treat patients well, build relationships, and grow a successful group of practices. He began reaching out to various dental practice owners throughout the state of North Carolina a couple years ago, and through his efforts is successfully transitioning into practice ownership straight from dental school.

Welcome to another episode of the Shared Practices Podcast! We had a great interview this week with Dr. Justin Short, a dentist from the St. Louis area and owner of The Lifestyle Practice - a consulting and education company that helps you define and achieve your perfect lifestyle. We're taking a break this week from the jam-packed, intense-note-taking style episode to give you a show more about mindset and vision for the lifestyle you want. We talk a lot about the idea of developing a vision for your practice and lifestyle, whether multiple practices is the best or only model for reaching that vision, and unintuitive ways to build rapport and case acceptance. One of the big takeaways we got from the show is Justin's unique take on the power of small teams - it is a pearl that is not to be missed! Thanks again for listening and we'll catch you next week on the Shared Practices Podcast!

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Send Justin an email: http://thelifestylepractice.com/contact/

Justin's page: http://thelifestylepractice.com/

Dr. Justin Short has a highly successful practice, Des Peres Dentistry in St. Louis. He inspires other dentists to design their practice to serve their life. The Lifestyle Practice helps dentists build practices where they work less, profit more, and get to finally enjoy the lifestyle they deserve!

Welcome to another episode of the Shared Practices Podcast! This one is a bit of a throwback to season one, but we know you're going to love it. We have on the show with us consultant/startup guru Jayme Amos, dentist Paul Goodman, and attorney Rob Montgomery. We get into a great discussion about some of the red flags and pitfalls to watch out for as an associate. We talk about the language of contracts and non-competes, when to involve a lawyer during your contract negotiations, and how daily minimums work from both the employee and employer's perspective. We also have a really great back and forth about the difference between being a 1099 or W-2 employee, and what might be the best situation for an associate. We hope you enjoy this throwback episode as much as we did recording it. Thanks for listening to this week's episode of the Shared Practices Podcast!

Our Episode Resource Page where you can find all of the resources from our episodes - for free!

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Reach out to Jayme on his website: https://idealpractices.com/home

Reach out to Rob: [email protected]

Reach out to Paul: [email protected]

Jayme Amos is the founder of Ideal Practices Consulting, author of Choosing the Right Practice Location, and host of "Dentistry's Ideal Practices Podcast." Jayme has a degree in International Business and has focused his expertise in dental practice startups, focusing on site selection, demographics, financing, construction, floor plan design and profitability.

Dr. Paul Goodman is a graduate of the University of Pennsylvania School of Dental Medicine, and has been practicing dentistry for over 10 years. He works with his brother in two locations in Mercer County, NJ. Dr. Goodman has purchased three dental practices and shares his personal experience with retiring dentists in managing the expectations of their patients and team members during the transition process. He is the founder of Rising Dentists Study Club and Rittenhouse Consulting, LLC - both in Philadelphia.

Rob Montgomery has been serving the individualized legal and business needs of dentists, dental practices and dental service organizations for over 20 years. Rob has worked on hundreds of dental deals, ranging from practice start-ups to complex practice acquisitions involving multistate practice locations. Rob focuses his practice on the legal and business needs of his dental clients, advising on the formation of business entities, practice start-ups and lease negotiations, buy-ins, partnership agreements, practice acquisitions and sales, and much more.