The Shared Practices Podcast - Archives

Welcome to another episode of the Shared Practices Podcast! We've invited Rich Andrus from Menlo Group onto the show to help us understand practice leases. We touch on a lot of topics in this episode but the three biggest subjects are how to do deal with a practice that already has a lease in place, creating a new lease if the seller doc wants to retain the real estate, and whether or not you should buy the real estate if you have the option. Rich takes us through all of these topics masterfully in addition to highlighting many other important points throughout. We think you're going to learn a lot in this one - we sure did! Thanks for listening to this week's episode of the Shared Practices Podcast!

Join our new Facebook Group!

Contact George with any questions at [email protected]

Send Rich an email: [email protected]

Rich Andrus specializes in the sales and leasing of office and investment properties, with an emphasis in medical and dental tenant/buyer and landlord/seller representation. Rich's innate ability to establish relationships with landlords and tenants alike allow him to make an immediate impact in any situation. Rich graduated from Utah State University with a dual Bachelor's degree in Finance and Marketing and a dual minor in Economics and Spanish. Additionally, he graduated from the W.P. Carey School of Business at Arizona State University with a Masters in Business Administration.

Welcome to another episode of the Shared Practices Podcast! Today we are sharing with you part II of our conversation with Dave Alvey. This episode is all about SBA loans, so sit back, relax, and prepare your brain for some awesome lending information! Dave gives us a quick walk through of the difference between SBA loans and more traditional financing. We then get into the pros and cons of an SBA loan, and how it may be able to help a new or recent grad get into ownership sooner than they thought possible. Then at the end of the interview we have a little fun as Dave gives us the advice he has for his son - a 4th year dental student. This conversation was a lot of fun and we really hope you enjoy it. Thanks for listening to this week's episode of the Shared Practices Podcast!

Today's Episode Resource: David Alvey's List of Questions to Ask when looking at a practice to purchase.

Follow us on Facebook

Contact George with any questions you may have at: [email protected]

The Syndication manager and founder of Atlantic Commercial Credit, David Alvey has over twenty-seven years of commercial lending and advisory experience.He has extensive knowledge of dental and veterinary practice mergers and acquisitions, practice operations, credit analytic, cash flows, and tax and accounting analysis.

Dave's engagement experience has been dedicated to financing healthcare providers primarily for medical, dental, and veterinary practices involving mergers, buy-ins, buy-outs, refinancing for growth, and multiple practice operations. His experience includes revenue and operational differences such as fee-for-service practices, PPOs, HMOs, DMOs, and Medicaid providers. In addition, Dave has an extensive background in tax and financial reporting and transaction advisory.

Welcome to another episode of the Shared Practices Podcast! Today we are joined by Dave Alvey, a commercial lender and founder of Atlantic Commercial Credit. To say Dave has a lot of experience and insight is an understatement! We have a wide ranging conversation that covers seller financing, practice qualities that are favorable to a new grad, the importance of borrower liquidity, among many others. Dave also shares a really great tip on finding a "Master Plan" at your local city building. If you don't know what that is you'll definitely want to listen for that pearl - it could save you thousands of dollars. Thanks for listening to this week's episode of the Shared Practices Podcast!

Today's Episode Resource: David Alvey's List of Questions to Ask when looking at a practice to purchase.

Follow us on Facebook

If you are in the process of obtaining financing of any kind contact [email protected]

The Syndication manager and founder of Atlantic Commercial Credit, David Alvey has over twenty-seven years of commercial lending and advisory experience.He has extensive knowledge of dental and veterinary practice mergers and acquisitions, practice operations, credit analytic, cash flows, and tax and accounting analysis.

Dave's engagement experience has been dedicated to financing healthcare providers primarily for medical, dental, and veterinary practices involving mergers, buy-ins, buy-outs, refinancing for growth, and multiple practice operations. His experience includes revenue and operational differences such as fee-for-service practices, PPOs, HMOs, DMOs, and Medicaid providers. In addition, Dave has an extensive background in tax and financial reporting and transaction advisory.

Welcome to another episode of the Shared Practices Podcast! Today's guest is Rick Shneyder, a business banker working in Milwaukee at Bank of the West. We're really excited about sharing this episode with you. Rick lays out the broad strokes of factors that affect a new grad's ability to get financing and then, more broadly, how lending works for dentists. Key takeaways include the lending process from top to bottom (including timeframe for each step), advice on financing for multiple locations, and exactly what to look at in the terms of the loan. Rick also shares some tips on how to figure out if your banker knows what they're doing. All that and more on today's episode!

Links Mentioned in the Show

Follow us on Facebook

Reach out to Rick at [email protected]

Guest Bio:

Rick was born and raised in Milwaukee, WI. He attended UW Milwaukee with an undergraduate degree in Finance (2004) and an MBA with a focus in Leadership & Negotiation (2006). Currently, Rick is a Vice President & Business Banking Officer at Bank Of The West specializing in several areas. He has a focus on Real Estate Financing (Investment & Owner User). Real Estate financing ranges from apartment buildings to medical offices to manufacturing facilities. He is also an expert in Dentistry, Veterinary and Optometry Financing. Within those 3 industries, Rick focuses in on Acquisitions (full or partial), Consolidation Financing, Start Ups, Tenant Improvement Financing and More. Rick is also an expert in providing operating lines of credit and financing company equipment needs.

Show Notes

Welcome to another episode of the Shared Practices Podcast! We invited dental consultant Marie Chatterley onto the show to talk with us about all things insurance. "Who wants to listen to people talking about insurance?" we can hear you thinking, but trust us - you don't want to miss Marie's advice about transitioning into a practice the right way. We talk a lot about insurance credentialing (what it is and when to get it), handling patient communication issues about insurance participation, and wrap up the show with a discussion about PPOs and Delta in particular. This is a content-heavy episode so get ready to dive deep into the world of handling insurance during a transition!

Links Mentioned in the Show

FAQs about Insurance Credentialing from dental-insurancecredentialing.com

Get more information about Marie and her company CTC here

Send Marie an email

Guest Bio:

Marie Chatterley has been consulting in the dental industry since 2003. She specializes in coaching doctors through major career transitions such as buying a dental practice, starting one from scratch, or finding a dental associate position. Marie received her undergraduate degree in Public Relations and Marketing from Brigham Young University. Her graduate work and research at Regis University was focused specifically on the business start-ups process (examples: market and demographic research, business plan development, effective marketing strategies, real estate negotiations, and legal issues with hiring and retaining employees).

Show Notes

Kiera Dent is a dental consultant and she joins us on today's episode of the Shared Practices Podcast. We talk a little about her journey into dentistry, but quickly jump into some practical advice for owners and soon-to-be owners. In this conversation we touch on how to find an associateship (that doesn't suck), learning how to communicate and educate patients in a way they can understand, and helping dentists bridge the gap between dental school and practice ownership. Kiera also touches on the importance of credentialing, which - trust us - makes a bigger impact than you might think! All this and more on today's episode of the Shared Practices Podcast.

Links Mentioned on the Show

Dental placement pros

Visit Kiera's website

Contact Kiera: [email protected]

"Never Eat Alone" book (Amazon)

Guest Bio Kiera works with dentists and their teams to help uncover what changes can be implemented in a practice to create the most financial growth. She has been involved in dentistry for 15 years and is passionate about acting as a means to help practice owners achieve higher levels of success. She acts as an implementer and goes between dentists and their teams to hold everyone accountable for their individual part in achieving specific goals.

Welcome to another episode of the Shared Practices Podcast! We've got a return guest in Matt Porter, and we're glad we asked him back. Matt dives deep into practice valuations from the perspective of a broker, and describes his unique valuation method. He shares with us how to assign values to qualitative factors - collection trends, demographics, staff tenure, etc. - that make the valuation process a lot more concrete, so you can determine if a practice is a good deal or not. We also touch on how to normalize a P&L, why you should stop using "percentage of collections" as a valuation metric, and what not to look at in a valuation. All of this and more on today's Shared Practices episode.

Links Mentioned in the Show

* Menlo Transitions

* Reach out to Matt: [email protected]

Guest Bio:

In transitioning, brokering and consulting with dental practices, Matt brings a balance of real estate, tax, accounting, and small business acumen. His ability to properly evaluate and leverage both the quantitative and qualitative facets of a dental practice help to provide maximum value to his clients, whether buying or selling a practice. Matt has successfully transitioned dozens of dental offices and represented countless dentists who desire to sell their practice, purchase a practice, or secure a partnership.

Show Notes

Dr. Tuan Pham is the owner of a successful FFS practice owner in Austin, TX as well as the founder of DentalMaverick.com. Tuan graduated from dental school in 2005 and after a few years as an associate in a practice, it was sold out from under him and he found himself without a job. Tuan shares why losing his job as an associate is one of the best things that ever happened to him. This eventually led to his search for the best startup location in a crowded metro and what he did himself rather than paying for third party demographics services. Tuan also shares how experimenting with fees taught him a great lesson about patients' price sensitivity and how we often are holding ourselves back from a more profitable practice. Tuan is a very talented leader and offers a lot of great advice to young dentists looking to own a practice.

Links Mentioned on the Show

Google My Maps

Tuan's Dental Maverick Summit

Dental Maverick

Show Notes

In episode 1-2 Richard interviewed Dr. Derek Williams after two weeks of practice ownership as a brand new graduate. Since that episode Derek has more than doubled revenue and profitability of the office. George interviews Derek about all the factors that led to his practice growth. Derek discusses his transition, making changes in the office and dealing with staff. Derek offers a unique perspective being a new grad and new owner at the same time. Derek talks about increasing his production per patient, dealing with staff and increasing new patient flow.

Links Mentioned on the Show

Thelifestylepractice.com

Mrmoneymustache.com

Download Dr. Stroyan's list of questions to ask at an associateship interview!

Dr. Cameron Stroyan (aka "DJ Destroyan") graduated with Dr. Low from Midwestern University in Phoenix, AZ and then went to work in a practice near Seattle. After listening to this podcast, Cameron decided to become a partner now rather than waiting a couple of years. Despite hiring a very well recommended transitions lawyer who promised to help every step of the way, Cameron felt that he was forced to do the valuation and negotiation on his own. Cameron talks about the uncomfortable process of sitting in his future partner's house and trying to negotiate down the purchase price with what felt like absolutely no leverage. For anybody considering a partnership, this episode outlines the process from somebody who has done it first hand.

Links Mentioned on the Show

Cameron's Youtube Channel

Dr. Stroyan's guide