The Shared Practices Podcast - Archives

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In this episode of the Shared Practices Podcast I introduce my new Co-host, George Hariri, to the show. We talk about demographics and how to apply them for the practice purchase. We dive into how to know when demographics for an acquisition are important. How to assess the external growth opportunities in an area. Then George blows my mind with the method he used to reverse engineer finding his ideal practice starting with demographics.

Dentagraphics.com

BreakawayPractice.com

Dentaltown.com

George Hariri is a D3 (soon to be D4) at Midwestern University, in Phoenix, AZ. He, along with Dr. Derek Williams (See Season 1 Episode 2), run a group on dentaltown called "Ambitious Dental Students". George has spent the vast majority of his time in dental school studying up on the business side of dentistry and helps others look at practice purchases as well as other opportunities.

In this episode Dr. Hunter Smith shares his methods of determining the range of values that you should consider for a practice acquisition. He also shares why demographics are just as important for an acquisition as they are for a startup and how location plays into that. We go through all the levels of profitability that can be used to determine the final value of a practice.

• BreakawayPractice.com
• https://dentagraphics.com/
• Jayme Amos's book, Choosing the Right Practice Location

Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first 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 to 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.

Thank you to our sponsors!

SpearEducation.com

• Mention the podcast for a 30 day trial Use the promo code LOW200 for $200 off your annual membership

Formlabs.com/SharedPractices

• Checkout the many applications of the Form2 in dentistry and request a sample surgical guide

In this episode Dr. Hunter Smith lays out the fundamentals of understanding what a practice is worth. A broker can send you a practice listing, but how do you know if this is all the information you need and what is the most important? Hunter lays out which documents to ask for, which numbers to pay attention to, and his top 4 factors for pulling the trigger on a practice. Learn why it's so important to understand your personal factors that play into whether or not this practice is worth it for you.

Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first 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 to 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.

Thank you to our sponsors for this episode:

SpearEducation.com - mention the podcast for a 30 day trial and promo code LOW200 for $200 off your annual membership after the trial Formlabs.com/SharedPractices - Checkout the many applications of the Form2 in dentistry and request a sample surgical guide

In the first two years out of school, Hunter Smith and his partner have acquired 6 dental practices. In this episode of the Shared Practices Podcast, Hunter joins us to talk about that journey. We cover a lot of ground in this episode including the value of getting great advice, what not to do when acquiring, and the path to multiple practice ownership. Hunter also shares some great advice about the one thing that holds people back from being more successful. We really had a great conversation and hope you enjoy this one.

Email [email protected] or [email protected] with a practice you want evaluated on the show. (Even if you've signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

• Mercer Transitions
• Reach out to Hunter: [email protected]
• Get a copy of "Rework" (Amazon)

Hunter Smith DDS is a 28-year-old general dentist in Jonesboro, Arkansas. He graduated from the University of Tennessee College of Dentistry in 2014. Soon after, Dr. Smith bought his first 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 to 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.

A bonus episode with Dr. Cory Glenn about why being a practice owner is worth it even if you're more into clinical dentistry than running a business. I also get a bit personal and share why I had to drop Blue Sky Bio as a sponsor for our podcast (It's not you, BSB, it's me).

Sign up for the Blue Sky Bio Academy for help and support from Dr. Glenn as you integrate guided implant surgery into your practice: Blue Sky Bio Academy (http://www.blueskybio.academy/public/main.cfm)

Go to BlueSkyBio.com (https://blueskybio.com/) and use the promo code Share Practices Podcast for $200 off any order $500+ or $250 off any Implant starter package.

Email John Cary, the general manager of BSB to tell him you are now planning on using BSB because of our show at [email protected]

Are you looking into an acquisition and wondering where to start? When is the best time to meet with a lender? Should you overpay on student loans or set aside cash to build liquidity? In this episode of the Shared Practices Podcast we are chatting with Matt Porter, a dental broker from Arizona, and we take a deep dive into the many facets of a successful practice acquisition. We get into a great discussion on the dollar amount of goodwill and why that number may mean a lot more to the seller. Matt also walks us through the role of a great broker, taxes and asset allocation, and how you can spot a lemon. It was a joy to record with Matt and he really brings a lot of value to the conversation, so enjoy the episode!

Email [email protected] or [email protected] with a practice you want evaluated on the show. (Even if you've signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

* Menlo Transitions

* Reach out to Matt: [email protected]

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.

You know you need systems in your practice to be more profitable and predictable, but how do you start putting them into place? In today's show of the Shared Practices Podcast we have Dr. Mark Costes, and he walks us through the basics of systemization. We discuss which parts of your practice should be systemized first, the value of leadership in a practice, and the power of checklists. Mark also shares a tip about the potential of over-systemization and how to avoid that pitfall. All that and more on this episode of the Shared Practices Podcast.

* Crucial Accountability by Vital Smarts (Amazon) * Mark's website and a link for a FREE copy of his book - Dental Success Institute* Mark's dental podcast - The Dentalpreneur (iTunes) * Reach out to Mark - [email protected]

Email [email protected] or [email protected] with a practice you want evaluated on the show. (Even if you've signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

Dr. Mark Costes is the founder of the Dental Success Institute, Horizon Schools of Dental Assisting, and the author of Pillars of Dental Success. He runs multiple practices, speaks at dental forums around the world, and coaches over 50 practice owners to help maximize profits.

When do most people move into practice ownership? After 5 years? After 1 year? Well, the two guys on our show today bought their first practice when they were in their D3 year! Their story is an incredible journey of the value of hard work, utilizing mentors, and building relationships that you won't want to miss. Along the way you'll hear about the power of developing a "start now" attitude, defining your mission and vision to achieve your goals, and the biggest mistake a new practice owner can make. All that and more on today's episode of the Shared Practices Podcast.

• Dr. Mark Costes' podcast - The Dentalpreneur (iTunes)
• Jayme Amos' podcast - Dentistry's Ideal Practices (iTunes)
• Jayme Amos' seminars
• Dr Tom Larkin
• • Productive Dentist Academy
  • Interview on Gary Takacs' podcast
• The Life and Dentistry podcast (iTunes)

Email [email protected] or [email protected] with a practice you want evaluated on the show. (Even if you've signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

Daniel Dela Cruz and Matthew Whitson are both 4th year dental students and they have partnered up to purchase their own dental practice before completing school. They decided to hire an associate with more than 20 years experience in the field to run the practice while they finish up school. Daniel was born in the Philippines and moved to the US when he was 9 years old. Mathew is from Cookeville, TN. The two of them met at the University of Kentucky.

Welcome to season 2 of the Shared Practices Podcast! We're hitting the ground running with financial advisor Reese Harper. Reese has a wealth of information and we really dive deep on the topic of acquisitions. In this episode you'll hear about finding the right size practice for your goals, avoiding lemons, understanding the importance of the hyg:doctor production ratio, and the most important thing to consider when acquiring a practice. You'll also hear about the small piece of advice that changed the trajectory of Reese's company. All that and more on today's episode of the Shared Practices Podcast.

• Reese's company - Dentist Advisors
• Reese's podcast - The Dentist Money Show (iTunes)
• • Episode #41 Ben Tuinei Explains the Art of PPO Negotiation
  • Episode #26: 9 People Dentists Need to Know
• Matt Porter with Menlo Transitions
• Menlo Group for Leases in the Phoenix market

Email [email protected] or [email protected] with a practice you want evaluated on the show. (Even if you've signed a NDA, hunter and I would be acting as advisors and any personal data would be removed before discussion on the show)

Guest Bio Reese Harper, CFP® is the founder and CEO of DentistAdvisors.com, a financial advisory firm that was originally named Acquire Wealth. Soon after its inception, Reese decided to narrow his focus on dentists and specialist which make up about 94% of his current clientele. His trademark planning methodology called "Elements" is used by dentists all over the country to plan, invest and retire better. Reese also serves as editor of the DentistMoney™ blog.

Welcome to Season 2! In today's episode with Dr. Scott Leune we dive into what it means to implement clinical and business systems in your dental practice.

Visit BreakawayPractice.com to sign up for Dr. Leune's course in San Antonio or learn about their other services.

Dental Intel was the resource Breakaway uses for automatically monitoring key indicators from practice software.

Dr. Leune graduated from UT Health Science Center School of Dentistry in 2005. His dental career began with three startup practices in San Antonio which grew to 80 staff, 10 dentists, and a call center in a very short time. These practices continued to average a combined total of over 700 new patients per month and were all managed by Dr. Leune working a mere 4 days per month. In 2011, Dr. Leune started seven practices in the Dallas-Fort Worth area, opening them within a two-month timespan. Over the last 4 years, through the Breakaway Affiliate Program, Dr. Leune has helped build approximately 80 startup practices nationwide.

For the last 8 years, Dr. Leune has lectured to thousands of dental professionals & executives sharing his proven systems, marketing and practice design, leading to consistently sold-out seminars. He has been featured in numerous dental publications and listed as the 'most-subscribed-to-person' on Dentaltown (the premiere online dental community).

Dr. Leune has also created and grown Breakaway's Support Services and Affiliate Program to include over 270 practices nationwide, adding several more each day. He has continued to redefine practice management, as the leader & expert in profitable dental practice systems to maximize success.