Transition Talk

Just a little note to say thanks.....looking forward to a great 2021!

In a transition, communication is key and there are two points in a transition - telling staff and telling patients - where you don't get a second chance to make a first impression! In this very special episode, we are lucky to share the airwaves with master communicator, Katherine Eitel Belt, founder of Lionspeak. Christy and Katherine discuss how to tell patients (and get them to convert), how to deal with staff who may not be ready to accept a new owner, and for buyers, how to generally step into your new shoes as a leader. Katherine shares her insight and experience on how to have those hard conversations the right way and she shares tips on how to ready yourself for those conversations (which can be the most important part). This episode is full of little bites of wisdom, so listen in!

Katherine Eitel Belt founded LionSpeak (www.lionspeak.net) -- a communications coaching company dedicated to teaching the powerful art of un-scripted, authentic communication and personal leadership skills. She and her team of experienced coaches provide customized coaching programs to hundreds of dental, veterinary, healthcare, and corporate teams worldwide. Her team focuses on four main areas: front line skills, leadership skills, training skills, speaking skills. everything they do at Lionspeak is founded on the Lioness Principle: Just as the Lioness teaches her cubs to trust their natural instincts and gain independence, the Lioness Principle is about empowering individuals to lead instinctively from wherever they are.

Every transition is different, and while there are certainly universal rules to the process, every specialty has its own unique set of factors to consider. OMS transitions are certainly their own animal! From structure, referral base, OH, technology - all these things have their own importance in an OMS sale. Listen in as Christy and Charles discuss what to look for and what to negotiate in a OMS transition!

Ever heard the story of life about rocks, pebbles, gravel? If not, you should definitely google it and this title will seem a bit random! In this episode we talk about the four big points (or rocks) that you have should focus on during a transition and what we feel is most important about these (and what isn't). What you should dig in on, and what you should give up. This one has good nuggets for both buyers and sellers! We know all the points feel big and sometimes overwhelming, but in our opinion, focusing on the big points first

(and understanding their impact) can help in getting you down the path to ownership! Listen in!

In this special episode of transition talk we have our valuation aficionado, Dawn Whitehurst, with us to talk about all things RISK! Christy and Dawn talk about what risk is, how it impacts valuations, what you can do to mitigate your risk and what risk lives regardless of your actions! Whether you are a buyer or seller, there is something in this one for everyone!

In this episode of Transition Talk, we focus on the seller and what their "paycheck" looks like post close in a walk-away sale. While the initial focus is on the price, another big financial and emotional component is how much does a buyer need a seller post close and what are they willing to pay the seller for that time? What amount of time investment is goodwill transfer and what amount is clinical compensation required and expected? Listen in to our thoughts on what's normal and what to consider in your transition!

As we collectively try to get back to "normal" we are noticing some changes in some areas of the transition world, primarily in the lending arena! So much so that we wanted to take a look back at our popular episode about lending (episode 5 if you want to re-listen) and let you know what we see changing and what pieces of lending haven't changed in this post Covid world. Whether looking to purchase soon, are preparing to own in the next few year or if you are a seller who is looking to find a buyer -- lending is critical!! Listen in to part 2 of "Show me the Money!" to find out what to expect and where we are today!

To buy or not to buy accounts receivable is one of the more common questions we get once we are past the "to buy or not to buy the practice" question! While there isn't a right or wrong answer there are some things to consider and definitely pros and cons of a AR purchase or the collection of the AR post close. Listen in!

There are lots of ways to be successful in a transition...and lots of ways to wreck a deal. In this episode we talk about 8 big ones -- this list is by no means all inclusive of either set, but as always, we are open, honest and share it all to help educate you and lead you down the road to a successful transition ! Listen in!

Satellite offices can have big opportunity if approached in the right way -- but what if your plan didn't pan out as you intended and you are looking to sell it? In this episode of Transition Talk we discuss some hurdles you and the buyer might encounter if you are looking to transition a satellite and we discuss what you can do to avoid them - even if you don't think selling is in your future! Listen in!