Transition Talk

In Round 2 of the Transition QA from our time at ASDA NLC, we cover another round of great questions.....on today's episode we cover the following questions:

1) If you are buying a good practice.....but the staff isn't ideal, what do you do?

2) How can you make a practice more "you"?

3) How do I bring up seller financing if I am buying 100% directly out of school and am only approved for a smaller amount?

4) I'm looking at an older, outdated office...what do you think it takes to upgrade/update?

5) What if the "old man" you are buying the practice from is staying on to be an associate but has a hard time in being "just the associate"?

6) What are the pros and cons of doing an AGD/GPR from a transition standpoint?

7) What makes a "good" practice? What are the best things to look for?

8) How to manage worry of getting a fair contract and price.....

9) What are some "red flags" when looking into ownership?

10) How do you own and have financial autonomy while still having a family?

11) Why would you consider working for a DSO?

In this episode of Transition Talk, we catch up with Dr. Bryan Dawley, a general dentist near Boston. Bryan is a new owner and worked with NDP through the buying process. He shares his opinion of the biggest challenges and biggest opportunities new buyers might face and shares his insight on being a new owner. Listen in!

Is this a good deal? Its a loaded question but in every deal you have to understand this question -- first from a high level perspective and then you have to take the deep dive. In this episode, we focus on that first step -- what do you need to know early on to know if the deal makes sense and is worth pursuing. From financials, to the price, to understanding if you can do the work and importantly can you afford it. Listen in and find out what to focus on in the beginning!

The path to your goal is never a straight line -- that was certainly the case here at NDP. In this episode we take a bit of a tour down memory lane and talk about how NDP became the company we are today. It wasn't all roses, but has always been based in our core goal of educating and helping people transition. Turns out ownership and the benefits of it aren't just applicable in dentistry - listen in!

Over the course of a transition there will be lots of people involved - ultimately they should all serve one purpose...to help you get to the close you want. It's unlikely that any one person can serve every function so in this Transition Talk we breakdown who should be involved, when they should be involved and what direction you as the client should provide those you hire! Listen in!

Charles and Christy had a great time at the ASDA National Leadership Conference in Chicago and had a great interactive live Q&A session on transitions. It was so great that they had a ton of unanswered questions and we thought it would make the perfect podcast episode!

Listen in to get their take on these awesome questions....

1) Benefits of owning a solo practice vs. a group practice?

2) What is the best way to manage staff?

3) What other factors do you look at other than location?

4) When do you know the timing is right to buy a practice?

5)What is the first thing you do/change when you buy a practice?

6) If you are moving to a new state with no connections or insight…are you still doing a “letter campaign”?

7) How long should I plan on owning?

8) How to choose an area that will benefit me 20 years from now (i.e. changing demographics)?

9) How much extra time do you spend on the practice as an Owner vs. an Associate?

10) What is the best way to acquire new patients to grow a start-up?

One of the biggest questions we get on the valuation process is when to do it....its not an easy question and really depends on your situation and the unique aspects of the buyer and seller. Are you entering into a partnership? Promised ownership from the start? Did you bring a different procedure to the practice? Sellers did you make big investments for your associate? All of these situations can lead to a different answer to the question of "When to Value".... listen in!

We are back with another specialty transition episode and this time we are tackling Endodontics! Heavy referrals, ability to have a super low overhead and a practice where we care the least about space. Listen in to this episode to see how these transitions are different (and how they are the same)! Listen in!

Like any other transition, merging two practices take thought, planning and a really good why. In fact, the "why" and the "what are you trying to achieve" are the main questions we ask when clients approach us with a merger. We think if you aren't getting flexibility, increased return or growth it may not be your best bet...but listen in to learn the whys of the merger!

What happens if you own but need to be an associate? Does that mean you are failing as an owner? We don't think so -- we think there are some pretty critical times where owning and being an associate can make sense and actually be a pretty smart move. Listen in to when owning and being an associate can move you up the success curve or get you over the hump! Listen in!