Transition Talk

We are back with another episode focusing on the specialty transition, this time the spotlight is on the Pedodontic transition! As you will hear us discuss, if you have chosen the Pedo specialty you are in a unique position at this time in the market...it's the one specialty where a start-up can make sense, it's a buyer's market and a specialty that doesn't require a the traditional referral relationship of other specialties. There are some cautions though...listen in and get ready to own!

On this Transition Talk we fast forward from the LOI to closing day, and talk about the most common questions we get about closing and the days and weeks leading up to it. We talk about the patient and referral notification, the sellers work back and the top three things that can delay your closing if not handled correctly.....Listen in!

Certain pieces of a transition are universal. Communication is key whether you are an orthodontist or an oral surgeon.You MUST like and love an opportunity first and foremost.  This being said, there are circumstance for each specialty that make it unique in a transition.  In this first "Specialty Transition" series, we focus on the Orthodontic Transition and how this transition differs from the "norm".  

From the interwoven dependence of production, collections, contracts, and case stats to some of the common items to consider in the transition terms including prepaid patients and the work back - we cover the big points you need to focus on..... Listen in!

We know that when you see an x-ray or scan you can see what needs to be fixed and what is exactly where it needs to be.  It's what you do and what you breathe.  We also know, that it's likely that if someone mentions a Profit and Loss your first response is...huh? 

Even if you know what the P&L is and what you MIGHT need to look for you likely are still a bit hesitant....  How much did the owner really earn?  What costs will change if I grow?  What is the real overhead?  What costs are too big - which ones are too small? 

In this episode, we break down the profit and loss for a little 101 basics - the important stuff that you NEED to know whether you are buying a practice now or in the future. We give you the tools to look at the financial side of your soon to be business (or new business) with a bit more confidence. Listen in!

In a transition, one of the greatest assets are the employees you inherit with the practice. Because of their value, many buyers often have questions about how they will be accepted, how they should be introduced to them (and when) and what do to with the benefits and compensation offered to them.

In this episode of Transition Talk, we tackle all of those topics and give you options of how to transition the practice employees and also how to deal with some sensitive employee issues you may face in your transition. Listen in!

Overall, we think it’s pretty clear that the NDP team are fans of private practice ownership. That being said, we think being knowledgeable about ALL your options is the most important piece of the puzzle of ownership. Whether you are offered the opportunity to buy into a corporate owned practice or the opportunity to own a private practice with a silent partner/investor, there are many ways to get to ownership. In this Transition Talk, we explore when a corporate or alternative ownership deal makes sense (and of course we talk about when it doesn’t)! Have a deal you want to explore? Contact us to learn more: [email protected]

Walk-away or Partnership? How to determine when a short-term partnership – aka the Staggered Sale - makes sense (and when it might be required) to pull out the equity in your practice. Whether you do high end procedures or crank out the production and need to mentor someone to take over, or your buyer needs a bit more time to take it all over there are times when a unique practice needs a unique transition method. The staggered sale can be a great opportunity and, on this episode of Transition Talk we talk about the good the bad and the ugly of this unique transition method.

In this episode of Transition Talk, we tackle the sometimes surprising hurdles of the valuation process. 

Each practice is unique, so the impact to a value isn’t as simple as a+b-c, but in our experience, there are definite factors that may impact your value negatively.  Being aware of these hurdles can help educate you and can manage your expectations. Understanding these potential hurdles in the valuation process can also help you mitigate these risks as you look to transition down the road.  So listen in, we talk prepaid patients in Ortho, Delta Dental Premier, high end procedure bases, not having enough (or the right) information and more!

The process is going well -- you have negotiated a LOI, you have started your financial diligence and then you have to schedule your much anticipated site visit! What do you look at? How do you do a chart audit? When can you do it...and when do you need back-up? What questions or conversation is appropriate? In this episode we dive into the diligence site visit and give you our tips about how to make this a worthwhile visit!

In this episode of Transition Talk, we take a deep dive into some of the emotion of the transition. Whether a buyer or a seller, the transition process is an emotional one and in our experience each "side" feels like they are the only one at risk. We know the important thing is to keep the big picture in mind and we also know that taking out some of the emotion and knowing how to prepare for some of it can make your transition more successful! Listen in to some of the biggest gripes from buyers and sellers and check out our blog for some additional resources noted in the episode!