Transition Talk

In this episode of Transition Talk, we catch up with Dr. Brock Pumphrey, a periodontist in Atlanta. Brock worked with NDP as he went from associate to owner and today owns a successful, growing perio practice and runs multiple study clubs. 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!

To lease or to buy -- that is the question! In this episode of Transition Talk, we discuss the other important purchase you may make as an owner and we talk all about the practice building! When do you buy and when might it make sense to be a long term tenant. Listen in and let us know what you think!

In this episode, we are talking about the associate agreement. Maybe you need to get your production up, refine your clinical skills, need to increase your liquidity, or aren't ready to settle on geographical home. Whatever the reason - the associateship is often a critical part of the journey to ownership. We talk about what you should care about - and what you shouldn't care about. What about documenting the terms of a future transition? Listen in and remember, if you have an agreement and/or opportunity and need another pair of eyes and ears to review, feel free to reach out to our team for a complimentary overview!

You have heard the chatter...private equity, DSO offers, EBITDA, and crazy multiples resulting in crazy values. Is this the beginning of the end of private practice dentistry? We definitely don't think so! In this episode of Transition Talk, we explore the basics of a private equity offer. We discuss, what EBITDA is and how it's calculated. What are the requirements of a seller in these types of offers? When does it make sense (and when does it not)? Does the same opportunity exist for all specialties? If you are a buyer or a seller and are interested in learning more about the value of a private equity offer -- listen in!

In this episode of Transition Talk, we explore what, hopefully, is the best part of the transition into ownership....being an Owner! In the "What Happens Next" series, we explore what happens after closing. In this first interview

of the series, Christy sits down to talk with previous NDP client Dr. Derek Williams about his experience transitioning from dental student to owner!

They talk about what went right, how patients and staff reacted, what he would do differently and what he would suggest for a new buyer if he could do it all over again. Listen in and get some tips from an "expert" in ownership!

Dr. Derek Williams is a general dentist in Lufkin, Texas and the co-owner of with Dr. Justin Short of The LIfestyle Practice. Derek and Justin work with other dentists to help them create their own lifestyle practice, focusing on increasing production and collections, creating an engaged team, reducing stress, and setting up systems that will serve as a foundation for years to come. After working together, their clients see, on average, a 33% increase in collections, often including cutting back clinical hours. They offer free consultations. For more information visit www.thelifestylepractice.com or email/text Derek at (936)701-6447 or [email protected]!

While it's no secret we are a fan of the private practice acquisition, we know that isn't always possible and there are certain instances where a start-up makes sense. In this episode of Transition Talk, we dive into start up costs, the "break-even" (and how that can mean different things to different people), who to have on your start-up "team" and we provide some examples of when a start-up can make sense - and when it doesn't! Listen in!

Performing diligence on an opportunity isn't always easy! Maybe you are early in the process and the seller isn't willing to share much yet, or maybe you have a handful of practices you want to proactively pursue but aren't sure if they meet what you need? In this episode of Transition Talk we discuss how to "Nancy Drew" a practice opportunity and figure out some details before you formally begin diligence. We talk about real life examples and when the hesitancy to provide information is a red flag, and when it isn't. Put your detective hat on and listen in!

In episode 13, we dive into the first of our “Real Life” series and re-examine the interview and finding the opportunity (Episodes 2 & 3)but with real life examples. We walk through times when clients followed all the “rules” and times they didn’t, and talk about the outcomes. The moral of the story is that this is challenging and emotional process that you can mess up (but we hope you don't)! We explore how to navigate the interview road and provide our experience and opinion on these important initial steps in practice ownership! Listen In!

In episode 11, we started the discussion about the legal documents. We talked big picture and focused on how to get the right attorney on your team to keep the process from derailing your transition. In this episode, we focus on the main agreement, most commonly known as the Asset Purchase Agreement, and the major negotiated terms we like to see within this agreement. From re-treatment to the seller's work back, we highlight what we think are the critical pieces and emphasize some common mistakes we see buyers make during the legal negotiation process.

Legal documents are a critical step in the transition process – its where the negotiations are formalized into the actual documents governing your transition. Asset Purchase Agreement, Partnership Agreement, Operating Agreement, Bill of Sale, Non-Competition and Solicitation – so many documents! Your transition type will govern what documents you need and understanding those will help in your success. In this episode we talk big picture, including what types of attorneys to utilize, how much you can expect to pay for their services and how to keep the communication lines open during what can be a contentious (or awkward) process! It’s a big topic so for this episode we keep it high level but stick around for Part 2 next episode where we dive into the details.