Transition Talk

Running a successful practice is much more than the clinical work. To enhance your practice’s efficiency, it’s important to leverage dental-specific solutions to lift the weight of certain business responsibilities and save you money on supplies and services. Charles and Brett Pierce, ELITE Dental Alliance President and CEO, discuss what options are out there, how to utilize them to the fullest and why implementing vendor changes can be a positive contributor to your practice’s success.

Working alongside doctors through major milestones brings an abundance of rewarding moments. From witnessing their teachings come to life to seeing the full evolution of a dentist’s career, Christy and Charles reflect on gratifying memories from the past.

Many doctors begin their career by building experience as an associate. This stepping stone to practice ownership can help you gain insights to the decisions you’ll eventually face in your own practice. In this new episode, Christy and Charles discuss growing your clinical speed and productivity, building liquidity and several other action items to consider during your associateship.

Dental valuations are complex, and finding the right time to value a practice can be intricate in itself. There isn’t a universal timeframe, but the timing is incredibly unique to the buyer and seller’s specific situation. Christy and Charles walk through several scenarios, illustrating when it’s appropriate to value, when it’s not and the implications behind the timing.

Ensuring compatibility and laying out expectations early is key to getting your partnership started off on the right foot. From mentally, clinically and financially preparing yourself to understanding the other doctor’s vision, this episode dives into the groundwork needed to know if this is the right career and personal step for you.

Just like dating, dental partnerships not only require a collaborative and cohesive dynamic, but it’s important to understand all of the details for a relationship to thrive. If a partnership opportunity is on the horizon for you, engaging in key conversations and asking the seller the right questions can build a foundation for success. This episode outlines the important questions to ask your future partner and how to understand the answers.

Knowing the right questions to ask is a powerful tool, especially when it comes to asking your dental transition advisor for insight and advice. Good questions can make conversations more productive, maximize your time and further your overall progress in your practice purchase or sale. Christy and Charles walk through the most productive questions from clients and why some questions can be more beneficial than others.

With the Federal Trade Commission pushing to ban non-compete agreements, questions and confusion are escalating among practice owners and associates. While the U.S. District Court has blocked the ruling for now, attorney Ali Oromchian offers clarity on the current developments and shares considerations to make if the rule does go into effect.

When the documents are signed and you’ve officially closed on your practice purchase, you’re likely eager to now jump into the job head on. To help new owners financially thrive post-close, Charles and Cain Watters & Associates Financial Planner Zane Harris lay out some key considerations. They touch on marketing strategy, curating your vendors, equipment and technology, tax planning, depreciation strategies and even some personal considerations, like new homes and student loans.

Closing on a practice sale signifies the monumental moment for buyers of crossing the finish line and starting a new chapter of your career. To set yourself up for success in the practice, there are several financial decisions to make 30 days prior to closing the deal. Charles invites Cain Watters & Associates Financial Planner Zane Harris to weigh in and help buyers through this critical period in the dental transition process.