I’m sure many of you have sold a car, boat, or a house by yourself. For the most part, cars and boats are pretty simple to sell. Even selling a house only involves a couple of pieces of paper, an escrow agent, and a few other steps. But selling your practice is another ballgame. Emotions get involved as you are attached to your patients, staff, and heck, you built this baby! There is a...Read More
As we approach the end of the year, you should contact your patients and let them know that they should look at their insurance to see if they have available funds to complete procedures, or fit another cleaning in before the end of the year. There are standard patient letters that many consultants use to send out to patients. Or, you can use one of the internet based patient notification...Read More
There are a number of reasons that doctors sell their practices. Some are good reasons, like when you have reached a point where you have enough money to live comfortably the rest of your life while you are still healthy. Other situations may not be good. Those can include failed health, a practice that is quickly losing production, or the worst-case scenario — you suddenly pass...Read More
Practice valuations and those that value practices can come in all shapes and sizes. Did you know that there are probably 20 different methods you can use to value a practice? Did you know there are 5 to 10 different certifications or accreditations one can work towards obtaining?
Rule of thumb valuations are ones that are typically quoted and overly abused. The typical rule of thumb in a...Read More
In the September 2017 subscription of JADA, there is an article titled “Practice Ownership is Declining” by Marko Vujicic, Ph.D. As the title reveals, the article is about the decline in practice ownership by dentists. If you have not read the article, I highly recommend it. The statistics in the article support what we are seeing in the market for dental practice and some of the articles...Read More