Claim OwnershipTransition Talk
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Transition Talk is a podcast about dental practice transitions. Like we do for our clients, in this podcast, we will provide guidance, tips, and real-life scenarios (both good and bad) to encourage you and to help you navigate the sometimes-messy path to dental practice ownership!
121 Episodes
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Identifying opportunities for improvement can ultimately position your practice in an attractive spot for a buyer down the line. Cain Watters & Associates Partner Judson Crawford joins Christy on this episode to dive into the latest version of the Dental Practice Comparison Report. They’ll discuss the key findings from the nationwide practice data and lay out some guidelines for growing your practice this year.
It’s natural to want to grow your dental practice by renovating or building a new office space. However, this can come at a cost, potentially impacting your overhead, overall practice value and even a future practice transition. In this episode, Christy and Charles show that while it’s okay to jump into this new project, you must consider timing and renovate or build with the overall business in mind.
If you’re a new partner or buyer coming into a practice, making operational changes quickly can potentially shake things up and cause insecurity among the team. But what if the team is overpaid or underpaid? What if you want to adjust the vacation policy or insurance options? What if you don’t want to rehire a team member? Tune in as Charles and Christy discuss how you can make adjustments while being mindful of the team’s perspective.
Announcing a big practice change to your team, like the addition of a new partner or transitioning the business to new ownership, can be a sensitive and pivotal conversation. You will want to ensure your team feels confident and optimistic about the next chapter. In this episode, Charles and Christy walk through tips for determining when to tell your team, what to tell them and how to prepare for that important conversation.
The dental transition landscape is seeing buyers become more diligent and selective with their decisions, causing practices considered “healthy” to have more buyer opportunities during the selling process. But what makes a practice “healthy”? Christy brings on NDP Senior Transition Consultant Morgan Ramsey to discuss the common financial and operational indicators that ultimately show your practice is ready for a transition.
As you consider buying or selling a practice, the first few questions you may ask are, “When and how should I start the planning process?” and “How long does a transition take from start to finish?” The timing from when you start planning to when the practice sale closes can vary, especially with both internal and external factors at play. Christy and NDP Senior Transition Consultant Matt Doyle outline some guidelines to help you create a plan and shed light on the answer for you.
When does it make sense to bring on a transition advisor so that you can maximize the benefits of hiring one in the first place? Is it when you have a concrete practice opportunity to purchase? Is it before you even start the discovery process? The timing, along with your unique situation, can determine the when and if an advisor truly is a good fit for what you need.
When it comes to searching for that dream associateship or position, there’s a little more required than learning about the job responsibilities. Arthur | Marshall’s Rich Gehrke and Kevin Simpson join Christy to share tips for finding your associateship or job opportunity, approaching the interview process and doing the homework to prepare for this significant life decision.
The process of searching for your ideal associate or partner requires more than just a job posting. It requires you to set a clear understanding of what you’re looking for and have the desire to not only craft a compelling offer, but to create a positive experience for the candidate. This process isn’t about having a line of candidates through your door, but rather, it’s about going into it feeling ready to put yourself in the candidate’s shoes. Rich Gehrke and Kevin Simpson, two recruiting experts from the Arthur | Marshall team, join Christy on this episode to share their tips and knowledge to help you find the best person for your practice.
When Christy and Charles decided to start Transition Talk in 2018, they didn’t know what a valuable resource it would become and the impact it would have today, but they knew they had educational content to share. The co-hosts celebrate the milestone of 100 episodes by reminiscing about their favorite moments and episodes and sharing a behind-the-scenes look at the road traveled to where they are today.
With the implications of inflation, interest rates and economic volatility looming, some doctors may feel uncertain about making a big career decision. How can current and future practice owners make sense of it all? What can they do to stay positive as they approach a future practice sale? Brian Bortz, Cain Watters & Associates Partner, joins this episode to provide an update on the economy and investment markets. He addresses concerns that buyers and sellers may have and shares how they can navigate the current climate.
Managing the clinical, business and operational side of a dental practice is a juggling act, which means owners likely have a lot of questions swirling in their minds. Charles and Christy use this episode to answer common transition and ownership questions. From preparing for a transition, assessing potential buyers to building and lease questions, this episode provides clarity and insight on a wide range of topics.
With a constant buzz surrounding dental service organizations (DSOs) and private equity (PE) firms, practice owners may wonder if this is the appropriate route for them and their practice. Christy and Charles explain the types of qualities that DSOs and PE firms look for, while also while also illustrating both the opportunity and risks of the corporate sale.
From navigating a three-doctor partnership, a child’s health diagnosis, busy schedules and much more, pediatric dentist Dr. Michelle Decere had to figure out what works and what doesn’t to keep the wheels moving. In this episode, she shares her story and shows that sometimes the keys to a fulfilling lifestyle are leveraging your support system, setting priorities and finding balance.
Dr. Christy Marcello is the only female specialist dual trained in pediatric dentistry and orthodontics in the state of Louisiana. And as a practice owner, wife and mom, she understands the weight and stress that many women endure as they seek perfection. Tune in to hear her story and how she strives to be not the best, but rather be the best version of herself.
Not only is goodwill a large contributing factor to the overall practice value, but because it’s intangible, the handoff between the buyer and seller isn’t as simple as handing over the keys. Yet, it has to be addressed. In this episode, Christy and Charles discuss why goodwill matters, when it’s worth more or less, what sellers may be expected to do to transition goodwill, what buyers can reasonably ask for and ways a buyer and seller can tarnish goodwill.
We get it. You are ready to close that deal. Whether it’s excitement, anxiety or another feeling or reason, many people just want to get through their dental transition and close the deal as quickly as possible. However, speeding through the process can lead to oversight of important details and even complications to the overall transition. NDP’s Head of Consulting Bridget Schwebke joins Christy on this episode to walk through some common occurrences and provide tips on how to slow down and treat each phase with diligence.
Dental transitions between family members come with their own set of expectations, obstacles and even perks. Charles welcomes a father-son duo, Drs. Rick and Kyle Washut, to share their transition story, the lessons learned and wins along the way.
In the world of dentistry, it’s not uncommon to see two young people meet in dental school and journey together into their careers. That’s where it began for Drs. Todd and Terrah Larrabee, owners of a family dentistry and orthodontic practice and parents of two boys. Their message to any other couples in dentistry is clear: Practice ownership is about creating your own dream rather than fitting into someone else’s. If you desire it, find a way to make it happen. Tune in for their full story.
While more women than ever are entering the field of dentistry, there’s still some hesitancy among women about becoming a practice owner. With self-doubt obscuring the picture, many female dentists wonder how to navigate a successful career, build a thriving practice and achieve “mom of the year” status. Angie Svitak, Cain Watters & Associates Financial Planner, joins Christy on this empowering episode to show female dentists that with the right amount of confidence, prioritization and support, it’s 100% possible to achieve their goals.
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