Claim OwnershipLong in the Tooth: Insights for Age 55+ Dentists
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Most dentists fail to plan ahead for the sale of their practice. By not preparing for this inevitable event, they miss out on thousands of dollars, limit their transition options, and burden their loved ones with uncertainty about the future. On Long in the Tooth podcast, we share non-clinical insights to help you prepare for the sale today so you can maximize your profitability and peace of mind tomorrow. For all the hard work you’ve put into building your practice, we believe you, your family, and your staff deserve to transition after the sale into an even richer and more rewarding season of life. Subscribe today and tune in on Fridays to glean new insights. This podcast is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.
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As 2022 wraps up (and so does Season 2 of this podcast), we’ve seen some clear trends that are hurting dentists and their practices as they get ready to sell. We want to help you transition into an even richer and more rewarding season of life. So, here is our top 10 list of things you can do to prepare yourself and your practice(s) for a successful transition:Define your expectationsDefine your timelineIdentify the right successorInvolve your staff in the processSave for retirementSpruc...
What separates the dentists that struggle from the ones that thrive? What are the common characteristics of a successful dental practice owner?There are some common keys to success as a dental practice owner. It can be summarized as a mindset that focuses on the "3 Rs" – Relationships, Reputation, and Referrals.If you don’t understand these 3 Rs, it can mean financial struggle for you and your practice. But if you build these 3 Rs into your mindset, you can take a practice that is doing poorl...
Should I sell accounts receivable with the practice? Should I buy accounts receivable with the practice? Or should I exclude them and keep them?We get this question a lot from both practice buyers and sellers.In this episode, transition specialist, Randon Jenson, discusses the 3 options covering both the advantages and the disadvantages of each so you can decide which is best for you.Randon Jenson has helped hundreds of dentists with the sale of their practice. For more guidance on transition...
It’s a hot topic today. Dental Service Organizations (DSOs) are aggressively marketing to practice owners, soliciting interest in acquiring their practices. Typically, they’ll catch you with a really high number. A number so high you’d be foolish to ignore it. But what’s included in their “incredible” offers? Is it the right decision for you?There are some trends that are cause for concern. So before you sign anything, listen to this episode to understand the three common elements i...
When you buy a practice, guess what? Now, you’re a business owner. The problem is, not alot of education happens on the business side of dentistry. Unless you got an MBA in addition to your dental degree (if you have both, we salute you), you could be on the path to unnecessary anxiety and frustration by jumping in too quickly.In this episode, Marney Andes shares some advice her father taught her - “You can do anything you want as long as you know the rules of the game.”By spending more time ...
The way you enter a relationship and exit a relationship really matters. Too often in negotiations, we’ve been instructed that it has to be “meeting halfway,” or an equal 50/50 compromise, but that’s not necessarily the case. Selling a dental practice isn’t like selling a piece of real estate. It also involves selling goodwill – the doctor is selling their relationship with patients and with their staff. Because of this, there are many delicate components to this negotiation, not just an...
Have you identified the things that you’re really, really good at? Too often, we can be so hard on ourselves as practice owners to try to improve in too many areas all at once. We end up neglecting to practice what we love and what we know we do best. In this episode, Marney Andes shares one of the valuable life lessons that her dad taught her on the basketball court – start with the give-me shots. You don’t need to chase the latest and greatest, or make a gigantic effort to fi...
Dr. William Vargo was a successful dentist for 35 years. He envisioned himself practicing till he was 68 or 70. But when he was only 65, his health couldn’t tolerate it and his wife’s health started to go downhill. He made the difficult decision to sell his practice earlier than he thought and during the COVID pandemic. Selling your practice can be loaded with emotion. In a moment, everything you worked for is turned over to someone else. What will they decide to do with it?Plus, for so ...
There reaches a point in the life cycle of most practices where the doctor is as busy as they want to be, or as busy as they can be. We call these “S.E.T. points” – Solo Economic Threshold. It’s the point where you are working as much as you want to, or you really physically can’t work more without adding days or growing extra arms to do more dentistry.Usually when you start to feel like “this is more than I can handle,” that’s a good indication to start exploring two options – chan...
“I didn’t know if I was paid what I should be paid.” When you come out of dental school, you’ve been taught how to be a dentist, but you don’t yet know how to run a successful business. Unfortunately, this puts you in a vulnerable position. DSOs can take advantage of you. Now, there are pros and certainly some cons of working for a DSO. But you might have few other options as you are first starting out. So if you remember nothing else, hear this: In your contract you should have: 1)...
Do you join a DSO or sell to a private buyer? That is the question. And when it comes to practice transition options, one of the big considerations are work back arrangements. The differences in working arrangements between offers from DSOs compared to independent buyers in many cases can be extreme and staggering. If a DSO is asking you to pay for an associate’s wage out of your own wages, we hope this makes you pause and think like Dr. Lori did, “Something doesn’t smell right here.”Dr....
There’s a big assumption today that if you sell to a DSO you’re going to get a higher price point. While on the surface this appears true, it is in the contingencies like workback agreements where it becomes not so cut and dry. “I was getting pushed into a corner and I didn’t like where this was going.” - Dr. Lori KemmetAs a dentist, the more educated you can become on the types of offers, your transition options, and the consequences for certain agreements, you’ll save yourself from regrets ...
We’ll often hear from doctors, “I’m at a crossroads. I’m so busy that I need to do something. Should I add an associate or drop an insurance provider?” If you’re approaching a critical transition juncture like this – whether it be selling your practice in 1-5 years, bringing on an associate or partner, a buy-in / buyout partnership, or merger – there are issues you should consider related to dental insurance to ensure your transition is successful and profitable.There are many variables ...
Dropping insurance participation is a decision that causes many doctors to have some anxiety. The tendency can be to rush things because you’re ticked off, or to avoid doing it out of fear of patient attrition.The good news is that unlike buying a practice or building a new facility, dropping insurance is a reversible decision. You can always go back. But if you’re strategic about it, there are few things you can do to add more independence and more to your bottom line. In part 2 of our ...
There’s plenty of insurance pain everywhere across the country. In the last two years, more dentists have said, “I’ve had it” and transitioned their insurance participation. But can a transition from PPO insurance to fee-for-service be successful?Yes! In this episode, Bill Rossi shares how. Bill is the country’s leading expert on PPO decisions and transitions. PPO decisions must be made in the context of the practice’s realities. Bill has over 35 years of experience in advising dental practi...
Announcing the sale of a practice to patients brings anxiety and nervousness to many sellers. When do I tell them? How do I tell them?There’s a good way and a bad way to go about telling them the news that something is happening with the practice. The majority will be fine with it, but some will be reluctant. In this episode, Randon Jenson & Marie Chatterley help you create a game plan ahead of time on how to inform patients so that they don’t feel like they are being traded on the open m...
It’s a concern every dentist has as they contemplate transitioning their practice to new ownership – Should I tell my staff? When should I tell my staff? How should I tell my staff?Coordinating with staff members causes the most anxiety for any prospective seller. As we kick off Season 2, Randon Jenson & Marie Chatterley share how and when to bring your staff members in on the transition so that they feel onboard with the process and the transition goes as smoothly as possible.For help tr...
Doctors often get so busy working in the practice that they don’t take time to work on the practice. As the end of 2021 draws near, we encourage you to make 2022 the year when you prepare for an inevitable event in your life, the sale of your practice. Over the past 38 episodes of Season 1, we’ve interviewed thirteen different, dental-specific experts who shared all kinds of tips to help you prepare for the sale of your practice. Relisten to any of those episodes for free at any time.&nb...
There aren’t many hiding places for your money today. We earn money, but the tax man just keeps coming from Federal, State, and Local levels.When you’re running a practice, the Department of Labor, ERISA, and the IRS have given us a few tax management investment tools to defer the money before the tax man can get to it. You might be familiar with some of these plans, but there’s one in particular that caught us by surprise.In this episode, you’ll learn from financial advisor, Brian J. Edwards...
You’ve paid taxes your whole life, successfully built up your business, then all of a sudden the current government administration changes the tax code which can cost you literally millions of dollars. It seems quite unfair, and it is a topic Brian J. Edwards is passionate about addressing.You have an opportunity to take advantage of an extra $6 million dollars in lifetime tax exemption, but you have to act before January 1, 2022. In this episode, financial advisor, Brian J. Edwards, shares s...
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