Long in the Tooth: Insights for Age 55+ Dentists

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 retirementSpruce up the officeEvaluate your collections and feesAvoid “skimming”Stay with your PPOsMaintain the status quoOur guest is Larry Chatterley. Larry has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.For more guidance on transitioning your practice, schedule a call at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 poorly and turn it around to make it thrive.Our special guest on this episode is Larry Chatterley. Larry has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions.For more guidance on transitioning your practice, schedule a call at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 transitioning your practice, schedule a call with him at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 in their offers. Remember, DSOs are smart. They are shrewd. And they are in business to make money. Don’t believe they are just being altruistic and generous. Do the math yourself, or get some help assessing the real value of your practice to help you negotiate an even better offer.Randon Jenson is a practice transition specialist. He’s helped hundreds of dentists with the sale of their practice. For more guidance on transitioning your practice, schedule a call with Randon at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 upfront educating yourself, asking plenty of questions, and learning from others, you can save yourself from numerous headaches and be positioned for success when you become the owner of your own dental practice.And who knows, you might even end up becoming Miss America like Marney did by following this advice!—Marney Andes is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself.To learn more about Marney Andes, visit marneyandes.comFor more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 any one right answer, and a host of other options that you might not have considered. As Marney Andes shares in this episode, the important thing to do in situations and transitions such as these is to identify from all perspectives, what is a win-win here? Here’s how you can break it down:What is a win for them? What is a win for me?Is the situation we’re in actually conducive to making us both win? And if it isn’t, can we negotiate to find a win-win?Success—in business and life—doesn’t come without taking advice, learning lessons, and living with intention. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself.—Marney Andes is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit. To learn more about Marney Andes, visit marneyandes.comFor more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 find new success. If you instead focus on practicing what you already love to do, and make time to learn what each of your staff members excels at, you’ll find greater success in playing to your strengths and delegating to theirs.Marney is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit. Success—in business and life—doesn’t come without taking advice, learning lessons, and living with intention. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself.To learn more about Marney Andes, visit marneyandes.comFor more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 long you’ve gotten a sense of purpose and identity from being a dentist. Now what? What will you do after you’re a “non-dentist”? What will you think about instead?Dr. William Vargo joins us on this episode to share his honest insights as one who has gone through the transition of selling a practice and stepped into retirement.What was the most challenging aspect of selling your practice?What was the best part about selling your practice?What advice do you have for colleagues who might be considering a transition?For more guidance on selling your practice and making the transition Dr. Vargo made, schedule a call at: ctc-associates.comFor help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 – change up your insurance participation, or add an associate.For more on changing your insurance participation, listen to our previous conversation with Bill Rossi. In this episode, practice transition specialists, Randon Jenson & Marie Chatterley, identify the healthy indicators for a practice to bring on an associate answering key questions such as:How far in advance are you booked?What’s your active patient count?How many new patients are you adding a month?For help determining if you’re ready to bring on an associate, schedule a call with Randon & Marie at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

“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) access to production reports and 2) access to lab invoices. Because how you are being paid shouldn’t be a big mystery to you.In this episode, Dr. Lori Kemmet shares more tips like this so you aren’t operating blindly. And if it is a dream of yours to one day own your own practice, Dr. Kemmet has plenty to share to encourage you down that path.Have a question about something you heard? Reach out to Lori directly at: lori@incrediblesmiles.comFor help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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. Lori Kemmet joins us once again from Boulder, CO for Part 2 to honestly share what these arrangements can look like. Both the good and the ugly. As 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 later and earn what you deserve for all your efforts over the years.Have a question about something you heard? Reach out to Lori directly at: lori@incrediblesmiles.comFor help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 later and earn what you deserve for all your efforts over the years.Dr. Lori Kemmet is a dentist in Boulder, CO who owns a private practice called Incredible Smiles. She has experienced offers from both sides and joins us this episode to shed some light on what the process can be like negotiating terms with a DSO vs an independent buyer. DSOs only wanted to use my 2019 numbers, not the last three years; they knew 2019 would be a lower year in production because we were closed for 6 weeks due to COVID-19.The DSO offer was OK but seemed low; after checking with a broker it was confirmed that it was low. The DSO was hoping that I would not talk with a broker; they even suggested that we could avoid the broker fees.Have a question about something you heard? Reach out to Lori directly at: lori@incrediblesmiles.comFor help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 to consider. In our 3rd and final episode with Bill Rossi, we break down the different transition scenarios to help guide you to success.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 practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.Questions answered on this episode:If someone is looking to sell their practice in the next 1-5 years, does it make sense to consider dropping insurance?If someone is thinking of adding an associate or partner, is there an advantageous time to consider a change of insurance participation?What challenges are buyers facing when purchasing a practice that is contracted with insurance plans?What should buyers be aware of when purchasing a fee-for-service practice?For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: brossi.apm@gmail.comFor help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 conversation with Bill Rossi, we discuss what you can expect regarding timeline, attrition and increases in your income. We also get into how to involve your staff and how to message the insurance changes to your patients.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 practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.Questions answered on this episode:What is the average timeline for dropping insurance plans?How important is it to involve the office staff in this process?What things should the front office consider when dialoguing insurance participation changes with patients?What on average can an office expect with attrition?What on average can an office expect with an increase in income?For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: brossi.apm@gmail.comFor help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 practices. For the past 20 years, he has helped many dentists strategically and safely cut back on their PPO participation. This has added substantially to their bottom lines and their practice independence.Questions answered on this episode:What things should a doctor consider before changing their insurance participation?Are there certain things you look for when you know dropping insurance plans is viable for a practice?What are some of the biggest fears or reasons doctors hesitate before transitioning to fee-for-service?What services do you provide to help with the process of dropping insurance?For more on PPO negotiations and “PPO Plays'' you can run, visit: advancedpracticemanagement.com. Bill Rossi can be reached at 952-921-3360 for an informal, 20-30 minute conversation. His email is: brossi.apm@gmail.comFor help transitioning your practice to new ownership, contact Marie Chatterley at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info—Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 market, but instead experience the transition as a smooth and positive experience. Helpful Tip: Avoid using the words “bought” and “sold.” For help transitioning your practice to new ownership, contact Randon & Marie at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to:office@longinthetooth.info---Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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 transitioning your practice to new ownership, contact Randon & Marie at: ctc-associates.comFind a dental practice transition specialist in your area by sending a message to: office@longinthetooth.info---Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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. In this final episode of Season 1, we welcome Randon Jenson and Marie Chatterley from CTC Associates as the new hosts and moderators for Season 2 (coming January 2022). Randon and Marie have guided hundreds of dental practice owners to successful transitions over the years, and they’ve put together a great line-up of topics to benefit practice owners this upcoming year.Questions asked on this episode:What are the biggest keys to success for practice owners to transition after the sale into an even richer and more rewarding season of life?Could you give us a sneak peak at the topics that are planned for Season 2 to benefit practice owners?Join us again in January 2022 to glean new insights to maximize your profitability and peace of mind.Find dental practice transition specialists in your area by messaging: office@longinthetooth.infoLong in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info

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, how a 401(k), Profit Sharing Plan (PSP), and a Cash Balance Plan can be combined to create a “secret sauce” that will put a lot of extra money in your pocket, build up your retirement assets, save the company taxes, and build years on a tax-deferred basis.Brian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.Contact Brian Edwards by phone at: 614-473-2401, or by email at: brian.j.edwards@ms.com for more information.Find dental practice transition specialists in your area by messaging: office@longinthetooth.infoLong in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info

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 some timely advice on what you should do with the proceeds from the sale of your practice by looking at it from three different perspectives – Estate Planning, Wealth Management, and Education Funding.Questions addressed on this episode:What should I do with the proceeds from an Estate Planning perspective? Trusts, Lifetime Exemption, & Donor Advised Funds (DAF)What should I do with the proceeds from a Wealth Management perspective? Municipal Bonds & Unified Managed AccountsWhat should I do with the proceeds from an Educational Funding perspective? 529sBrian Edwards has been a Financial Advisor with Morgan Stanley and its predecessor firms for his entire career, dating back to 1989. The success of his practice facilitated the formation of The Edwards Group at Morgan Stanley. Brian works with high net worth individuals, successful small business owners and navigates complex family wealth situations. He leads the team and guides overall investment strategy.Brian has been recognized by Barron's Magazine as a Top 1,200 Financial Advisor, by The Financial Times as Top 400 Financial Advisors, and named to the Forbes Best-In-The-State Wealth Advisor list.Contact Brian Edwards by phone at: 614-473-2401, or by email at: brian.j.edwards@ms.com for more information.Find dental practice transition specialists in your area by messaging: office@longinthetooth.infoLong in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info