Finding the diamond in the rough

As you are thumbing through practice valuation reports to find the perfect practice to make an offer on, you come across a valuation of a clinic that looks like a losing proposition. It was established three years ago in a dynamite location which you cannot miss on your daily commute on a busy thoroughfare. Despite […]

A good office manager is key to boost practice profitability

Your appointment schedule is full, hygiene is booked a month ahead, and patients have to wait weeks to see you even for minor treatments. Your staff is hustling to keep up with the pace, which often shrinks the lunch hour to a ten-minute break. For you, the busyness of the clinic is the barometer of […]

Practice Negotiating Tip: Increase the Perceived Value of Your Practice

If the price you are asking is supported by a valuation report and it reflects true market value, but you are still experiencing kickback on the price, then you are probably experiencing a value-proposition perception issue. Basically, the buyer does not feel that what they are buying is worth what you are asking. This can […]

You’re fired! Learning the art of making staff changes

Terminating an employee is probably the most hated job in the practice management life of a dentist. You must try for a smooth exit without causing upheaval in the office, and ensure the employee leaves with ego intact and without filing a lawsuit for severance. Here are some strategies to keep in mind. Be prepared. […]

Should I Sell the Real Estate With the Practice?

Almost every prospective practice buyer would like to own the real estate as well. It is a good investment because the buyer becomes both landlord and tenant. Even more so because many dentists have had bad experiences fighting with landlords over leases. There are many points of potential friction with a landlord. Not getting a […]

How the practice lease can ruin your retirement

After 30 years of operating his thriving family practice, Dr. Al Dente was looking forward to cash in his biggest financial asset. He figured that selling the practice would be a piece of cake. Some of his colleagues sold privately for about 100% of annual gross revenues. Al expected that his practice would sell for […]

Why you should give your practice a facelift

The layout of dental clinics has not really changed much over the years. The design goal has always been to meet the needs of the dentist and staff in terms functionality, efficiency, and comfort. The needs of the patient are not taken into account as long as the patient has a chair to sit on. […]

Why you need debt to build wealth

Even if you hate being in debt, it’s impossible to live without it. So why not accept the fact that you are likely be in debt throughout your career. There will be student loans and a home mortgage at the beginning, practice purchase loans at mid-career and perhaps bank loans for your children’s university education […]

Associates: Don’t rent your future! Own it!

When you start to practice as a dentist, there is a fork in the road, which will have great impact on your career and your financial future. The question is: “Shall I work as an associate for the foreseeable future or until my student loan is paid off, or shall I become a practice owner […]

Cash flow up, Stress down? Thank Pareto!

In 1906, the Italian economist Pareto astutely observed that 20% of the people owned 80% of the country’s wealth. The principle that 20% of something is always responsible for 80% of the results is known as the Pareto Principle, or the 80/20 rule, and can be used as a daily reminder to focus on the […]