Associates – Hiring Do’s and Don’ts

 

There comes a time with almost all successful dentists when you will need to consider incorporating an Associate into your practice.  A common reaction from many dentists is that associates are too much trouble and there is no way they would have one in their office.  It is true, associates can be a lot of trouble especially if they are not correctly screened and integrated into the office however not having one is likely…

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Why You Should Use a Broker – Particularly Now

 

It has been suggested that the majority of dental practices sold in Ontario and likely in Canada are sold privately or by accountants or lawyers.  It is arguable that these practices could have been sold for more if they had been sold by a broker.  For the last decade, we have been in a very strong sellers’ market which has convinced a lot of sellers that they could avoid a commission and sell their…

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Strategies for Buying Your First Practice

 

Sometimes it’s better if you color outside of the lines.

If you are looking to buy a practice that will be your home, not an investment practice but the practice that you work at growing and building yourself, get ready to do things a little differently than you expect.

A properly appraised dental office is a function of real profitability, sometimes called EBITDA and Return on Investment.  If you take real (normalized) profitability (EBITDA) and divide…

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COVID Transmission: Air – Not Touch

 

You may have enjoyed one of my last blogs which was a joint effort by myself and Dr. David Bergen (well mostly by David) entitled Survival Odds – An Optimistic View.

If you haven’t already read it, you can do so by finding it on our blog page or by clicking here.

I have teamed up with David to bring you some of his research insights into how COVID does and doesn’t spread amongst the…

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Survival Odds – An Optimistic View

 

As it turns out my dentist and close friend, Dr. David Bergen, is also a bit of a mathematician/ponderer (who else would have spent the first month of the shut down taking a calculus course for fun!?!).

Lately, we had some very interesting discussions about his calculations of the risk of him catching COVID at the office, and presumably his patients’ risk of catching COVID at his office – which naturally will be much less…

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Starting Your Network – Part 2 of 2

 

Make sure you’ve read – “Starting Your Network – Part 1” before continuing with the rest of this important article. You can check it out here.

What is your next step after you have figured out your “Why”?  Understanding your why at the beginning is crucial to the end result but there is one other piece that is also important if you are to be successful.

Initially, we will be honest, this one may not…

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Starting Your Network – Part 1 of 2

 

A question that I am often asked is “How do I start a DSO” or “What’s the first thing that I should do when starting a network”?

Just to clarify before we start, what we are talking about is not the corporate DSO’s but rather networks of no more than 15 to 20 offices.

Getting back to our question, a seemingly obvious answer would be to buy another practice.  While this is what many dentists do…

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Have a Plan – Avoid the Predators

 

Whenever you have significant environmental changes such as the COVID-19 pandemic there will inevitably be parties who will look for ways to take advantage of the situation. We will be addressing two issues in this week’s blog post, the “predatory threat” and our recommended solution.  As we begin to emerge from the pandemic (and to be clear that we are only just at the beginning of this process), there will be a lot of…

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Timing is Everything

 

“Timing is Everything” – it has been said at least a million times, but when it comes to selling your practice it perhaps has never been truer.

We are just now emerging from the most complicated economic and human tragedy that most of us will ever experience.  In economic terms alone the cost has been staggering, well into the trillions of dollars. But of course, you know that all too well, as you have also…

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The Post COVID-19 Marketplace

 

At some stage, this storm will pass.

Things may not get back to normal right away; in fact, we don’t really know what the new day to day operational normal is going to look like.

What we can do, however, is make some educated speculations as to what might happen to the marketplace. Historically speaking, practice values have always recovered very well after significant financial crises. A relatively recent example of this is the very strong…

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