A dentist without patients does not have a great future. In addition to being “customers”, patients are also the “raw material” of a dental office. Like any business, no raw material equals no revenue.
There are two key economic factors to consider with respect to having adequate raw materials or patients.
So where should you focus? Should…
If there was ever a reason to kick start the engines it surely is now. It’s a new year, we have new vaccines – it’s a new beginning! What are you waiting for?!
Let us start by exploring what we call the “Magic Metrics” of successful practice growth and operation – metrics that we have been teaching for years. Hill Kindy is in the brokerage business but in the past, we also provided clients all…
How many dentistry professional corporations (DPCs) does one dentist need?
The answer is: One for each practice that you own. For sure someone is going to tell you that it would be much cheaper if you just put all your practices into one DPC, however, that advice is awfully short-sighted.
It is undoubtedly cheaper to just set up one DPC versus multiple, and it is cheaper to maintain on an annual basis; so why do you…
Practicing in a dental partnership can be a great experience or it can be a nightmare. As a brokerage, we deal with Equity Partnerships and Cost Sharing Partnerships all the time and I would say that, on average, dentists who have been in Cost-Sharing Partnerships would be split 50/50 into the positive and negative aspects of the arrangement. Interestingly enough there are actually some systemic reasons why Cost Sharing Partnerships have such a bad…
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…
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…
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…
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…
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…
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…
