I was working with an office a few weeks back, and one of the hygienist’s told me she “hated feeling like a salesperson in the office”. I sat and thought about what she said as well as how often I heard similar statements from other hygienists. As a general rule, and I can say this because I AM a hygienist, we hygienists do not like talking about money with patients. We want … Read more
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A buyer’s mentality in this era is a stubborn and autocratic animal. So many students from areas both suburban and rural come to dental schools in their youth and enjoy the variety and energy of the city. They simply can’t imagine living elsewhere after their dental school days are done. While the market seems like common sense to most of us with more life experience under our belts, from a dental student’s … Read more
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I have often heard it said that being certified in CPR is like having fire insurance. You really hope you never need to use it, but if you do, you’ll be glad you have it. Every 5 years the American Heart Association (AHA) makes changes to their CPR guidelines in an effort to continuously improve the quality of care in the CPR community. On an on-going basis, the AHA works to collect … Read more
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So you’re considering retirement and feel your best option is to hire an associate then sell your practice to that associate when you’re ready to call it quits. Let me ask you this… Do you want to watch your perfect working relationship go from good to bad real quick? I’m guessing your answer is NO! One of the biggest mistakes made with this transition method is when an owner dentist hires an … Read more
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As practice owners, it’s clear your demand for high standards, a strong skill set and entrepreneurial spirit put you where you are today. While these skills are essential when opening and running a successful practice, it’s not enough to keep your patient roster fully scheduled. You need to make a quick and significant impact on potential patients in order to convert them into actual patients. We all recognize the importance of a … Read more
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In an unprecedented 3 podcast run Dr. Scott Leune made the case that corporate dentistry is coming to take everyone out. No one will argue that we’ve seen more and more corporate groups pop up, but it’s really simple math that will prevent them from taking over unless Dentists simply wave the white flag. This math relates to Dentist Compensation. Let’s say you are a dentist that can produce $50,000 of collectible … Read more
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Over the past several months there has been quite a bit of grumbling about the state of lending in the dental industry. I’ve heard from clients and from listening to dental podcasts that it just seems like the banks are asking for way too much stuff these days and don’t seem as eager to help dentists these days. I think it helps to have some perspective. In my opinion, dental lending is … Read more
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A wise man named The Rock once said, “know your role and shut your mouth”. Another wise man named Jeff Vanden Heuvel once observed that “accountants are the glue guy for most practices”. As a CPA I am oftentimes the “glue-guy” for many of my practices and am often asked for my opinion on topics that are far outside my area of expertise. When I am asked these questions I try and … Read more
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Build Your Team of Advisors: Broker/Consultant, CPA/Accountant and an Attorney (keep them informed). When I tour around the Midwest giving presentations regarding selling a dental office, I without doubt come across dentists who “read an article or two and have a good understanding of the process” and want to handle the sale on their own to save money. If I need my teeth fixed I go to a dentist, not a plumber … Read more
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As a private practice dentist, you have built a small business with a relatively reliable income stream, goodwill, and assets. Its value will provide you with a monetary gain in the year you decide to retire. Have you ever thought about how much your practice will be worth? Better yet, do you understand how it will impact your income in retirement?
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