The Importance of Owner Flexibility
You shouldn’t expect to sell your practice overnight. For every practice that sells quickly, there are a hundred that take many months or even years to sell. Having the correct mindset and understanding of what you must do ahead of time to prepare for the sale of your practice will help you avoid a range of headaches and dramatically increase your overall chances of success. First, and...Read Moreby omniadminFebruary 11, 2021 Buyer Articles, Buying a Practice, Practice Management, Practice Sales, Seller Articles, Valuation0 comments
When is it Time to Value Your Practice?
By Kevin Brady, Practice Transition Advisor Transitioning the practice is probably one of the biggest decisions a dentist will make in their career. Deciding whether to transition the practice to a partner, associate, a new dentist, or corporate dentistry, you will need a plan and experts to help you make the right decision. 3 to 5 Years Before Retirement Having a financial plan when you are...Read MoreWhy We Chose to Sell Early in Our Careers and What We Learned
By Cindy Pauley, DDS, Practice Broker Early retirement in dentistry is different than most fields. For most people working life involves a minimum of 5-7 career changes. With dentistry, we generally sign up for our entire working life. So, anything less than a lifetime can be considered early. And so our story begins… My husband is in our office between patients massaging his aching thumb...Read Moreby omniadminJanuary 15, 2021 Practice Sales, Practice Transtions, Seller Articles, Selling a Practice, Using a Professional0 comments
Selling Your Practice Yourself – Penny Smart and Dollar Foolish
By Rod Johnston, MBA, CMA, Practice Transition Advisor You’ve heard the stories of people doing their own electrical work on their house only to be electrocuted when they try fixing the bathroom light while standing in the bathtub full of water. Or the person who decides to fix his brakes on his car only to accidentally cut his brake line and end up driving off a cliff. They have awards for...Read Moreby omniadminNovember 20, 2020 Practice Management, Practice Sales, Practice Transtions, Seller Articles, Video0 comments
Dealing with Credit Balances in a Dental Practice
Kevin Brady, Practice Transition Advisor, gives dentists important information about credit balances in a dental practice. https://youtu.be/Eg812mmUiSIVideo can’t be loaded because JavaScript is disabled: Dealing with Credit Balances in a Dental Practice (https://youtu.be/Eg812mmUiSI) Read Moreby omniadminNovember 12, 2020 Buyer Articles, Practice Sales, Practice Transtions, Seller Articles, Video0 comments
Accounts Receivables in a Transition
Buyers and Sellers – One of the things to look out for in a dental transition is Accounts Receivables. What should you be looking for? Megan Urban, Practice Transition Advisor with OMNI Practice Group, will get you started: https://youtu.be/VyTMEqdMY50Video can’t be loaded because JavaScript is disabled: Accounts Receivables in a Transition (https://youtu.be/VyTMEqdMY50) Read MoreTips to Avoid Fraud and Embezzlement
By Megan Urban, Practice Transition Consultant We see embezzlement in the dental office all too often. The average embezzlement amount REPORTED is over $100,000 in a dental practice, and we know most is not reported or ever discovered. Please review the following tips to avoid embezzlement, as well as signs from employees to be aware of. -Limit access to dental software to make adjustments,...Read Moreby omniadminOctober 14, 2020 Practice Management, Practice Sales, Practice Transtions, Seller Articles, Selling a Practice0 comments
Increase Collections Without Spending Money
By Megan Urban, Transition Specialist After working with hundreds of dentists for many years, we want to share the top 5 areas of missed production/collection. With small changes to your everyday routines, you can increase collections to put towards new equipment and technology, as well as savings and retirement. 1. Patient Retention Everyone worries about current new patient flow, but what...Read Moreby omniadminAugust 5, 2020 COVID-19, Practice Sales, Practice Transtions, Seller Articles, Selling a Practice0 comments
Exit Planning in the COVID Era
By Corey Young, DDS, MBA, ABI Are you ready to transition? Is your practice ready to transition? What is the market like? These are all key questions to ask yourself. When is a good time to start thinking about all of this? The real answer is as soon as you buy or start your practice, but the more practical answer is dependent on you. If there any chance you will want to transition in the next...Read Moreby omniadminJuly 31, 2020 Practice Management, Practice Sales, Practice Transtions, Seller Articles, Selling a Practice0 comments