NDP

Coming out of dental school, the type of practice you work for should be a choice made with your long-term goals in mind. With the attractive financial packages, reduced risk and business responsibilities and a “fear of missing out” effect, it's easy to see the appeal of DSOs over private practice. To help new dentists navigate the facts and make an informed decision, Christy and Charles weigh in on both DSOs and private practices and the situations where each could be the right fit.

“Rather than focus on building an income, focus on building yourself as an asset.” By leveraging a business mindset from the start and investing a significant amount in continuing education, Kentucky practice owner Dr. Friend Bechtel has built himself as a valuable asset. His tenacity has led him to overcome obstacles early and own a thriving practice today. Tune in for an episode packed with nuggets of motivation and advice as Dr. Friend shares his full journey.

Building a successful practice isn't about following a specific formula. Rather, you create your own destiny with the path you choose. This episode dives into the story of Minnesota practice owner and NDP client Dr. Jason Spychala. Under his leadership, the practice has grown, they've built a new building, and he recently brought on his associate as his partner. Tune in to hear his ownership journey, his experience with the valuation process and how he found his path.

Bringing in an associate is one of the most significant opportunities for practice growth. With the right type of practice, plan and associate, the business can truly take off and thrive. From clinical goals, daily production numbers, continuing education and compensation, the considerations outlined in this episode will help ensure you're prepared to welcome a new doctor.

Unexpected challenges and unknowns can make the road to buying or selling a dental practice feel a little rocky. From practice valuations, legal documents, due diligence and transition timing, Christy and Charles touch on several areas that can cause pain points and even regret later down the line. This episode will help you feel prepared for the types of obstacles that may come your way and offer confidence to get to the other side.

The sale structure of a dental partnership is an important detail that can impact the deal and life as partners. One structure may sound like the best option—be it for simplicity or efficiency—but that doesn't mean it will have the best outcome in the future. Joining this episode to offer their legal and financial expertise is attorney Matt Mitchell from Friday, Eldredge and Clark LLP and Cain Watters & Associates Financial Planner Sarah Oliver. They discuss the tax and legal implications of asset versus stock sales, common misconceptions, repercussions of making adjustments after the fact and the importance of operating agreements.

While many assume that all debt is bad debt, obtaining lending is often a necessary piece to practice ownership. Experienced dental lenders Johnette Green from Provide and Adam Schenck from Bank of America join this episode to help buyers be in the best financial position to purchase their dream practice. They discuss aspects that banks look for in the buyer's personal finances and the practice financials, details that buyers often miss, when to engage a lender, how sellers can support buyers in the lending process and much more.

Running a successful practice is much more than the clinical work. To enhance your practice's efficiency, it's important to leverage dental-specific solutions to lift the weight of certain business responsibilities and save you money on supplies and services. Charles and Brett Pierce, ELITE Dental Alliance President and CEO, discuss what options are out there, how to utilize them to the fullest and why implementing vendor changes can be a positive contributor to your practice's success.

Working alongside doctors through major milestones brings an abundance of rewarding moments. From witnessing their teachings come to life to seeing the full evolution of a dentist's career, Christy and Charles reflect on gratifying memories from the past.

Many doctors begin their career by building experience as an associate. This stepping stone to practice ownership can help you gain insights to the decisions you'll eventually face in your own practice. In this new episode, Christy and Charles discuss growing your clinical speed and productivity, building liquidity and several other action items to consider during your associateship.

Dental valuations are complex, and finding the right time to value a practice can be intricate in itself. There isn't a universal timeframe, but the timing is incredibly unique to the buyer and seller's specific situation. Christy and Charles walk through several scenarios, illustrating when it's appropriate to value, when it's not and the implications behind the timing.

Ensuring compatibility and laying out expectations early is key to getting your partnership started off on the right foot. From mentally, clinically and financially preparing yourself to understanding the other doctor's vision, this episode dives into the groundwork needed to know if this is the right career and personal step for you.

Just like dating, dental partnerships not only require a collaborative and cohesive dynamic, but it's important to understand all of the details for a relationship to thrive. If a partnership opportunity is on the horizon for you, engaging in key conversations and asking the seller the right questions can build a foundation for success. This episode outlines the important questions to ask your future partner and how to understand the answers.

Knowing the right questions to ask is a powerful tool, especially when it comes to asking your dental transition advisor for insight and advice. Good questions can make conversations more productive, maximize your time and further your overall progress in your practice purchase or sale. Christy and Charles walk through the most productive questions from clients and why some questions can be more beneficial than others.

With the Federal Trade Commission pushing to ban non-compete agreements, questions and confusion are escalating among practice owners and associates. While the U.S. District Court has blocked the ruling for now, attorney Ali Oromchian offers clarity on the current developments and shares considerations to make if the rule does go into effect.

When the documents are signed and you've officially closed on your practice purchase, you're likely eager to now jump into the job head on. To help new owners financially thrive post-close, Charles and Cain Watters & Associates Financial Planner Zane Harris lay out some key considerations. They touch on marketing strategy, curating your vendors, equipment and technology, tax planning, depreciation strategies and even some personal considerations, like new homes and student loans.

Closing on a practice sale signifies the monumental moment for buyers of crossing the finish line and starting a new chapter of your career. To set yourself up for success in the practice, there are several financial decisions to make 30 days prior to closing the deal. Charles invites Cain Watters & Associates Financial Planner Zane Harris to weigh in and help buyers through this critical period in the dental transition process.

Whether you've done your research and you're ready to kick off your next career chapter, or you're feeling a little lost in the weeds, a coaching call or a preliminary meeting with a dental transition advisor like NDP can provide both direction and assurance. To maximize your time and gain the most value, Christy and Charles share what to expect and how to prepare for your first meeting with NDP.

Identifying opportunities for improvement can ultimately position your practice in an attractive spot for a buyer down the line. Cain Watters & Associates Partner Judson Crawford joins Christy on this episode to dive into the latest version of the Dental Practice Comparison Report. They'll discuss the key findings from the nationwide practice data and lay out some guidelines for growing your practice this year.

It's natural to want to grow your dental practice by renovating or building a new office space. However, this can come at a cost, potentially impacting your overhead, overall practice value and even a future practice transition. In this episode, Christy and Charles show that while it's okay to jump into this new project, you must consider timing and renovate or build with the overall business in mind.

If you're a new partner or buyer coming into a practice, making operational changes quickly can potentially shake things up and cause insecurity among the team. But what if the team is overpaid or underpaid? What if you want to adjust the vacation policy or insurance options? What if you don't want to rehire a team member? Tune in as Charles and Christy discuss how you can make adjustments while being mindful of the team's perspective.

Announcing a big practice change to your team, like the addition of a new partner or transitioning the business to new ownership, can be a sensitive and pivotal conversation. You will want to ensure your team feels confident and optimistic about the next chapter. In this episode, Charles and Christy walk through tips for determining when to tell your team, what to tell them and how to prepare for that important conversation.

The dental transition landscape is seeing buyers become more diligent and selective with their decisions, causing practices considered “healthy” to have more buyer opportunities during the selling process. But what makes a practice “healthy”? Christy brings on NDP Senior Transition Consultant Morgan Ramsey to discuss the common financial and operational indicators that ultimately show your practice is ready for a transition.

As you consider buying or selling a practice, the first few questions you may ask are, “When and how should I start the planning process?” and “How long does a transition take from start to finish?” The timing from when you start planning to when the practice sale closes can vary, especially with both internal and external factors at play. Christy and NDP Senior Transition Consultant Matt Doyle outline some guidelines to help you create a plan and shed light on the answer for you.

When does it make sense to bring on a transition advisor so that you can maximize the benefits of hiring one in the first place? Is it when you have a concrete practice opportunity to purchase? Is it before you even start the discovery process? The timing, along with your unique situation, can determine the when and if an advisor truly is a good fit for what you need.

When it comes to searching for that dream associateship or position, there's a little more required than learning about the job responsibilities. Arthur | Marshall's Rich Gehrke and Kevin Simpson join Christy to share tips for finding your associateship or job opportunity, approaching the interview process and doing the homework to prepare for this significant life decision.

The process of searching for your ideal associate or partner requires more than just a job posting. It requires you to set a clear understanding of what you're looking for and have the desire to not only craft a compelling offer, but to create a positive experience for the candidate. This process isn't about having a line of candidates through your door, but rather, it's about going into it feeling ready to put yourself in the candidate's shoes. Rich Gehrke and Kevin Simpson, two recruiting experts from the Arthur | Marshall team, join Christy on this episode to share their tips and knowledge to help you find the best person for your practice.

When Christy and Charles decided to start Transition Talk in 2018, they didn't know what a valuable resource it would become and the impact it would have today, but they knew they had educational content to share. The co-hosts celebrate the milestone of 100 episodes by reminiscing about their favorite moments and episodes and sharing a behind-the-scenes look at the road traveled to where they are today.

With the implications of inflation, interest rates and economic volatility looming, some doctors may feel uncertain about making a big career decision. How can current and future practice owners make sense of it all? What can they do to stay positive as they approach a future practice sale? Brian Bortz, Cain Watters & Associates Partner, joins this episode to provide an update on the economy and investment markets. He addresses concerns that buyers and sellers may have and shares how they can navigate the current climate.

Managing the clinical, business and operational side of a dental practice is a juggling act, which means owners likely have a lot of questions swirling in their minds. Charles and Christy use this episode to answer common transition and ownership questions. From preparing for a transition, assessing potential buyers to building and lease questions, this episode provides clarity and insight on a wide range of topics.

With a constant buzz surrounding dental service organizations (DSOs) and private equity (PE) firms, practice owners may wonder if this is the appropriate route for them and their practice. Christy and Charles explain the types of qualities that DSOs and PE firms look for, while also while also illustrating both the opportunity and risks of the corporate sale.

From navigating a three-doctor partnership, a child's health diagnosis, busy schedules and much more, pediatric dentist Dr. Michelle Decere had to figure out what works and what doesn't to keep the wheels moving. In this episode, she shares her story and shows that sometimes the keys to a fulfilling lifestyle are leveraging your support system, setting priorities and finding balance.

Dr. Christy Marcello is the only female specialist dual trained in pediatric dentistry and orthodontics in the state of Louisiana. And as a practice owner, wife and mom, she understands the weight and stress that many women endure as they seek perfection. Tune in to hear her story and how she strives to be not the best, but rather be the best version of herself.

Not only is goodwill a large contributing factor to the overall practice value, but because it's intangible, the handoff between the buyer and seller isn't as simple as handing over the keys. Yet, it has to be addressed. In this episode, Christy and Charles discuss why goodwill matters, when it's worth more or less, what sellers may be expected to do to transition goodwill, what buyers can reasonably ask for and ways a buyer and seller can tarnish goodwill.

We get it. You are ready to close that deal. Whether it's excitement, anxiety or another feeling or reason, many people just want to get through their dental transition and close the deal as quickly as possible. However, speeding through the process can lead to oversight of important details and even complications to the overall transition. NDP's Head of Consulting Bridget Schwebke joins Christy on this episode to walk through some common occurrences and provide tips on how to slow down and treat each phase with diligence.

Dental transitions between family members come with their own set of expectations, obstacles and even perks. Charles welcomes a father-son duo, Drs. Rick and Kyle Washut, to share their transition story, the lessons learned and wins along the way.

In the world of dentistry, it's not uncommon to see two young people meet in dental school and journey together into their careers. That's where it began for Drs. Todd and Terrah Larrabee, owners of a family dentistry and orthodontic practice and parents of two boys. Their message to any other couples in dentistry is clear: Practice ownership is about creating your own dream rather than fitting into someone else's. If you desire it, find a way to make it happen. Tune in for their full story.

While more women than ever are entering the field of dentistry, there's still some hesitancy among women about becoming a practice owner. With self-doubt obscuring the picture, many female dentists wonder how to navigate a successful career, build a thriving practice and achieve “mom of the year” status. Angie Svitak, Cain Watters & Associates Financial Planner, joins Christy on this empowering episode to show female dentists that with the right amount of confidence, prioritization and support, it's 100% possible to achieve their goals.

Whether you're the buyer or seller, you have a vision of what the perfect practice, buyer and dental transition looks like. However, when it doesn't play out exactly the way you envisioned, and you're forced to switch gears, it can be challenging to keep your eyes on the end goal. This new episode shows you how to maintain an open mind and broaden your perspective throughout the buying or selling process.

Negotiating the practice real estate or lease is often a task that comes up near the end of the transition. But with significant financial implications and all of the moving pieces involved, this aspect of the transition requires consideration well in advance. In this episode, Christy and Charles cover common questions surrounding the real estate or lease. What are the most negotiated areas? What does it mean to have a triple net versus a gross lease? What happens if the owner sells the practice but not the real estate? Listen in for the answers.

Despite what dental practices are seeing with staffing shortages, inflation and rising costs, practices have proven to be resilient. Cain Watters and Associates Partner Hunter Satterfield joins Charles on this episode to pause and assess the recent trends across practices and offer solutions to help owners respond and grow.

It's not easy to cultivate a successful dental partnership. With years of experience working with dentists, Cain Watters & Associates CPA and Partner David Forbess returns to Transition Talk to offer his expertise and discuss real-life examples of conflicts in partnerships. Together, David and Christy illustrate the importance of starting the conversation before the worst-case scenarios take shape.

While dental students may be hesitant to jump into practice ownership, the transition can many times be easier than they think. In the final episode of this three-part series, Christy and Charles continue to offer an optimistic approach and answer students' most asked questions about ownership. They discuss student loans, corporate sales, work-life balance, advice for recent graduates and much more.

The path to practice ownership can seem daunting, especially for dental students whose core focus has recently been on the clinical aspects. In part two of this three-part series, Christy and Charles help alleviate the concerns and answer students' most asked questions about practice ownership. They touch on topics such as red flags to be aware of, how to identify a healthy business, the “dating phase” between the buyer and seller and much more.

As dental students prepare to kick off their careers and consider owning a practice, planning their next steps after dental school can feel overwhelming. Christy and Charles answer students' most asked questions about practice ownership, touching on topics such as the stress that comes with ownership, developing confidence as an owner, leading a team and much more.

With money, effort and time put into a dental practice, owners want to know what their life's work has amounted to and how they can increase their overall practice value. Recorded live at the Cain Watters & Associates Annual Meeting, Charles and Christy teamed up with the co-hosts of the Accumulating Wealth Podcast to weigh in on the question that's on every practice owner's mind, “What's my dental practice worth?”

When you begin to consider selling a portion or all of your practice, it's normal to wonder how long it typically takes to close the deal. While there is rarely a standard start-to-finish timeline, Christy and Charles show that numerous factors can affect the timing, from the type of practice and buyer, financial and emotional variables to even a little luck.

While the idea of selling a portion or all of your practice can feel complex and intimidating, asking the right questions early and equipping yourself with the proper insight can help provide a clear path. Christy and Charles discuss the top questions on sellers' minds as they begin the selling process and how they can acquire the answers.

While the idea of purchasing a dental practice may lead to trepidation and fear, asking the right questions and stocking yourself with the proper knowledge can help ease the emotions. Christy and Charles discuss the top questions on buyers' minds as they begin the purchasing process and how they can track down the answers.

Which business structure yields the most advantages for both the buyer and seller? Which structure will set the dental partnership up for success? Although one type may be easier to set up, which one has the most long-term benefits? Cain Watters & Associates Financial Advisor David Forbess joins this episode to dive into the answers and discuss the pros and cons of the various business structures.

Three or more owners in a dental practice can lead to a prosperous business, but won't be short of bumps along the road. This episode explores the advantages and disadvantages of a group practice, illustrating the skills required to cultivate a thriving partnership.