The Rosen Dental Transitions Podcast

Part two of a chat with lawyer Jonathan Eskow from the Eskow Law Group, who delves into the intricacies of buying, selling, and managing a dental practice. They discuss key checkpoints and potential roadblocks in the acquisition process, the importance of initial due diligence, and the necessity of obtaining financing approval. They emphasize the need for coordinated efforts among all parties involved, likening the process to a conductor leading an orchestra. They also share practical advice for both buyers and sellers, including how to handle real estate considerations and the importance of planning ahead to ensure a seamless transition. The episode highlights the importance of collaborating with knowledgeable advisors who can guide one through the complexities of dental practice transitions.   Topics   00:34 Key Checkpoints in the Dental Practice Transition Process 01:02 The Importance of Financing Approval 01:46 Managing Multiple Streams in Tandem 04:07 The Role of Due Diligence and Legal Documents 07:22 Real Estate Considerations in Dental Practice Transitions 11:31 Planning Ahead for a Successful Transition 19:04 The Final Steps Before Closing 27:31 Conclusion and Contact Information

Dave chats with attorney Jon Eskow from the Eskow Law Group to discuss the detailed process of buying, selling, and managing a dental practice. They emphasize the importance of proactive communication and setting clear expectations throughout the transaction to ensure a smooth process. Key topics include the value of early involvement of legal advisors, understanding the critical elements of a letter of intent, navigating real and perceived risks, and the importance of parallel processing of legal, financial, and operational due diligence. Practical examples and personal anecdotes are shared, highlighting the complexities and nuances of dental practice transitions.   Topics 00:24 Guest Introduction: John Eskow from Eskow Law Group 00:33 The Stress of Recording at Month-End 01:06 Understanding the Dental Practice Transition Process 02:36 Holistic Approach to Deal Management 03:30 The Complexity of Dental Practice Transactions 05:50 Setting Expectations and Proactive Communication 06:23 Seller and Buyer Perspectives in Practice Sales 20:39 Importance of Exclusivity in Letters of Intent 23:16 Understanding Real vs. Perceived Risk 23:29 The Importance of Prequalification 24:49 Submitting an Offer and Due Diligence 26:18 Letter of Intent: Key Components 26:52 Handling Work in Progress 27:30 The Ogre Analogy: Layers of Due Diligence 32:54 Non-Binding Nature of Letters of Intent 39:10 Parallel Paths in the Transaction Process 43:48 Conclusion and Contact Information More at https://www.eskowlawgroup.com/

In this episode of the Rosen Dental Transitions podcast, host Dave Miller welcomes back Nancy Kagan from Rosen Summit Dental Advisors. Nancy discusses her recently published ebook, which provides comprehensive guidance on managing a dental practice. The conversation covers the evolving challenges in dental practice management over the past 18 months, including staffing issues, rising payrolls, consumer spending behavior, and the importance of being actively engaged in the business side of a practice. Nancy elaborates on the contents of her ebook and its utilization as a vital resource for new administrative staff and practice owners. The episode emphasizes the significance of proper training and adaptability to ensure the smooth operation and profitability of a dental practice.   Nancy's book on sale at rsdentaladvisors.com   Topics   00:00 Introduction to Rosen Dental Transitions Podcast 00:38 Challenges in Dental Practice Management 03:33 Generational Shifts in Career Mentality 07:34 Introducing the New Ebook 07:59 Creating a Dental Administrative School 11:35 The Importance of Proper Training 23:51 Who Should Read the Ebook? 27:59 How to Get the Ebook and Final Thoughts

Recorded live at a conference in Westboro, Massachusetts, this panel discussion hosted by David Miller from Rosen Dental Transitions, along with experts Mark Rosen, Blake Cohen, and John Eskow, covers critical aspects of dental practice transitions. The panel emphasizes the importance of clean financial records, appropriate equipment investments, and understanding the valuation based on EBITDA and cash flow. They also discuss the advantages and risks of selling to private buyers versus DSOs, and highlight the importance of early planning and involving advisors in the process. Various transaction structures, tax implications, and the significance of associate employment agreements are also explored.   Topics   00:00 Welcome and Introduction 01:04 Meet the Panelists 02:35 Importance of a Rapid Sale Plan 04:14 Panelist Introductions and Roles 07:33 Private Practice vs. Corporate Sales 11:00 Buyer Profiles and Considerations 24:54 Emotional and Financial Aspects of Selling 30:50 Understanding Practice Valuation 38:14 Understanding Bank Lending Practices 38:36 The Importance of Documenting Expenses 39:07 Evaluating Business Expenses 40:01 Qualitative Factors in Business Valuation 40:41 Defining DSOs and Their Impact 45:00 DSO Market Trends and Lessons Learned 48:09 DSO Deal Structures and Economics 01:00:10 Risks and Considerations in DSO Sales 01:05:39 Navigating the DSO Transaction Spectrum 01:09:00 Filtering Misinformation and Making Informed Decisions 01:11:46 Navigating Rhode Island's Dental Market 01:12:40 The Value of Technology in Dental Practices 01:16:15 Financial Considerations for Dental Practice Sales 01:24:09 Insurance and Patient Management Strategies 01:29:31 The Role of Advisors in Dental Transactions 01:35:55 Impact of Interest Rates on Dental Practice Values 01:44:17 Real Estate and Associate Contracts in Dental Sales 01:48:03 Final Thoughts and Q&A

In this live recording from Hartford, Connecticut, Dave Miller of Rosen Dental Transitions leads a panel discussion on the complexities of the dental practice transition market. The experienced panel, including Mark Rosen, John Eskow, and Blake Cohen, covers important topics such as DSOs, EBITDA, private and partnership transitions, and the common scenarios faced by dental practitioners. The panel emphasizes the importance of proper planning and evaluating different transition options according to individual needs and business circumstances. They also delve into the tax implications, the impact of real estate on sales, and share strategies for improving practice profitability in a changing market landscape.00:00 Introduction and Event Overview02:26 Panel Introductions06:49 Understanding the Transition Market10:56 Buyer Profiles and Market Trends13:05 Challenges and Opportunities in Dental Practice Transitions15:49 Financial Considerations and Practice Valuation19:28 Preparing for a Successful Transition43:59 Specialty Practices vs. General Practices44:16 Geographic Challenges in Selling Practices45:05 Internal Transitions and Planning Ahead46:58 Evaluating and Improving Practice Profitability47:43 The Role of Brokers and Appraisals49:45 Simulated Sales and Practice Valuation50:24 Bringing in Associates and Financial Considerations53:09 Work-Life Balance and Dropping Insurances54:45 Timing and Strategic Changes Before Selling58:55 DSO Transactions and Economic Considerations01:11:07 Equity Components in DSO Deals01:22:51 Tax Implications in Practice Sales01:24:57 Understanding Tax Complexities in Practice Sales01:26:42 The Importance of Take-Home Pay01:29:17 Real Estate Considerations in Practice Sales01:33:52 Navigating Profitability and Debt in Practice Sales01:38:51 Planning for Unexpected Events01:53:58 Marketing Your Practice for Sale Dental

In this episode of the Rosen Dental Transitions Podcast, host Dave Miller is joined by Jesse Koski, BJ Kaucher, and Dave Kaucher to discuss crucial aspects of buying, selling, and managing dental practices. The episode dives into seldom-discussed yet vital topics, such as knowing when you're ready to transition out of your practice both mentally and emotionally. Dave Miller highlights the importance of proper planning and assessing your readiness years in advance. BJ Kaucher of Kaucher and Associates offers insights on the financial and emotional readiness required for selling a practice, while Dave Kaucher of Spectrum Wealth Advisors elaborates on the importance of a robust retirement plan. They also discuss unexpected situations, the significance of practice valuations, and the value of their collaborative approach to provide seamless transitions for their clients.Topics01:01 Meet the Guests: Jesse Koski, BJ Kaucher, and Dave Kaucher02:51 BJ Kaucher's Journey in Dental Accounting08:20 Dave Kaucher on Spectrum Wealth Advisors12:44 The Importance of Retirement Planning for Dentists13:48 Emotional and Financial Readiness for Selling a Practice24:06 Unexpected Transitions and the Need for Succession Planning25:38 The Importance of Valuation in Dental Practices25:55 Steps After Getting a Valuation27:44 The Rapid Sale Plan and Estate Planning29:54 Seamless Valuation Process31:10 Financial Stability and Retirement Planning32:17 Real-Life Example: When to Walk Away33:51 The Role of Relationships in Practice Transitions35:06 Determining the Right Time to Sell38:18 Preparing for a Smooth Transition41:35 Enhancing Practice Value44:48 Final Advice for Practice Owners49:12 Contact Information and Closing Remarks Dental

Dave Miller, host of the Rosen Dental Transitions podcast, discusses the valuation and sale of dental practices with special guest Mark Rosen, managing partner of Rosen and Associates. They address the influx of unsolicited offers dentists receive, the importance of understanding practice value, and the reasons practice owners seek valuations. The discussion highlights the shift from valuing practices based on collections to a more sophisticated EBITDA-based approach, driven by corporate and experienced buyers. Practical advice is offered on cleaning up expenses and distinguishing between personal and business expenses to maximize practice value. Key challenges such as rising staff costs, technological expenses, and rent are discussed, along with strategies to mitigate these and other costs. The podcast emphasizes strategic planning and actively managing transitions based on one's own terms rather than reacting to unsolicited offers.Topics00:24 Meet Our Special Guest: Mark Rosen00:36 Understanding Practice Value in Today's Market02:51 The Importance of Accurate Financial Records03:33 Changes in Valuation Methods Over Time04:52 Impact of Corporate Buyers on Practice Sales09:34 Cleaning Up Your Books for Better Valuation14:54 Key Expense Categories to Monitor20:24 Planning Your Transition Timeline26:37 Final Thoughts and Contact InformationEpisode Titles and Show Notes Dental

In this episode of the Rosen Dental Transitions podcast, host Dave Miller interviews Nancy Kagan from Rosen Summit Dental Advisors. They discuss success stories and best practices in buying, selling, and managing a dental practice. Key focus areas covered include daily and essential KPIs such as adjustments, production, collection, provider credits, and accounts receivable. They also delve into optimizing hygiene department performance, recare strategies, and addressing the challenges of case acceptance. Practical tips and easy-to-implement strategies are shared to help dental practice owners efficiently track and manage these vital metrics. Nancy also offers remote services to help identify and fix potential issues in practices.Topics00:35 Meet Nancy Kagan: A Dental Industry Veteran01:48 The Evolution of Rosen Summit Dental Advisors02:59 Hands-On Consulting vs. Coaching05:34 The Importance of Understanding KPIs06:32 Navigating Owner-Manager Dynamics07:38 Common Mistakes in Dental Practice Management18:21 The Critical Role of Adjustments26:58 Tracking Production and Collection30:56 Understanding Patient Objections31:17 Simplifying Data Collection31:42 Case Acceptance and Collection Strategies34:03 Improving Communication with Patients35:20 Managing Multiple Associates36:19 The Importance of Value in Treatment37:43 Key Performance Indicators (KPIs) for Practice Owners41:20 Provider Credits and Accounts Receivable46:46 Hygiene Department KPIs52:33 Recap and Final Thoughts Dental

Sam Keif is the founder and CEO of the Gaisce Group. He can be reached at sam.keif@gaiscegroup.com or 603-819-8158.More at https://www.gaiscegroup.com/ Dental

Dr. Pamela Maragliano-Muniz is a board-certified prosthodontist and earned her certificate from the UCLA School of Dentistry after obtaining her D.M.D. from Tufts University School of Dental Medicine. She is also a former dental hygienist: she earned her B.S.D.H. degree from Northeastern University and the Forsyth School for Dental Hygienists, A.A.S. in Dental Hygiene and A.S. degree in Math and Science from SUNY Orange in New York.She can be reached by email at pmuniz@endeavorb2b.comOn IG: @pamela_maraglianoFor more info please visit https://rosendentaltransitions.com/To contact Dave: Dmiller@rosendentaltransitions.com Dental

Dr. Eric Block is a full-time practicing dentist in Acton, MA. By sharing his story in "The Stress-Free Dentist," he hopes to create a community where like-minded dentists can share their stories, struggles, and strategies for coping with burnout, depression and ultimately be able to reduce stress and anxiety.More at www.thestressfreedentist.comFind his podcast at https://www.dealsfordentists.com/podcast/ Dental

Jeff Kristoff, the director of tax for Rosen & Associates, joins the show to discuss tax matters around the extension deadlines for businesses and individuals. Dental

Welcome to the Morning Huddle of the Rosen Dental Transitions podcast, a new segment to bring you quick tips on practice management and advice on selling and buying dental practices before you start your day. In this installment, implementing change in your practice. Dental

Dave chats with Dr. Khara Gresham who shares all the pitfalls and benefits of buying one's own practice.More on Dr. Gresham at https://www.trinitydentalboston.com/meet-us/dr-khara-gresham/ Dental

Welcome to the Morning Huddle of the Rosen Dental Transitions podcast, a new segment to bring you quick tips on practice management and advice on selling and buying dental practices before you start your day. In this installment, implementing change in your practice. Dental

Dr. Hubert Park received his training at Tufts University in 2011 and completed an Advanced Education in Pediatric Dentistry at Tufts University of Dental Medicine. He also gained experience working with special needs and cancer patients at Mass General. Dr. Park furthered his education by receiving his Masters degree in Public Health, where he focused on strategies for primary prevention of childhood obesity and in identifying sociocultural factors that influence oral health outcomes in Boston minority groups.Dr. Park has spent time in about 40 different countries, such as Mexico, Kenya, and Zambia, where he helped educate families and perform dental work on children in need. He always strives to give each child what they deserve.More on Dr. Park: https://www.broadsmilespdo.com/about/doctors/dr-hubert-j-park/ Dental

Welcome to the Morning Huddle of the Rosen Dental Transitions podcast, a new segment to bring you quick tips on practice management and advice on selling and buying dental practices before you start your day. In this installment, the three biggest mistakes buyers make when purchasing their first dental practice. Dental

Dave chats with Tyler Russell, Co-Founder and Chief Development Officer at myOrthos. Dental

Welcome to the Morning Huddle of the Rosen Dental Transitions podcast, a new segment to bring you quick tips on practice management and advice on selling and buying dental practices before you start your day. In this installment, what to do when you receive a letter to buy your practice. Dental

Tyler DeStefano, founder of Doctors Disability Specialists, began his career in financial services in 2007. Soon thereafter, his work with dental students made him realize that their education, skills, and future income potential may be something to consider when they think about how much income they would need if they were unable to work and needed assistance in preserving their standard of living. Tyler focuses on guiding medical professionals toward suitable strategies based on their individual circumstances and needs, by focusing on each client's personal and professional financial picture. Dental

Welcome to the Morning Huddle of the Rosen Dental Transitions podcast, a new segment to bring you quick tips on practice management and advice on selling and buying dental practices before you start your day. In this installment, three mistakes that sellers should avoid. Dental

Season Two of the RDT podcast kicks off with a session on selling a dental practice to a DSO, recorded live in May of 2022.The panelists:Dave Miller, managing partner of Rosen Dental TransitionsMark B. Rosen, managing partner of Rosen & AssociatesJonathan T. Eskow, founder, lead attorney, Eskow Law Group Dental

Coming Soon: Season 2! Dental

Cole Gillespie is the Chief Revenue Officer of Beam Dental. He is a revenue leader passionate about the design and execution of go-to market strategies for mid to late stage start ups. Cole has broad experience in financial services, personal loans, small business and commercial lending, and employee benefits in the FinTech and InsurTech spaces.More on Beam Dental at https://beam.dental/More on Cole at https://www.linkedin.com/in/cole-gillespie-02687b73/RDT is built differently than most dental brokers. With a full service dental consulting firm as part of a family of companies, RDT is able to understand practices at a deeper level. For more on RDT please visit:https://rosendentaltransitions.com/ Dental

Dave welcomes the first dentist to the podcast, Dr. Stephen Markowitz.More on Dr. Markowitz at https://www.leominsterfamilydentists.com/about/doctors/dr-stephen-markowitz-dmd/Email Dr. Markowitz at DrM@MFDdental.comRDT is built differently than most dental brokers. With a full service dental consulting firm as part of a family of companies, RDT is able to understand practices at a deeper level. For more on RDT please visit:https://rosendentaltransitions.com/ Dental

Matthew Kolcum is an agent at CARR, a commercial real estate firm that provides expert representation for lease and purchase negotiations for healthcare professionals. Having represented thousands of healthcare practices, CARR understands clients' unique real estate needs. The healthcare-specific market knowledge and skilled negotiating ensure that clients save time and money. CARR only represents healthcare practices. This sole focus ensures no conflicts of interest and the most favorable terms possible.Email Matt: Matt.Kolcum@carr.usOn LinkedIn: linkedin.com/in/matthewkolcumCARR: www.carr.us Dental

Andrew Bonetti has more than a decade of experience working with high net-worth clients, and with institutional clients focusing on defined contribution plans, endowments, and foundations. At CCR Wealth Management, Andrew works with corporate retirement, financial planning and investment management teams to ensure that family, individual and corporate clients' business and personal goals are coordinated as a unified strategic and comprehensive plan.Andrew enjoys working with many of his firm's younger clients, who may be just starting a business, or need initial guidance on saving for retirement, a home, or college for their young children. Of assisting these clients with a strategic planning initiative, Andrew says, “I like helping clients understand the investment world, and how it impacts their portfolio.” More on Andrew at https://ccrwealth.comOn LinkedIn: https://www.linkedin.com/in/andrew-bonetti-cfp%C2%AE-b7040414/Direct Phone: 508-475-3863abonetti@ccrwealth.com Dental

Dave chats with Rosen & Associates Managing Partner Mark Rosen. More on Mark at: www.rosendentalcpa.comRDT is built differently than most dental brokers. With a full service dental consulting firm as part of a family of companies, RDT is able to understand practices at a deeper level. For more on RDT please visit:https://rosendentaltransitions.com/ Dental

Lisa Kane is the owner of Dental Office Compliance of New England LLC, which assists dental practices in complying with the myriad of regulations required by their state board, OSHA, and the CDC. She received her DMD from Tufts University School of Dental Medicine and her B.S. from Brandeis University. She has practiced general dentistry in the Greater Boston Area for over 20 years. She teaches infection control and OSHA training, creates personalized plans and protocols for dental practices, and helps them navigate the world of dental compliance. More on Lisa and her company at https://doc4ne.com/On FB: https://www.facebook.com/dental4ne/On LinkedIn: https://www.linkedin.com/in/lisa-kane-dmd-032423129/IG: @dental_office_compliance Dental

Brian “BK” Kight is the founder of Daily Discipline, providing leadership, culture and discipline training for competitors in the worlds of sports and business. Brian says his mission is to train people in the discipline they need to earn what they want; to align teams and accelerate results; and to create better competitors. More on Brian: https://www.tbriankight.com/www.dailydiscipline.comOn Twitter and IG: @TBrianKightRDT is built differently than most dental brokers. With a full service dental consulting firm as part of a family of companies, RDT is able to understand practices at a deeper level. For more on RDT please visit:https://rosendentaltransitions.com/ Dental

Blake Cohen is a graduate of Bentley University with a Degree in Business Management coupled with years of dental practice consulting. He has earned a tremendous reputation in the dental community as an educator and mentor. He has a vast knowledge of the workings of a dental practice with a specialty in finance, which makes him a perfect fit as a Senior Consultant. A keen observer of human nature, Blake relates well with people and takes great pride in making a difference in each office he visits.Reach Blake at: 781-774-0138 bcohen@rsdentaladvisors.com Dental

In 2015 by Jonathan Eskow founded Eskow Law Group, a boutique law firm primarily focused on the dental/medical industry. With deep experience in this discrete and nuanced industry, his firm helps dentists and doctors with all of their needs that arise throughout their entire professional lifecycle.More on John and his practice at: https://eskowlawgroup.com/RDT is built differently than most dental brokers. With a full service dental consulting firm as part of a family of companies, RDT is able to understand practices at a deeper level. For more on RDT please visit:https://rosendentaltransitions.com/ Dental

Nancy Kagan's entrepreneurial experience in creating and running three companies over her career was a precursor to owning and leading Rosen Summit Dental Advisors. More on Nancy at https://www.rsdentaladvisors.com/ Dental