Top Tips for Navigating Orthodontic Practice Transitions

23 de may. de 2024 · 42m 18s
Top Tips for Navigating Orthodontic Practice Transitions
Descripción

Welcome to the Hey Docs! Podcast with your host Jill Allen.   Today, I’m thrilled to have Kim McClesky and Ty Ramsey from Professional Transition Strategies joining me for an episode....

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Welcome to the Hey Docs! Podcast with your host Jill Allen.  

Today, I’m thrilled to have Kim McClesky and Ty Ramsey from Professional Transition Strategies joining me for an episode. Kim and Ty are experts in guiding dental professionals through every stage of practice transitions, from purchasing practices to preparing for retirement. They'll share key considerations for transitioning practices, financial implications, and valuable advice for maintaining trust during these changes.  

Let’s get started!
 
Summary
 
In this conversation, Jill, Kim, and Ty discuss the considerations and financial implications of selling or purchasing a dental practice. They emphasize the importance of understanding the value of the business and working with advisors to ensure a successful transition. They also highlight the rise of private equity in the dental industry and how it has changed the valuation of practices. The conversation explores the benefits of selling to an OSO or DSO and the potential for increased value through equity in a larger group. Overall, the discussion provides valuable insights for dentists at different stages of their careers. Professional Transition Services (PTS) provides guidance and support for dentists looking to sell or transition their practices. They help dentists navigate the complex process of selling their practice, including vetting potential buyers and negotiating deals. PTS emphasizes the importance of working with experienced professionals who can provide valuable advice and support throughout the process. They also highlight the need for dentists to have a clear goal in mind when considering a practice transition and to consider all available options, including selling to a DSO or individual buyer. PTS offers free practice valuations and a 30-day listing agreement, providing flexibility and support for their clients.

https://professionaltransition.com/our-team/ https://www.facebook.com/ProfessionalTransitionStrategies/ https://twitter.com/professionalts https://www.instagram.com/professionaltransition/?hl=en https://www.linkedin.com/company/professional-transition-strategies/?lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3BLAlk3m5HRGKo8arkWAZISA%3D%3D


Takeaways
  • Understanding the value of your dental practice is crucial when considering a sale or purchase.
  • Working with advisors, such as dental-specific attorneys and accountants, can help navigate the complexities of the transition process.
  • Private equity has led to a consolidation wave in the dental industry, offering opportunities for increased value through equity in larger groups.
  • Selling to an OSO or DSO can provide financial benefits and centralized operations for tasks like accounting and HR.
  • Having a clear plan and starting early in the transition process can lead to a more successful and lucrative outcome. Working with experienced professionals like PTS can provide valuable guidance and support during the practice transition process.
  • Having a clear goal in mind is essential when considering a practice transition.
  • Consider all available options, including selling to a DSO or individual buyer.
  • PTS offers free practice valuations and a flexible listing agreement.

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Chapters
 
00:00 Introduction and Background
07:27 Key Considerations for Doctors in the Later Stages of Their Careers
11:28 Key Considerations for Doctors Looking to Purchase a Practice
25:13 The Tipping Point and the Role of Advisors
27:10 Vetting Buyers and Identifying Good and Bad Groups
29:48 The Importance of Working with Experienced Professionals
31:37 Considering All Options: Selling to a DSO or Individual Buyer
36:36 The Value of Professional Practice Valuations 

Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com.  
 
If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode.   
 
New episodes drop every Thursday! 
 
Episode Credits:
 
Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Johnny Mitchell
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Autor Jill Allen
Organización Mainbox JA&A
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