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Practice Profile: High-Tech Updated Office with a Perio Focus

Posted by Betsy Krekling, ADA Advisor on 6/17/22 7:00 AM

Buy this 5-operatory practice with an outstanding staff that’s eager to help you succeed. This high-tech practice focuses on family and cosmetic dentistry, with a strong periodontal program (including perio maintenance, surgery, and bone and soft tissue grafting), laser-assisted new attachment procedure (LANAP), implants, sleep apnea, and more. 

You’ll be taking over a highly respected office that's devoted to bringing the latest best practices to ensure patients’ overall health. The long-tenured staff is very knowledgable. And since the practice is currently open just four days a week, there’s room (and demand) to expand the schedule. 

The practice is located on a busy highway in Independence, Missouri for easy visibility. Inside, the open, peaceful atmosphere puts patients at ease. The updated space offers plenty of room, with a great flow through the sterilization area. Nearby, there’s plenty of retail, fast food, restaurants, a Sam’s Club, and a Costco. 

The education-focused seller routinely obtains 100+ hours of CE each year, and the practice uses the latest materials for pulp capping and root canal therapy. He works closely with local physicians to help patients improve their overall health, and is on staff at the local medical center. He is also active in organized dentistry. 

The seller is willing to provide mentorship to help the buyer build knowledge and relationships that will continue the practice’s high standards and reputation.

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Topics: practice profiles

Practice Profile: All-New Everything, Just Blocks from the Beach

Posted by Betsy Krekling, ADA Advisor on 6/10/22 8:00 AM

Do you want to practice in a vibrant, walkable, health-conscious community, with ocean breezes and year-round recreation just out the door? Buy this established 4-operatory practice that encompasses all aspects of dentistry, with a special interest in cosmetic dentistry procedures including tooth whitening or bleaching, porcelain dental veneers, and Invisalign.

The practice dates to 1987, with a loyal patient population and staff focused on continuing education. The office was completely rebuilt three years ago with all-new everything, at a convenient corner location (with parking). From there, you can walk to great restaurants and shopping — and the beach is just blocks away. 

The seller says “We have a long tradition of treating people well, with a strong focus on patient education, personalized service, and long-term patient relationships. We’re known for taking an ethical, conservative approach to dentistry.” 

The practice is highly rated and financially lucrative, with opportunities to add services or hours to further boost the bottom line.

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Topics: practice profiles

Practice Profile: Year-Round Warmth, Year-Round Profits

Posted by Betsy Krekling, ADA Advisor on 6/3/22 7:15 AM

Buy this 100% fee-for-service practice to continue providing high quality, compassionate care to a wonderful community in California's beautiful wine country. The seller is willing to provide mentorship that helps you succeed.

The roomy, 5-operatory office sits on the second floor of a professional building. Tall, north-facing windows allow plenty of natural light. New flooring spans the space, which includes two hygiene rooms and three doctor’s rooms (that all can be easily mixed and matched), plus a staff room, private doctor’s office, and bathroom. The practice includes newer equipment, a waterless vacuum, oilless air compressor, and amalgam separator.

The seller currently refers out all surgery and endo, so bringing these in house could enable instant growth.

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Topics: practice profiles

What Went Wrong: I Bought a Million-Dollar Practice — and Wound Up with Million-Dollar Problems

Dr. Albert has expensive tastes. He always has the latest gadgets, eats at the best restaurants, and drives a shiny new car.

So when it came time to buy a practice, Dr. Albert sought out the best practice money could buy. He borrowed the maximum amount his bank would lend to buy a beautifully outfitted 8-op practice with brand-new, top-of-the-line equipment. Located in a fashionable district of a major city, the seller had built a great reputation by treating many celebrities, including actors and TV personalities.  

A year in, Dr. Albert felt like he was failing miserably. The seller had built the practice on highly complex procedures. With his three years of experience, Dr. Albert had the desire to perform these procedures, yet lacked the education and speed that come with decades of experience. Also, since he had never managed a staff before, he ended up micromanaging his auxiliaries who were used to more autonomy. Two of them quit to take positions with his biggest competitor while a third demanded a significant raise.   

A long-time associate had stayed with the practice, but she was busy with her own patients and did not want to add any more. To keep up, Dr. Albert felt he needed a second associate, but he couldn’t find someone with the right skills willing to work part time. He rarely took days off. Even when the practice was closed, he was busy preparing for his next patients or trying to solve staffing issues. 

His patients — who were also used to the very best in life — weren’t happy. Appointments constantly ran late and took longer than they had under the seller. When the long-term hygienists left, several patients followed and left negative reviews online. And he noticed that referrals were down.

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Topics: purchase a practice, what went wrong, Real Talk

5 Musts for a Successful Dental Career

Dentistry offers so many possible career paths. You can practice nearly anywhere, in offices of all sizes and configurations. Do a little bit of everything or master a specialty. Work with toddlers or senior citizens. Choose public health, the military, research, academia, organized dentistry — the possibilities are truly endless.

No matter your path after dental school, I’ve landed on five things that dentists need for a successful, satisfying career.

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Topics: incoming, Real Talk

10 Must-Dos to Prepare Your Practice for Sale

Whether retirement is imminent or still just a dream, if you are a practice owner, it’s time to begin thinking about how you’ll eventually transition your practice. After all, sometimes life happens and you must accelerate your plans — which is much easier if you have thought about your desires in the first place!

Ultimately, your practice is worth what someone will pay for it and, most often, what a bank will underwrite a loan for. You know how great your practice is, but how do you get other dentists to see and understand how fabulous it really is? In many cases, the best place to begin is by looking at your practice through a buyer’s eyes. You want to identify, and then highlight,  what might inspire them to make an offer. 

Keep in mind that all buyers want the same thing: a financially sound practice where they can do the type of dentistry that excites them and keeps them engaged. No matter where you are in your timeline, you can start taking some steps to prepare yourself and your practice to shine for an eventual sale.

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Topics: selling a practice, Real Talk

What Practice Owners Want in Dental Associates

Every day, I talk to practice owners looking for a new dentist to join their practice. These owners are universally focused on finding the person who will take good care of their patients.

But beyond that, their requests vary — a lot. Some want a confident, independent dentist who can take on every aspect of general dentistry without any oversight. Others are enthusiastic about mentoring an early-career dentist to watch them grow. Some want a personable, chatty colleague to discuss cases with, while others want someone who can work solo so the practice can expand hours.

When owners join ADA Practice Transitions (ADAPT) to find a buyer or associate, they fill out a detailed profile about their goals, expectations, and needs. We ask what they’ve learned from prior hires and what they hope to find. 

We recently analyzed that data to see which attributes stand out. While answers were all over the place, several key themes emerged. 

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Topics: Real Talk

Practice Profile: Mentoring Associateship in a Modern, Multi-Location Practice

Posted by Betsy Krekling, ADA Advisor on 4/29/22 8:15 AM

Looking for the next step in your career? Join this multi-location practice as an associate for the ideal mix of mentorship and independence!

Each sleek, modern office has facility and technology advancements that support tremendous growth in new patients and revenue. Annual revenue across the practices is currently $2.5 million and growing. Located in Sebring in central Florida, one office is right next to the hospital, providing convenience for the many healthcare workers who are patients. This prime location also reinforces the office’s connection to the local medical community.

You’ll step in to care for a retiring dentist’s patients. The practice’s two other dentists are happy to mentor you. After all, the practice is built on a culture of educational advancement.

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Topics: practice profiles

Interesting Dentistry, Fast Loan Pay-Off: One Dentist’s Success Story

Dr. Gabe Holdwick has learned he would rather be from a place rather than just live in a place. The difference may seem subtle, but it makes for a more satisfying career and lifestyle.

Dr. Holdwick grew up in Harbor Beach, Michigan, a town of 1,700 people perched on the shores of Lake Huron. His family has lived in town for five generations, over 175 years. 

He knew that dentistry would give him options to take his career anywhere — but he also hoped to return to Harbor Beach to enjoy the lifestyle and practice “geographic arbitrage.”

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Topics: Real Talk, Small Market

Practice Profile: High-Tech, High Growth in the Mile-High Suburbs

Posted by Betsy Krekling, ADA Advisor on 4/22/22 7:15 AM
 
Do you want to build on an already lucrative practice – while still having plenty of time to play in the mountains?
 
This high-tech, suburban Denver practice is successful on just three days a week. You can choose to expand hours (and profits), enjoy all the mountains have to offer – or both! The affluent, well-educated patients are savvy dental consumers, so there’s plenty of opportunity to provide additional specialty services.
 
Serving Douglas County since 1995, this updated practice has a loyal following of patients who readily accept treatment.    
 
This practice is the anchor tenant in a small professional building located in the heart of this suburban downtown, steps from Main Street. The landlord is responsive and takes pride in ownership, while the on-site building manager keeps the building well maintained. The space was recently remodeled with new carpet, flooring, and paint that complement the exposed rock walls, attractive lighting, and oversized trim. 
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Topics: practice profiles

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