If you are approaching a practice purchase, you have a lot on your plate! Financing, real estate, maybe licensure if you’re considering relocating.
So what happens when you find a practice? Before you get in the weeds of legal and financial review, make sure this is the right practice for you. After all, you want to buy the practice where you can achieve the perfect blend of career satisfaction, financial stability, AND success.
Topics: incoming dentist, purchase a practice
Rounding the corner into your last year or semester of dental school? If you’re on the job hunt, you’re probably wondering what that first job might look like.
Just like in every other field, you may not find the “perfect” forever job right out of the gate. It often takes a few years of working in a few different scenarios before you can learn what type of practice is right for you.
Some people love a bustling, busy practice with a dozen doctors working side by side, each focused on a couple specific treatments. Others prefer to do a little bit of everything and work solo. There’s no right or wrong – it’s a matter of preference.
Topics: incoming dentist, looking for a job
I used to go to an old school barber shop with the striped pole, containers of blue Barbicide jammed with combs, and lots of kitschy sports memorabilia. I loved that barber shop. And I loved my barber because he could tell that I was there to get my haircut and not to fill him in on everything that had happened over the last six weeks. When I got in the barber chair, it was all business. Our conversation consisted of, “Same as always?” to which I responded, “Yep.” I loved that.
Topics: incoming dentist
When you are searching for a new practice, whether as an associate or buyer, how do you decide where you can be the most successful?
What do you do when multiple options look about the same on paper?
Topics: incoming dentist
Whether you are looking for your first dental job or ready to move on, associateships are on your mind. But what type of practice is just right for you? What should you look for? What should you watch out for?
Topics: incoming dentist, "find an associateship"
This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists.
Patience is a virtue when trying to find the ideal practice. However, it is important that you use the waiting time to prepare for your next steps.
That was Dr. Jim’s message to his dental colleagues when he got in touch with ADA Practice Transitions to share his story.
Dr. Jim and his wife, Pam (names changed at their request), worked together as a team to navigate the practice transitions process. Over six years and a variety of experiences, they refined their idea of the “perfect practice” and wanted to share their lessons with other young dentists ready to forge a path.
Topics: incoming dentist, purchase a practice, transition tales
Happy New Year! Many people look at the new year (or new decade) as a time to make changes. If the fresh calendar has you thinking about your own dental practice transition, review my lessons learned in 2019 and then read on for tips to make 2020 your year.
Topics: incoming dentist, looking for a job
This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists currently in the process.
We recently met Dr. Joe, a recent graduate working in a DSO with dreams of buying his own dental practice. Dr. Joe joined ADA Practice Transitions to pursue his goals and is working with his ADA Advisor to narrow down the best path forward.
The “life” in “work-life” balance is very important to Dr. Joe and his family. The desire to build a good life for his family guides every step of his journey.
Topics: incoming dentist, owner, looking for a job, associateship, purchase a practice, transition tales
This is part of the Transition Tales & Truths series in which we discuss practice transitions with real dentists currently in the process.
Meet Dr. Joe. He’s a year out of dental school, working in a DSO in a new-to-him city. He grew up on a farm and watched his parents run their own business – and has always wanted to do likewise.
Dr. Joe’s first year of practice has given him real-world experience by letting him focus on dentistry. Working in a DSO has exposed him to a variety of staff characteristics and helped him crystallize what his ideal team might look like.
Topics: incoming dentist, owner, looking for a job, associateship, purchase a practice, transition tales
Welcome to “What Went Wrong Wednesdays,” a series in which we explore common problems of practice transitions – and offer tips to help you avoid them.
Many dental contracts include some version of a restrictive covenant, also called a non-compete clause. These clauses prohibit an employee from practicing within a specific geographical area (typically a defined radius) for a certain period of time after leaving a practice. These covenants generally also have a non-solicitation clause that will bar an associate from directly soliciting the employer’s patients or other employees.
This clause helps protect an owner dentist from competition – but it can also limit an associate’s career movement.
Topics: incoming dentist, retiring, owner, associateship, purchase a practice, what went wrong
