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This Dentist Made the Biggest Mistake of His Life (Buying the Wrong Dental Practice)
Description
This is what happens when you buy the wrong dental practice. Collections looked strong , over a million dollars, but it was built almost entirely on one over producing crowns and Invisalign cases. If you’re thinking about buying a practice, here’s what you need to look out for, and how to avoid ending up in a situation you can’t undo.
🔔 Download the Free Practice Evaluation Checklist: https://practiceown.com/pdf
📕 Check out my book "Buying Freedom" for a deeper dive into the process: https://amzn.com/dp/B0DGGC7WG8
💌 Email me at: chris@practiceown.com
🌍 Website: https://www.practiceown.com
00:00 The Importance of Buying the Right Dental Practice
00:57 Introduction to Practice Evaluation and Checklist
02:07 Dentist's Regret: Buying the Wrong Practice
02:25 Example of a Decent Dental Practice Purchase
06:16 Analyzing a Poor Dental Practice Purchase
07:49 Key Metrics: Active Patients and Asking Price
10:23 The Pitfalls of Relying Solely on Accountant Advice
11:19 The Impact of Patient Volume on Production
12:32 Ethical Considerations in Practice Valuation
15:06 Operational Assessment: Hygiene Visits and SRPs
16:39 Production Analysis: Comparing Procedures
18:54 Seller's Production: Ortho and Crown Analysis
21:06 Financial Analysis: Projected Income
22:15 Revenue per Patient Benchmark
26:41 Conclusion: Don't Buy the Wrong Practice