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Dental Business Head Start #3 – What to look for when buyinh your first dental practice with Dr Jesse Green
Hosted by Dr David Keir
Are you contemplating diving into practice ownership? Get ready to unlock the secrets of successful practice acquisition with our Dental Business Head Start series! Join Dr. David Keir and Dr. Jesse Green from the Savvy Dentist podcast as they unravel the mysteries of buying a dental practice.
In this episode we explore the essential foundations for successful practice ownership, including:
- Clinical proficiency requirements before taking the plunge
- Financial benchmarks to understand before purchasing
- Business knowledge essentials every new owner needs
- Personal and emotional readiness factors to consider
- Building your support network of mentors and advisors
Whether you’re a new graduate planning your career path or an associate dentist considering your next move, this conversation provides practical insights to help you determine if you’re ready for the responsibilities and rewards of practice ownership.Remember: The path to ownership isn’t just about clinical skills – it requires business acumen, emotional resilience, and proper planning. Learn from those who’ve walked this path before you!What are your practice ownership goals? Share your thoughts and questions in the comments!Subscribe to the Dental Head Start podcast and share this episode with a colleague who might benefit from these invaluable insights!
Key moments
03:15 – Startup vs Buying: Key Differences
08:11 – Financial Considerations for Startups
12:37 – Avoiding Common Startup Mistakes
16:05 – What You’re Really Buying in a Practice
20:11 – Practice Database and Patient Flow
23:53 – Building a Practice with the End in Mind
28:05 – Valuation Formula and Multiples
33:18 – Finding Practices and Working with Brokers
36:45 – Negotiation and Relationship Building
41:36 – Maximizing Your Practice Investment
44:45 – Red Flags When Buying a Practice
47:22 – Importance of Lease Terms and Guarantees
Thank you to our sponsors…
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Published on 3 weeks ago