“Sometimes Your Best Investments Are The Ones You Don’t Make”
“Buyer Beware”.
In this episode, we focus on acquisitions…specifically some practical ways to reduce your financial risk and ultimately purchase a practice that will serve you.
Additional Resources:
If
“Knowledge and Preparation Is The Key To Reducing Risk”
Over 75% of dentists lease their office space but may not completely understand the financial risk they have taken on. Many folks are not aware that there are very specific
“The bigger the dream the more important the team”
Learn how Dr. Bhullar runs his practices from 2000 miles away, has zero teams turn over, high profit, and thousands of satisfied patients.
Additional Resources:
If you have not
Let’s dive right into the step by step process:
List all your goals
TIP: If you find it difficult to specifically define all your personal and professional goals try this technique I learned from Jeff Bezos (CEO of Amazon). Jeff
There is no shortage of people talking about mindset and positive thinking. I am not an advocate of the “secret” or subliminal messaging. I don’t believe that simply visualizing what you want will magnetically attract it to you. However, I
Case Acceptance
Treatment conversion can be divided up into two categories:
a) High Value Procedures (HVPs) and b) General dental procedures (GDPs)
HVPs include but are not limited to the following: Invisalign/ortho, multiple crowns/veneers in one visit, sleep appliances,
“Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.”
– John Wanamaker
Ask 1000 marketers about what you should do to grow your practice and you will get 2000 answers. I know, I
Daily Break Even Point
The rich dentist understands that the amount your earn minus the amount you spend is what you keep…..
The poor dentist also understands this but fails to take the time to calculate their over head expense.
Three Ways to Grow a Business
I am a big fan of Jay Abraham. If you haven’t heard of him, do a quick Google search and you will find a ton of information about him. He has written some amazing
To Own Or Associate: Consider DEBT and RISK!
This can be true depending on the circumstances. Below are some very basic factors to consider. It is not a comprehensive list, just food for thought.
Start-up vs. Acquisition
Start-up Considerations