If you have clicked on this page, you are either interested in the concept of a New Dentist Business Study Club or are thinking about getting into practice ownership soon. Well, you are in the right place!
Creating a Practice Evaluation Series came about after a couple emails and phone calls with new dentists, who wanted to understand the basics of evaluating a practice. This 4-part series is aimed at helping you achieve just that.
What does this Series involve?
- There will be 4 web-based meetings, each up to 2 hours long.
- At the end of the second meeting, you will all receive 4 sample practices to evaluate on your own with a formula on how to do so. In our Study Club, we call this ‘learning by doing’.
- The third meeting will have us all look at those 4 sample practices and evaluate them together.
- The last meeting will tie up the series and give you more tools in the negotiation category.
In our Study Club, we call this ‘learning by doing’.
This series is the most popular set of meetings in our Business Study Club!
Why am I doing this?
- In teaching, lies learning. For this, I request you all to bring questions, and critique what you see and hear so we can all grow as a community of new dentists.
- Via this series, I hope to introduce to you the concept of a New Dentist Business Study Club, for you to consider learning this format from me and lead from the front in your cities, should you wish to.
- Lastly, I hope to inspire you to think of your future goals and build better soft skills (in finance, leadership, communication and business). This will help you become a better leader in your office, find fulfillment in your career and provide superb care to your patients.
Details of the 4-part series
DAY 1: What kind of practice do I want?
- What makes a practice attractive: quantitative (typical benchmarks) and qualitative factors (demographics, clinical philosophy, mentorship, your why)
- Where do we find practices?
- Who is on my team for help?
DAY 2: Understanding the numbers
- Reading a P and L statement and tax return (basics)
- Understanding add backs and calculating an owner’s compensation
- What is EBITDA; how a practice is evaluated by the market vs buyer vs seller
- Buying a business vs buying a job
Between DAY 2 and DAY 3: Homework (should take approx. 2 hours)
DAY 3: Evaluating a practice
The 4 practices given as homework will be discussed as a team
DAY 4: Negotiating a practice you like
- What can you negotiate in a practice?
- How do you talk to a seller?
- Recommended reading
If you’re excited to sign on to this series, please fill out the contact form below. In your sign-up, please mention which day you prefer meeting: Friday afternoons at 5:30 PM PST or Saturday mornings at 10 AM PST. We will meet on the day with the highest preference.
Look forward to an email confirmation within a few weeks with dates and meeting links.