The Dental Boardroom

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The Dental Boardroom Podcast

A place for dentists to find expert insight and information around everything from navigating residency and associate opportunities to being a successful dental practice owner.

  1. How Long Will It Take to Sell My Dental Practice? Part 2—with Matt Odgers

    21 AUG

    How Long Will It Take to Sell My Dental Practice? Part 2—with Matt Odgers

    What are the most common delays that prolong a practice sale? In general, the people who hold up deals are banks and landlords. But there are steps both buyers and sellers can take to prevent these delays and shorten the timeline for a dental practice sale! On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to continue their conversation on expediting a practice sale. Matt and Wes discuss how to fast-track legal and clinical due diligence, explaining why it’s crucial to negotiate vendor contracts and lease terms before you list your practice. They also share 4 ways to determine the value of your practice and describe the relationship between list price and closing timeline. Listen in to understand why buyers and sellers should both reach out to the bank early on and find out if Practice Orbit can help speed up the sale of your dental practice. Topics Covered The legal documents a seller needs to prepare for a practice saleWhy it’s crucial to negotiate vendor contracts and talk to your landlord before you list your practiceWhat a seller can do to expedite the clinical due diligence of a practice saleWhat a buyer can do to accelerate the timeline for a practice sale4 ways to determine the price of your practice and how the list price impacts the closing timelineCommon delays in closing a practice sale associated with banks and landlordsWhy it’s the seller’s responsibility to negotiate the lease terms a buyer might needHow much faster you can close a practice sale if it’s staged wellHow Practice Orbit accelerates the process of selling your dental practiceWhy you need a ballpark valuation of your dental practice and how to get it done for free2 reasons you might use Practice Orbit to sell your dental practice Connect with Matt Odgers Odgers Law Group Odgers Law on LinkedIn Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube Resources Dr. Kevin Kenny on the Dental Board Room Podcast The Role of Escrow on the Dental Board Room Podcast

    33 min
  2. How Long Will It Take to Sell My Dental Practice? Part 1—with Matt Odgers

    20 AUG

    How Long Will It Take to Sell My Dental Practice? Part 1—with Matt Odgers

    Once a dentist makes the decision to sell their practice, they want it done yesterday.  So, how long does a practice sale usually take? What can you do to accelerate that timeline? On this episode of the Dental Board Room Podcast, Dental Attorney Matt Odgers joins host Wes Read to walk you through a typical timeline for selling a dental practice. Matt and Wes discuss common delays that prolong the process, describing how to avoid those issues and shorten the timeline for a practice sale. Listen in for insight on staging your practice for a sale and learn how to leverage Practice Orbit technology to fast-track the process of selling your dental practice. Topics Covered Common timelines for a practice sale and important mile markers in the journeyWes’ motorcycle analogy for the process of buying a dental practiceWhy it’s beneficial to hire your accountant and attorney at the point of NDAHow Practice Orbit technology shortens the timeline for selling your dental practicePotential consequences when the LOI to close period extends beyond 60 daysWhy it typically takes 4 months to sell a practice (once you’ve made the decision)What you can do to shorten the timeline for a dental practice saleHow staging your practice for a sale is like preparing dinner for a family reunionWhy Matt & Wes suggest having a weekly huddle with your team to drive the practice sale forwardThe primary financial and tax documents you need to prepare for a practice sale Connect with Matt Odgers Odgers Law Group Odgers Law on LinkedIn Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube Resources Dr. Kevin Kenny on the Dental Board Room Podcast The Role of Escrow on the Dental Board Room Podcast

    34 min
  3. When Is the Best Time to Sell My Dental Practice?—with Matt Odgers

    14 AUG

    When Is the Best Time to Sell My Dental Practice?—with Matt Odgers

    When is the best time to sell your dental practice? What factors should you consider to get the best price for your practice and have the best quality of life in retirement? On this episode of the Dental Board Room Podcast, recurring guest Matt Odgers joins host Wes Read to explain why you want to start the process of selling your practice when collections are on the upswing. Matt and Wes discuss the challenges of planning for a practice sale before there’s a crisis, challenging you to consider the financial and psychological aspects of retiring from dentistry. Listen in for insight around selling your practice for reasons other than retirement and learn how to time the sale of your dental practice to get the best deal and ensure a smooth transition to the next phase of your life! Topics Covered Why you want to start the process of selling your practice when it’s on the upThe psychological challenge of planning for a practice sale before there’s a crisisWhy you should know what your practice is worth (even if you have no intention of selling)Crises that require an immediate sale vs. crises that expedite the timeline for a saleWhy financial independence is a primary factor in timing the sale of a practiceHow to know if you’re psychologically ready to stop working as a dentistWhy Matt & Wes suggest planning what to do with your time once you retireHow rising collections impact the price of a practice and speed of its saleWhy it’s easier to sell a million-dollar practice as opposed to a $500,000 oneWes’ advice on paying off a 10-year practice loanWhat differentiates buying a dental practice from buying real estateSelling your practice to retire vs. selling your practice to pay off debtThe benefits of selling your dental practice when interest rates are lowWhy Matt recommends timing the sale of your practice with your lease Connect with Matt Odgers Odgers Law Group Odgers Law on LinkedIn Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube

    31 min
  4. R&D Tax Credits For Dentists: Do They Qualify? —featuring Andre Shevchuck

    25 JUL

    R&D Tax Credits For Dentists: Do They Qualify? —featuring Andre Shevchuck

    Is a salesperson trying to talk you into claiming an R&D tax credit for your dental office?  It can be tempting to trust a pitch like this and leverage research and development to reduce your tax liability. But how do you satisfy IRS criteria for the R&D tax credit? What documentation do you need? And what happens if you get audited? Andre Shevchuck serves as Partner at BPM, one of the country’s top 20 accounting and advisory firms. Andre oversees the Specialized Tax Services Practice at BPM, helping clients identify, document and defend their R&D tax credit claims. On this episode of the Dental Board Room Podcast, Andre joins host Wes Read to discuss the four criteria for claiming the R&D tax credit and explain how it’s calculated. Andre describes what the IRS can do to discredit a claim, challenging dentists to exercise caution before you let a salesperson talk you into taking the R&D tax credit. Listen in for insight on mitigating your tax liability without abusing the system and learn when it’s appropriate to claim the R&D tax credit for your dental practice—and when it isn’t! Topics Covered Andre’s expertise in specialized tax services and representing clients against the IRS The 4 criteria for a business owner to claim the R&D tax credit Why demonstrating technical uncertainty is key in qualifying for the R&D tax credit How salespeople downplay the risk of claiming the R&D tax credit if you don’t meet all 4 criteriaWhat the IRS can do to discredit an R&D tax credit claim How your entity structure impacts your risk of being audited for an R&D tax credit  How the R&D tax credit is calculated How the R&D tax credit allows for a deduction and tax credit on the same expenses How the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax credit Why aggressive salespeople aren’t necessarily on the hook if the IRS revokes your R&D tax credit  Capitalizing R&D work vs. claiming it as an expense on your taxes How to be aggressive on taxes for your practice without the abusing the system   Connect with Andre Shevchuck Andre at BPM Andre on LinkedIn Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube Resources  Amortizing R&D Expenses Under the TCJA a...

    45 min
  5. Blueprint for a Successful Practice Sale—featuring Dr. Kevin Kenny

    24 JUL

    Blueprint for a Successful Practice Sale—featuring Dr. Kevin Kenny

    You’ve worked so hard for so long to build a private dental practice in your community. But now you’re thinking about exiting the business. So, how do you know when it’s time to retire? What can you do to plan for the next chapter of your life? Dr. Kevin M. Kenny is Adjunct Professor at the University of California, San Diego, and Founder of The Dr. Kevin M. Kenny Foundation, an organization that provides dental care at no cost to the working poor in San Diego and sponsors humanitarian missions overseas. Dr. Kenny ran his own large private dental practice in San Diego for many years before retiring seven years ago. On this episode of the Dental Board Room Podcast, Dr. Kenny joins host Wes Read to explain how he knew it was time to pass the torch and share his experience with selling a successful dental practice. Dr. Kenny discusses the team of advisors you need to plan a practice sale and challenges us to consider what retirement will look like before we walk away. Listen in for Dr. Kenny’s advice to young doctors on buying a dental practice and learn his simple blueprint for a successful practice sale. Topics Covered A high-level overview of Dr. Kenny’s career as a dentist How Dr. Kenny knew it was time to sell his practice Determining how much money you need for retirement How bankers calculate the value of a dental practice The CPAs role in helping you plan for a practice sale Mitigating your tax liability in a dental practice sale When to do a broker sale and when to sell your practice privately The pros and cons of selling your practice to a DSO Why you should hire an attorney who specializes in dental transitions Cleaning up your books before you sell your practice How to create a business plan for your retirement Advice for young doctors who’ve just bought a practice Dr. Kenny’s blueprint for a successful practice sale The humanitarian mission of Dr. Kenny’s foundation Connect with Dr. Kevin Kenny The Dr. Kevin M. Kenny Foundation Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube Resources  Dr. Kenny on Dental Board Room Podcast EP018 McLerran & Associates Global Dental Relief How to Win Friends & Influence People by Dale Carnegie a...

    1h 22m
  6. Dental Staffing Problems and Solutions—with David Schwab, Ph.D

    2 JUL

    Dental Staffing Problems and Solutions—with David Schwab, Ph.D

    For most practice owners, the dentistry is the easy part. What’s hard is managing your team, especially with the current dental staffing shortage. So, what factors contribute to this shortage of staff? What can doctors do to solve this systemic issue? David Schwab, PhD,  is a professional speaker, author and dental practice management consultant who helps dentists grow their practices, educate their patients and train their teams. On this episode of the Dental Board Room Podcast, David joins host Wes Read to explain what’s behind the dental staffing shortage and how we might address it with virtual workers, part-timers and temps. David offers advice on addressing employees who chronically call in sick, conducting performance reviews, and responding to requests for a raise. Listen in for insight on the Ritz-Carlton concept of lateral service and learn David’s top strategies for building and managing your team through the current dental staffing shortage. Topics Covered Why managing your team is the most difficult aspect of running a dental practice  Why there’s a shortage of dental staff and what doctors can do to solve the problem The evolution of virtual work in dental practices David’s take on hiring virtual assistants from places like the Philippines or Africa What dental office tasks are likely to be outsourced moving forward The advantages of hiring part-timers and people without a background in dentistry How the emergence of online marketplaces might impact the dental space How well-documented processes allow doctors to leverage temporary employees David’s advice on addressing employees who chronically call in sick David’s ‘open book test’ system for performance reviews How dentists should respond to employee requests for a raise The benefit of open-book management that allows staff to understand overhead What dentists can learn from the Ritz-Carlton concept of lateral service David’s background and experience as a dental management business consultant Connect with David Schwab David Schwab Dental Practice Management Consulting Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube Resources  Trainual SweetProcess The E Myth by Michael E. Gerber Entrepreneurial Operating System

    47 min
  7. Trends in the DSO & Private Practice Sale Markets—featuring David Cohen

    17 JUN

    Trends in the DSO & Private Practice Sale Markets—featuring David Cohen

    In the aftermath of COVID, there was a massive boom in dental practice transactions.  The market finally corrected itself in 2023. And while doctor-to-doctor private sales remained consistent, DSO sales slowed dramatically. So, what caused these market trends? What does the market look like so far in 2024? And how will understanding trends help you make informed decisions as you buy or sell your own dental practice? David Cohen is Managing Attorney at Cohen Law Firm, a legal practice with a unique focus on dentists and dental specialists. His team does between 300 to 400 practice transactions nationwide every year. On this episode of the Dental Board Room Podcast, David joins host Drew Phillips to discuss how the DSO and private practice markets have evolved since 2020. David shares his process for helping clients decide between DSO versus private practice deals and describes how deal terms are changing on the DSO end in 2024.   Listen in to understand what’s behind the uptick in private partnerships in recent months and learn how to make the best decision for selling your dental practice based on your circumstances and current market trends. Topics Covered How David’s family background inspired his work with dentists How the DSO and private practice markets have evolved from 2020 to present How David helps clients decide between private and DSO deals How DSO deal terms are changing to favor the DSO David’s insight on the uptick in both private partnerships and 100% sales What’s behind the rise of workbacks in private practice sales Connect with David Cohen Cohen Law Firm Practice Transitions [R]evolution Facebook Group Cohen Property Law Group Connect with Wes Read & Drew Phillips Practice Orbit Email wes@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO on YouTube Resources  Seattle Study Club

    45 min
  8. How to Overcome Dental Staffing Challenges—with Dr. Michael Neal

    29 MAR

    How to Overcome Dental Staffing Challenges—with Dr. Michael Neal

    Is good help hard to find when it comes to staffing your dental practice? According to the ADA Health Policy Institute, staffing shortages, recruitment and retention are among dentists’ top concerns moving into 2024.  But what if you could easily find A players to fill your open positions? A players who will stick with your team for the long term? Dr. Michael Neal is Founder and CEO of Build My Team, an affordable, outsourced healthcare hiring service that provides highly qualified job candidates for your dental practice. A practicing optometrist in rural Pennsylvania, Dr. Neal created Build My Team to solve his own hiring challenges. Today, the platform serves healthcare providers in 40 states and Canada. On this episode of The Dental Board Room, Dr. Neal joins host Drew Phillips to share the Build My Team process for hiring staff in healthcare practices without resumes or traditional interviews. Dr. Neal explains how Build My Team designs an algorithm specific to your open position and collects data from job candidates to find A players for your practice. Listen in to understand how Build My Team solves for the supply issue in healthcare staffing and learn how Dr. Neal can help you find employees with the skills and talents to excel on your team.  Topics Covered [0:23] The Build My Team process for hiring staff in healthcare practices [1:54] What data Build My Team collects from job candidates to find A players for a practices [4:21] How Build My Team creates an algorithm specific to each position [6:18] Build My Team’s guidance around finding employees who will excel in a given role [8:23] How Build My Team collects the data they use to refine their algorithms [9:46] What inspired Dr. Neal to design the Build My Team process [11:14] Dr. Neal’s advice on creating a culture that retains A players [12:05] How Build My Team solves for the supply issue in healthcare staffing [13:34] What language Build My Team uses in its job descriptions [17:52] How Build My Team informs a candidate that they’re no longer in the running for a position [20:07] Why Build My Team asks applicants an open-ended question re: wage expectations [23:05] Success stories of practices that used Build My Team to fill open positions [25:07] Why you shouldn’t be afraid to hire team members without experience (for non-licensed positions) [27:23] The typical timeline for filling an opening with Build My Team [28:44] How the Build My Team process serves rural clients with a small talent pool [30:23] How Build My Team helps a practice work with new team members Connect with Dr. Michael Neal Build My Team Connect with Wes Read, Matt Odgers & Drew Phillips Practice Orbit Email wes@practiceorbit.com, matt@practiceorbit.com or drew@practiceorbit.com  Practice CFO Practice CFO on Instagram Practice CFO on Facebook Practice CFO...

    35 min
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About

A place for dentists to find expert insight and information around everything from navigating residency and associate opportunities to being a successful dental practice owner.

Information

  • Creator
    PracticeCFO
  • Years Active
    2020 - 2024
  • Episodes
    70
  • Rating
    Clean
  • Copyright
    © 2023 The Dental Boardroom
  • Show Website
    The Dental Boardroom

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