Long in the Tooth: Insights for Age 55+ Dentists

J. Robert Brooks, CBI, CEPA
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Most dentists fail to plan ahead for the sale of their practice. By not preparing for this inevitable event, they miss out on thousands of dollars, limit their transition options, and burden their loved ones with uncertainty about the future. On Long in the Tooth podcast, we share non-clinical insights to help you prepare for the sale today so you can maximize your profitability and peace of mind tomorrow. For all the hard work you’ve put into building your practice, we believe you, your family, and your staff deserve to transition after the sale into an even richer and more rewarding season of life. Subscribe today and tune in on Fridays to glean new insights. This podcast is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

  1. 10 things dentists can do to prepare for a transition

    23/12/2022

    10 things dentists can do to prepare for a transition

    As 2022 wraps up (and so does Season 2 of this podcast), we’ve seen some clear trends that are hurting dentists and their practices as they get ready to sell.  We want to help you transition into an even richer and more rewarding season of life. So, here is our top 10 list of things you can do to prepare yourself and your practice(s) for a successful transition: Define your expectationsDefine your timelineIdentify the right successorInvolve your staff in the processSave for retirementSpruce up the officeEvaluate your collections and feesAvoid “skimming”Stay with your PPOsMaintain the status quoOur guest is Larry Chatterley. Larry has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions. For more guidance on transitioning your practice, schedule a call at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    12min
  2. The "3 Rs" to a successful dental practice owner

    09/12/2022

    The "3 Rs" to a successful dental practice owner

    What separates the dentists that struggle from the ones that thrive? What are the common characteristics of a successful dental practice owner? There are some common keys to success as a dental practice owner. It can be summarized as a mindset that focuses on the "3 Rs" – Relationships, Reputation, and Referrals. If you don’t understand these 3 Rs, it can mean financial struggle for you and your practice. But if you build these 3 Rs into your mindset, you can take a practice that is doing poorly and turn it around to make it thrive. Our special guest on this episode is Larry Chatterley. Larry has specialized in transitioning dental practices and serving the business and transition needs of dentists throughout the western U.S. for over 26 years since he founded CTC Associates in 1988. He has facilitated the successful transition of over 2,000 practices, and has authored several publications on practice transitions. For more guidance on transitioning your practice, schedule a call at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    14min
  3. 3 options for handling Accounts Receivable in a transition

    07/10/2022

    3 options for handling Accounts Receivable in a transition

    Should I sell accounts receivable with the practice? Should I buy accounts receivable with the practice? Or should I exclude them and keep them? We get this question a lot from both practice buyers and sellers. In this episode, transition specialist, Randon Jenson, discusses the 3 options covering both the advantages and the disadvantages of each so you can decide which is best for you. Randon Jenson has helped hundreds of dentists with the sale of their practice. For more guidance on transitioning your practice, schedule a call with him at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    14min
  4. Evaluating DSO offers: Tips for practice owners

    23/09/2022

    Evaluating DSO offers: Tips for practice owners

    It’s a hot topic today. Dental Service Organizations (DSOs) are aggressively marketing to practice owners, soliciting interest in acquiring their practices. Typically, they’ll catch you with a really high number. A number so high you’d be foolish to ignore it.  But what’s included in their “incredible” offers? Is it the right decision for you? There are some trends that are cause for concern. So before you sign anything, listen to this episode to understand the three common elements in their offers.  Remember, DSOs are smart. They are shrewd. And they are in business to make money. Don’t believe they are just being altruistic and generous. Do the math yourself, or get some help assessing the real value of your practice to help you negotiate an even better offer. Randon Jenson is a practice transition specialist. He’s helped hundreds of dentists with the sale of their practice. For more guidance on transitioning your practice, schedule a call with Randon at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    13min
  5. You can do anything as long as you know the rules of the game

    02/09/2022

    You can do anything as long as you know the rules of the game

    When you buy a practice, guess what? Now, you’re a business owner. The problem is, not alot of education happens on the business side of dentistry. Unless you got an MBA in addition to your dental degree (if you have both, we salute you), you could be on the path to unnecessary anxiety and frustration by jumping in too quickly. In this episode, Marney Andes shares some advice her father taught her - “You can do anything you want as long as you know the rules of the game.” By spending more time upfront educating yourself, asking plenty of questions, and learning from others, you can save yourself from numerous headaches and be positioned for success when you become the owner of your own dental practice. And who knows, you might even end up becoming Miss America like Marney did by following this advice! — Marney Andes is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit.  In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself. To learn more about Marney Andes, visit marneyandes.com For more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    16min
  6. Can we figure out how to make this a win-win solution?

    19/08/2022

    Can we figure out how to make this a win-win solution?

    The way you enter a relationship and exit a relationship really matters. Too often in negotiations, we’ve been instructed that it has to be “meeting halfway,” or an equal 50/50 compromise, but that’s not necessarily the case.  Selling a dental practice isn’t like selling a piece of real estate. It also involves selling goodwill – the doctor is selling their relationship with patients and with their staff. Because of this, there are many delicate components to this negotiation, not just any one right answer, and a host of other options that you might not have considered.  As Marney Andes shares in this episode, the important thing to do in situations and transitions such as these is to identify from all perspectives, what is a win-win here?  Here’s how you can break it down: What is a win for them? What is a win for me?Is the situation we’re in actually conducive to making us both win? And if it isn’t, can we negotiate to find a win-win?Success—in business and life—doesn’t come without taking advice, learning lessons, and living with intention. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself. — Marney Andes is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit.  To learn more about Marney Andes, visit marneyandes.com For more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    17min
  7. Start with the Give-Me Shots for You and Your Staff

    05/08/2022

    Start with the Give-Me Shots for You and Your Staff

    Have you identified the things that you’re really, really good at? Too often, we can be so hard on ourselves as practice owners to try to improve in too many areas all at once. We end up neglecting to practice what we love and what we know we do best.  In this episode, Marney Andes shares one of the valuable life lessons that her dad taught her on the basketball court – start with the give-me shots.  You don’t need to chase the latest and greatest, or make a gigantic effort to find new success. If you instead focus on practicing what you already love to do, and make time to learn what each of your staff members excels at, you’ll find greater success in playing to your strengths and delegating to theirs. Marney is a consultant, educator, entrepreneur and author who has dedicated her career to supporting teams and individuals as they develop and grow. Her experience in performance consulting and leadership development spans a wide range of industries, including technology, healthcare, education, and nonprofit.  Success—in business and life—doesn’t come without taking advice, learning lessons, and living with intention. In her book, Start with the Give-Me Shots, Marney outlines eight core lessons that her dad taught her through honest storytelling, and simple, real-life examples, so you can experience his advice for yourself. To learn more about Marney Andes, visit marneyandes.com For more guidance on managing and transitioning your practice, schedule a call with Marie Chatterley at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    15min
  8. What was the best & the hardest part about selling your practice?

    24/06/2022

    What was the best & the hardest part about selling your practice?

    Dr. William Vargo was a successful dentist for 35 years. He envisioned himself practicing till he was 68 or 70. But when he was only 65, his health couldn’t tolerate it and his wife’s health started to go downhill. He made the difficult decision to sell his practice earlier than he thought and during the COVID pandemic.  Selling your practice can be loaded with emotion. In a moment, everything you worked for is turned over to someone else. What will they decide to do with it? Plus, for so long you’ve gotten a sense of purpose and identity from being a dentist. Now what? What will you do after you’re a “non-dentist”? What will you think about instead? Dr. William Vargo joins us on this episode to share his honest insights as one who has gone through the transition of selling a practice and stepped into retirement. What was the most challenging aspect of selling your practice?What was the best part about selling your practice?What advice do you have for colleagues who might be considering a transition?For more guidance on selling your practice and making the transition Dr. Vargo made, schedule a call at: ctc-associates.com For help finding a dental practice transition specialist in your area, send a message to: office@longinthetooth.info — Long in the Tooth is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

    18min
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Most dentists fail to plan ahead for the sale of their practice. By not preparing for this inevitable event, they miss out on thousands of dollars, limit their transition options, and burden their loved ones with uncertainty about the future. On Long in the Tooth podcast, we share non-clinical insights to help you prepare for the sale today so you can maximize your profitability and peace of mind tomorrow. For all the hard work you’ve put into building your practice, we believe you, your family, and your staff deserve to transition after the sale into an even richer and more rewarding season of life. Subscribe today and tune in on Fridays to glean new insights. This podcast is hosted by Randon Jenson & Marie Chatterley of CTC Associates. It was founded by Bob Brooks, CBI, CEPA of Practice Endeavors.

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