Start Your Exit Plan From Your Dental Practice Now !

Good morning. This morning I was speaking to a client.

Is in Cincinnati, Ohio. This dentist has built massive dental practice. This practice is about 20 dental operatories and he has five dental associates working for him and so forth.

And he just had a very good offer from a.

Large group of investors that they buy practices in the US but part of the deal is that he has to stay on with the practice for at least three years or if he wants to leave earlier, he has to guarantee the income. So we had a session this morning and we were talking about the offer and he was not very happy because he has to stay on or guarantee. So he was asking me what is possible. Well, you know, this is one of the biggest problems I see with dentists is that when they start a practice, they do not have an exit strategy either. They don't even think about their business or their practice as a business. And I see this quite often in other countries than the US because I have clients in Asia and also in Europe that they basically have a dental practice as a hobby or as a job. And they go through the motion of doing dentistry every single day and seeing patients. And then.

Maybe 10, 20, 30 years from now, they decide to retire, they close down the practice and that's it. Whereas obviously in the United States.

Practices have lots of value and people are building it to huge enterprises. However, what it really needs to happen is they need to have an exit strategy.

Immediately as soon as they start a practice. Because as an investor, when an investor comes in and looks at the practice, first of all they want to know, is it scalable?

Is it something that depends on the main doctor producing all of the dentistry?

Like in this particular case, I think this dentist produces about 35% of the production. So they know if this dentist leaves as soon as the practice is sold, they are going to lose at least 35%, maybe even more of the revenue. That is why they put a golden cuff on him. Hey, we're going to give you this attractive price.

But you have to stay with the practice. And they're absolutely correct. If I'm the investor, I would think exactly the same thing. Then the second thing they look at is the risk. What is the risk factor? Okay. And again, because the risk is all about him doing the large percentage of the production, there is lots and lots of risk for an investor to come in and take over the practice. Now.

If you are in your practice, you need to do certain things to increase the value of your practice. Part of it is increasing the revenue. And how do you increase the revenue well, there are many ways you can increase the revenue. One is through increasing the capacity of the work you do. So, so basically you can do more, profitable, more larger cases.

Or you can increase the capacity by adding other doctors or associates. You can increase the capacity by basically adding more dental chairs to your practice, having a larger facility. Okay, you can increase your capacity by having longer working hours.

And so forth. And the other way of increasing your revenue, obviously, is to increase your new patient flow, increase your case acceptance, which is one of the biggest problems I see in the practices is the fact that they are not focused on converting.

Patients for the rate of conversion from inquiry to an appointment, from an appointment to an actually paying for their treatments. So those are things that you certainly have to consider. And these are things that, this is why, you know, it's important that you hook up with someone like myself, who is a coach, who's been there, who's done that, who can show you the way. Because as you know, dentistry is a complex business. It is very different than other forms of medicine that people practice in.

As well as any other form of business in general. Dentistry is a complex business. You have many variables to think about, many variables to worry about. And your outcome of your work is dependent on many people, many things within the practice. So having a coach is absolutely important from the very beginning, so they can show you how to.

Bring in systems and processes into your business. Because as dentists, we are all busy practicing every single day. You don't have time to work on the business itself. So you do need to have some experienced mentors and coaches. And by experience, I mean people who like myself.

Have done it, have been hands on clinician. Being hands on is absolutely important. I've had clients that they run huge practices, but they are never hands on. So they have zero clue about what's happening in the front line. They rely on other dentists telling them what happens there. Okay? You have to have frontline experience to know exactly what's going on. And then a coach can certainly help you.

Document your works and processes, which all becomes part of your intellectual property. Okay? Guide you and your team to increase the production a little bit every single day. And by the end of three months, five months, six months, a year, two years, you see a huge, significant improvement in your practice production and revenue. So don't try to figure this out on your own. I tried to do this the first, I would say three, four years of my practice. I created huge practice, but it was a chaos until I went and invested time and money in learning from people who went before me who had tested this, their principles, they had tested the way things would work out and showed me the way. It was not till then that my income doubled, quadrupled, and I became one of the highest producing dentists per hour in the United States. So the bottom line is, don't try to figure this out on your own. You need to have a mentor and a coach to help you from the very beginning your practice, create exit strategies for you and show you it's important, someone to show you what options you have and let you make the decision. Because not every dentist wants to scale. Not every dentist wants to have 20 practices or 20 dental operators. Some dentists, they want to have three dental chairs or two dental chairs and do lots of comprehensive dentistry, that's fine. But I think you owe it to yourself to understand.

What would happen if you had 20 practice versus if you had one practice and highly specialized practice. And what would happen at the end when you're ready to retire, exit or sell from your practice and you make that decision. But someone has to show you the way rather than waiting till you're 60, 65 years old. Like this. Nice, Dennis. And he has built a huge practice, but they would not pay him the value if he doesn't stay another five years. He says, doc, I'm ready to retire.

So don't make the same mistakes that you go to practice every single day without guidance, without support. Coaching provides you a GPS for your practice. It shows you the way, it brings.

Performance matrix to your practice so everything can be measured and become measurable. Okay? Now all of this that I'm telling you about is not about me trying to sell you a coaching program. It's trying to help you understand the process of building a practice and exiting from the practice. And whether you want to try to do this on your own.

Or hire a coach, that's up to you.

But it's a lot easier, lot less expensive, and it would cut the time into fraction of what it would take to take your practice from point A and take it to point B.

No matter where you're in the world.

The guidance is important to have. As a matter of fact, if you are in saturated markets such as us, Singapore, Canada, Australia.

India.

That are highly saturated with dentists, you need to have more guidance and more coaching. How to stay competitive in the marketplace, how to be able to.

Generate consistent new patient flow, how to have.

90 to 100% inquiry conversion, how to have.

35, 50, 60, 70% case acceptance conversion, depending on what you're presenting. If you're presenting, obviously, lots of comprehensive dentistry, you'll be fine at 35%. But if you're doing lots of, you know, 1, 2, 3 tooth, you know, type diagnosis and dentistry, then you got to be over 80% of conversion. So.

Anyhow, if there's anything I can do for you, please direct message me. I'm here to help as many dentists as possible and hold your hand and show you the way.

And I guarantee you.

That by sticking with me.

For first 12 weeks, you will see an immediate increase. Sometimes you double, sometimes you triple your income within that short period of time. This is Dr. Allen. Thank you very much for following me on Instagram Channel. I look forward in helping you guys and answer any questions that you may have. Thank you very much. Bye.