Published articles from Shea Practice Transitions

There are several ways in which dentists can grow their practices. Some of these methods range from expensive marketing campaigns to expanding services or products offered to patients. Although these methods may prove to be effective, we have found that the best and most profitable way to grow a practice is a “practice merger”. In essence a practice merger entails the complete movement of a seller’s practice into a buyer’s facility. Even though these practice …
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The dental profession is not exempt from unexpected death or disability. What makes these unfortunate events even more tragic is when a doctor is unprepared. This article does not address the proper practice transition under death or disability, but focuses on how a complete estate plan will assure your wealth preservation for you and your loved ones. For most dentists a good estate plan will frequently consist of a Will, Power of Attorney, Health Care …
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(Please note, the following is not intended to be a legal opinion nor address other legal issues that might arise in the case of a marriage dissolution. Typically divorce law is governed by state statute and state legal precedence. Accordingly, one should seek competent legal advice from an attorney familiar with marriage dissolution matters). There is a joke circulating as a result of our most recent economic turmoil, which goes, “the economic meltdown is worse …
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Shakespeare’s Hamlet pondered, “To be or not to be, that is the question…” Likewise, many dentists considering the sale of their practice ponder, “to sell or not to sell”. Unfortunately the answer to this question is oftentimes not self-evident. Accordingly, when I (or other American Dental Sales brokers) are asked, “Do you think it’s the right time for me to sell?”, we typically advise the doctor to answer two fundamental questions: ARE YOU FINANCIALLY READY …
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There is nothing more comforting than knowing that everything is going to be all right. Whether it’s a small child with their favorite teddy bear or your insurance being in “good hands”, the knowledge that a project will be handled properly gives one peace of mind. The same is true of a practice broker. When a doctor hires a broker to handle the sale of his/her practice, the selling doctor must have ultimate confidence in …
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For a doctor contemplating the sale of all or part of his/her dental practice, it is often enticing to attempt to sell the practice on their own. The transaction may seem simple enough; should be quick and easy; save a few bucks because you don’t have to pay a broker’s commission. Smart…right?? Not necessarily. It may be the worst mistake you ever make. Please examine a few of the reasons why you should utilize a …
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1.You earn MORE MONEY! The vast majority of dental practice owners have a greater net income than dentists who work for someone else. 2. You can build the practice of your dreams. Unlike working for someone else (in which you work under the conditions established by the owner), you can build the practice of your dreams. This means you can adopt the type of facility you want, practice philosophy and a schedule that is desirable …
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A comprehensive practice appraisal within a reasonable time of the associate’s start date. A thorough plan regarding the buy-in, including the beginning, middle and end of the buy-in relationship. A wide spread associate search. A background investigation of associate candidates. A candid discussion between the parties regarding their respective expectations. A well drafted employment agreement, including buy-in specifications. A practice facility that can accommodate multiple dentists. An adequate patient flow that can accommodate multiple dentists. …
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1. PLAN AHEAD In today’s market, selling a practice is “easier said than done”. Thus, it is incumbent upon you to plan well in advance for the sale of your practice. For example: six months to one year (for a metropolitan area), one to two years (for a medium sized city), and two to five years (for smaller cities). 2. CLEAN UP THE CLUTTER Most practices have accumulated years and years of “clutter” (books, journals, …
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