Dentaltown January 2018 - 41

Good questions already asked.
1. Do you really want to practice here? (Not just doing this for your dad.)
2. Is the area an area where you would open a practice if your dad weren't already there?
3. Is the community growing or declining?
4. Is the specific location of this practice good or would you be better off somewhere else in
the city?
Even if your dad is giving you the practice, this could be a bad deal for you if you can't turn
it around. If the area and location are viable and he has just run it down as he slowed down, then
tighten up the managerial aspect, market and work hard and you will be fine. If you don't really
want to be there, don't do it. Your dad would likely sell to someone else for more than he would
sell to you anyway. ■

wdhenry
Member Since: 01/09/06
Post: 15 of 45

10/13/2017

ddsmcd

I'll definitely check out that 30 min MBA, seems like a great resource. Thanks! ■
10/13/2017

New Patients Inc. is highly regarded. Do-it-yourself postcard mailings are another option.
For an existing practice, active internal marketing and reactivation protocols might be all
you need.
See these DT blog articles:
1. Internal Marketing: New Patient Referral Protocol
2. Reactivation Tips
3. End of year "Use it or lose it" insurance letters or postcards ■

Member Since: 07/31/13
Post: 21 of 45

Kevin Tighe
Member Since: 12/27/10
Post: 25 of 45

10/16/2017

The answer to the very important question of why my dad's practice is a bit long so I'll try
to be as succinct as possible. I graduated with a staggering amount of student loan debt which so
far, I have been unable to put much of a dent in it. I'm working six days a week as an associate
at three different locations and barely coming out ahead each month after taxes and living
expenses. I don't live extravagantly, no new cars, don't go out much.
The rub is that the cost of living in my area is very high and I have a wife, daughter and a
mortgage. I talked to a financial planner who specializes in dental and he told me that the only
way to get out from under my debt is to either buy a practice to increase my earning potential or
move out of state where the cost of living is much cheaper. The wife is dead set against moving at
this point because of family being close. I'm honestly not sure if I really want to own but I chalk
that up to just a fear of the unknown and I feel like I just need to man up and do it. Regardless
of my apprehension, it ultimately is what I have to do financially.
So now to why my dad's office. I've looked at a few other offices including the ones I associate at, and what they are asking for would double my debt and I doubt I would qualify for a
business loan of that size anyways. My dad made me a very generous offer, not completely free
but compared to the other practices it's practically nothing. So, the answer is that I need to own
for financial reasons and this is the most accessible option.
Other advantages are:
- My father owns the building so he is willing to be flexible with rent while the practice is in
a growth phase.
- My father is also willing to help with some renovations over the next year before the full
transition (mostly cosmetic.)
- The area is undergoing explosive growth with multiple new housing developments seeming
to pop up every month.

ddsmcd
Member Since: 07/31/13
Post: 27 of 45

dentaltown.com \\ JANUARY 2018

41


http://www.dentaltown.com

Table of Contents for the Digital Edition of Dentaltown January 2018

Dentaltown January 2018 - Intro
Dentaltown January 2018 - Cover1
Dentaltown January 2018 - Cover2
Dentaltown January 2018 - 1
Dentaltown January 2018 - 2
Dentaltown January 2018 - 3
Dentaltown January 2018 - 4
Dentaltown January 2018 - 5
Dentaltown January 2018 - 6
Dentaltown January 2018 - 7
Dentaltown January 2018 - 8
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Dentaltown January 2018 - 41
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Dentaltown January 2018 - Cover3
Dentaltown January 2018 - Cover4
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https://www.nxtbook.com/farran/dentaltown/dentaltown-july-2021
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https://www.nxtbook.com/farran/dentaltownuk/2018Winter
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