Dentaltown August 2021 - 62

So give yourself a break by giving yourself some credit that you can learn to do this, instead of giving your
practice away in a moment of vulnerability. Many of our clients have made the decision to be full-time CEOs
and let the clinical work be done by others. Aside from the emotional and identity shift, this has proven to be an
extremely smart move.
Of course, money is also effective bait, appealing to an owner's pain point of constantly worrying about cash
flow and earnings. We coach our clients to cut the bait by saying, " I don't need your money. Why would this deal
be better for me, my team and my patients? "
You can always circle back to the money conversation but first, scrutinize what they bring to the table. You'll
find it's not much. With good coaching and guidance, you can learn all you need to know to improve your own
cash flow and revenue, and grow a practice that's highly profitable and doesn't require you to be there every
moment of every day.
Exaggerating claims
Private-equity buyers are great at marketing and spending big bucks aimed at independent
practice owners. But there's marketing, and then there's propaganda. Their brochures are more
than tempting. They claim to expertly handle all the administrative functions-billing,
marketing, recruiting, hiring, team-building-so you don't have to. But you can't believe
everything you read in a brochure; they're telling you what you want to hear and they're
confident you won't verify it. Meanwhile, they lock you into a contract with a front-row
seat to watch the demise of the culture and practice you worked so hard to create.
We coach our clients to be seen as a patient in one or more of the offices your buyer
represents. Talk to the doctors and staff to get an idea of the culture and attitudes. Does
everyone appear to be working as a cohesive team? Does the look and feel suit you? A DSO
with hundreds of units uses a cookie-cutter approach to minimize costs, so don't expect
to see any personalization, team-building or " family culture. " You need to decide if that's
really what you want for your patients and your people, especially if the office will continue
to have your name on the door.
Knowledge is power
I'm not against private practice owners selling their practices! What I am against
is them being robbed of the practice's true value through misleading and manipulative
tactics-whether by a private-equity firm, a DSO or another private practice owner who
doesn't believe in making win-win deals. The time will come when selling your business
is the right thing to do. Do it in the right way by:
* Learning how to make the practice as valuable and profitable as it can possibly be.
* Understanding the value of what you have before you sell it.
* Being knowledgeable about the buyout process with the benefit of expert
legal advice.
* Knowing whom you're selling to and the long-term effects of that.
* Understanding if what you ultimately want can be found in your practice if you
change your role within the practice. n
62 AUGUST 2021 // dentaltown.com
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Dentaltown August 2021

Table of Contents for the Digital Edition of Dentaltown August 2021

Dentaltown August 2021 - Intro
Dentaltown August 2021 - Cover1
Dentaltown August 2021 - Cover2
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