Dentaltown December 2021 - 59

by Jay Geier
Jay Geier is a world-renowned authority on growing
independent practices. His passion is in turning practices
into businesses, doctors into CEOs, and employees into
high-performing individuals and teams. He is the founder
and CEO of Scheduling Institute, a firm that specializes
in training and development, and coaching doctors how
to transform a private practice into a thriving business
that they can keep for a lifetime of revenue or sell for
maximum profit. The phenomenal growth of Scheduling
Institute is a result of Jay practicing what he preaches
and helping those around him live up to their full potential. To hear more, subscribe
to his " Private Practice Playbook " podcast at podcastfordoctors.com/townie.
Know the value of your practice.
RULE #1:
Despite our constant coaching on this subject,
it astonishes me how few practice owners have their
businesses professionally appraised. It's your single
largest asset, your life's work and your ongoing means
of income, yet you don't know what it's worth. This lack
of knowledge is the No. 1 weapon being used against
you, especially if you are a doctor who just wants out.
Dental service organizations and other private equity
companies have been able to buy scads of independent
practices for pennies on the dollar because only they
assessed the value of those practices. That's why they
want them. They want the equity that already exists
in those businesses and the opportunity to grow them
profitably for resale down the road. They want to do so
not by attracting new patients and investing to improve
the patient experience, mind you, but by cutting costs
to the bone.
I'm highly critical of this trend, but at the same time, I
have to appreciate the cunning business plan to maximize
return on investment. Private equity companies prey on
practice owners who haven't bothered to find out the
value of their business and are therefore willing to sell
for whatever the buyer says it's worth. Would you ever
sell a house that way? An expensive vehicle? Anything
of value to you? So why would you allow the buyer to
set the price of your biggest asset, by far?
Almost as bad is getting a free or bargain-basement
appraisal or one that's done rather informally. Don't
bother. Shell out a few bucks and get it done right so
you end up with a thorough and formal document that
you can, literally, take to the bank. It also allows you
to make informed decisions.
Chances are, you will be thrilled with the outcome,
which will give you a renewed sense of appreciation and
enthusiasm for your practice. And if you decide to go
ahead and sell, you can confidently be the one selling,
versus feeling later that you allowed it to be bought out
from under you.
dentaltown.com \\ DECEMBER 2021 59
http://www.podcastfordoctors.com/townie http://www.dentaltown.com

Dentaltown December 2021

Table of Contents for the Digital Edition of Dentaltown December 2021

Howard Speaks: Making a Different Kind of 5-Year Plan
Professional Courtesy: The PPO Pay Cut
Continuing Education Update
Poll: Clinical Technology
Message Board: Trying to Push Myself and Pushed Myself Too Far.
Message Board: Worn Dentition, Composite Rehab
Office Visit: Dr. Ross Oberschlake
Let's Get Digital — Dr. Robin Henderson
Seeing Is Believing — Dr. Kristen Andrews
Ad Index
The Rules of the Game — Jay Geier
2021 Dentaltown Townie Choice Awards
Dentaltown December 2021 - 1
Dentaltown December 2021 - Cover1
Dentaltown December 2021 - Cover2
Dentaltown December 2021 - 1
Dentaltown December 2021 - 2
Dentaltown December 2021 - 3
Dentaltown December 2021 - 4
Dentaltown December 2021 - 5
Dentaltown December 2021 - 6
Dentaltown December 2021 - 7
Dentaltown December 2021 - 8
Dentaltown December 2021 - 9
Dentaltown December 2021 - Howard Speaks: Making a Different Kind of 5-Year Plan
Dentaltown December 2021 - 11
Dentaltown December 2021 - Professional Courtesy: The PPO Pay Cut
Dentaltown December 2021 - 13
Dentaltown December 2021 - Continuing Education Update
Dentaltown December 2021 - 15
Dentaltown December 2021 - Poll: Clinical Technology
Dentaltown December 2021 - 17
Dentaltown December 2021 - 18
Dentaltown December 2021 - 19
Dentaltown December 2021 - Message Board: Trying to Push Myself and Pushed Myself Too Far.
Dentaltown December 2021 - 21
Dentaltown December 2021 - 22
Dentaltown December 2021 - 23
Dentaltown December 2021 - 24
Dentaltown December 2021 - 25
Dentaltown December 2021 - Message Board: Worn Dentition, Composite Rehab
Dentaltown December 2021 - 27
Dentaltown December 2021 - 28
Dentaltown December 2021 - 29
Dentaltown December 2021 - Office Visit: Dr. Ross Oberschlake
Dentaltown December 2021 - 31
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Dentaltown December 2021 - Let's Get Digital — Dr. Robin Henderson
Dentaltown December 2021 - 45
Dentaltown December 2021 - 46
Dentaltown December 2021 - 47
Dentaltown December 2021 - 48
Dentaltown December 2021 - 49
Dentaltown December 2021 - 50
Dentaltown December 2021 - 51
Dentaltown December 2021 - Seeing Is Believing — Dr. Kristen Andrews
Dentaltown December 2021 - 53
Dentaltown December 2021 - 54
Dentaltown December 2021 - 55
Dentaltown December 2021 - 56
Dentaltown December 2021 - Ad Index
Dentaltown December 2021 - The Rules of the Game — Jay Geier
Dentaltown December 2021 - 59
Dentaltown December 2021 - 60
Dentaltown December 2021 - 61
Dentaltown December 2021 - 62
Dentaltown December 2021 - 63
Dentaltown December 2021 - 2021 Dentaltown Townie Choice Awards
Dentaltown December 2021 - 65
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Dentaltown December 2021 - Cover3
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