Podcast Episode #379: Practice Transition Panel (Part 2)
Episode #379: Dentist Freedom Blueprint Podcast
Practice Transition Panel (Part 2)
If you’re considering selling a part or full aspect of the equity in your practice, there are some key things to look at and understand about this process. This week, we will be continuing into the second part of a panel discussion I hosted on practice transitions. (If you haven’t yet, make sure to check out the first part of the discussion!) Today, we’ll be diving into what it takes to take your chips off the table, as well as where to invest that money.
Listen in to learn the key things to think about when shifting responsibility or authority. The panel also shares a solid look at the upsides and downsides to different types of practice transitions that you might be considering and how certain situations have played out for other practice owners. You will leave this episode with a better understanding of what’s involved with practice transitions and where to start making key decisions.
2:32 – The upsides and downsides of doctor-to-doctor sales.
4:30 – Options that come with DSOs and the caveats involved.
7:48 – Why you shouldn’t be “thinking like a dentist.”
9:43 – Mindset shifts that may keep you away from an unfavorable deal.
12:27 – The greater fool theory and how that applies to dental practice sales.
14:24 – One of the most important things to remember about the difference between responsibility and authority.
16:26 – The differences in DSOs and how to decide how to exit.
Featured on the Show:
Mike Abernathy: Website | Facebook | Twitter | YouTube
Brannon Moncrief: Website | LinkedIn
Jared Duckett: LinkedIn | Duckett Ladd
Bill Ladd: LinkedIn | Duckett Ladd
Alastair Macdonald: TEDx | DSN | Facebook
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
In this episode, we finish up the second part of my interview with Rob Swanson and his eight rules of investing. (If you haven’t listened to part 1, be sure to go back and give that a listen before jumping into this one.) Today, we pick up where we left off, covering rules four through eight and talking about everything from decision-making to cash flow and risk reduction.
Listen in as Rob shares his incredible insight and experience in real estate and investing to give us a few rules that help make our decisions and investments more solid. You will hear about the importance of looking at margins before buying and what boxes need to be checked when it comes to predicting a solid income stream. Rob also discusses how to define and mitigate the different risks involved so that you can come out on top.
Alastair MacDonald is a private advisor to established entrepreneurs, investors, and business owners, as well as a TEDx speaker who lectures on economic, social, and financial forecasts. Join me today to hear part two of our conversation at the Freedom Founders Mastermind, where we dive into the concept of certainty, how to hedge against a volatile economy, and why the abdication model is no longer one that works.
Listen in to learn the reasons why Alastair is not worried about consumer price inflation (and what he’s really worried about instead) and why the 401(k) is not always the investment that it is made out to be. You’ll learn why he is most concerned about the issue of division and polarity in the Western world, why your business is your best asset in a volatile economy, and how you can maintain its viability to weather the most intense economic storm.
1. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
2. Attend A Workshop:
If you’re committed to Freedom, but still building a practice, paying down school debt, or growing investment capital, our hands-on Freedom Blueprint Workshops are your entrance ramp onto the fast track! Visit www.freedomfounders.com/workshop to claim your seat!
3. Apply To Visit The Mastermind:
If you’d like to join dozens of dentists, docs, and practice professionals on the fast track to Freedom (5-7 years max), visit www.freedomfounders.com/step-1 to apply for a seat.
4. Want to Work Directly with Me?
If you’d like to work directly with me and a small group of my closest investment colleagues, with direct access to the dealmakers and asset classes that I invest in, just send a message to my Executive Assistant (Lindsey@FreedomFounders.com), and put “Fast Access” in the subject line. Or, call (972) 203-6960 Ext 144 and leave a brief voicemail for Lindsey. Let her know you’re interested in the Fast Access program – we’ll set up a time with you to talk, find out about your goals, and see if there is a fit.