Podcast Episode #451: Practice Transitions Don’t Always Start with DSO – Jake Conway
Episode #451: Dentist Freedom Blueprint Podcast
Practice Transitions Don’t Always Start with DSO – Jake Conway
My good friend Jake Conway is back on the show today to talk about the options out there for practice transitions and the importance of understanding how your numbers can work for you. After starting his career in the hospitality field, Jake realized that the same strategies from the corporate world could be applied to small businesses. He now helps and analyzes dental practices with a focus on empowering them, so listen in if you want to better understand how to interpret and use numbers.
Listen in as Jake sheds light on the environment we find ourselves in when it comes to the dental industry, as well as what has been changing in dental analytics and the DSO playbook. You will get valuable insight into the other options you have for practice transitions outside of the DSO route. Jake also shares ideas for creating leverage and getting a little creative with your practice plan and sale.
Minute Markers:
0:49 – How Jake got started in his career and how he helps empower dentists.
3:01 – The environment we find ourselves in the dental industry today.
4:17 – What’s driving the change in schemas and financial analytics.
8:31 – The process of understanding your EBITDA in a realistic way.
11:08 – Where the risk is transferring to and how the DSO playbook is not the same as in the past.
15:10 – The other routes you can go (other than DSO).
18:23 – How dentists often give up control in a way that can cause regret down the road.
21:34 – The transfer of value from clinician to CEO.
23:51 – The importance of knowing your numbers.
Featured on the Show:
Jake Conway: Website | LinkedIn
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.