There’s never been a better time than today to be in dentistry. There is incredible and easy access to education. There’s techniques and skills they used to be the domain a specialist that are becoming mainstream. Digital is offering completely new business opportunities. How is this like apple? How is this like YouTube that used to be a dating app?
Being a good investor in today’s rapidly changing world doesn’t change some of the principals of buying what you know. Looking for People, Product and Process...but the successful investor also looks at potential! Should you BUY a debtal clinic with good EBITDA or will you consider the potential?
Innovative people don’t build “moats”, they recognize ways to build bridges! Entrepreneurs are always finding ways to leap over moats built by the kingdoms to bring their prizes to the masses! Give the people what they want.
Corporations are business, so are you. Understanding the principals of good business can help you make a decision as to whether you want the security and comfort of a well paying job or are ready to take in the challenge of ownership.
Cheap team. Cheap cotton rolls. Cheap dental office builds. Let’s do everything cheaper! My most popular blogs (by far) seem to revolve in cheaper ways of doing everything. It’s my belief that this is not the answer to the future of health care.
If you want to find the most amazing offices to work at, or you are trying to hire the best team - networking is so vital to winning! Take the time to know the key players in your industry, but remember that a good relationship is when everyone wins.
You went to school to become a dentist. Are you sick of hearing about becoming a masterful MBA entrepreneur and how is it is...just sign up today and learn! How can you become master of your destiny without having to follow ridiculous diets and exercise programs? The answer is likely coming to you every week and you didn’t know it...
We are seeing large valuations of practices - but not all practices! There are still many “working to pay the overhead” practices that need help. Here are some ideas for the generation that want to retire (hey, I’ve been at it for 35 years and I’m not ready yet!) and those that are saddled with debt looming for affordability.
You’ve slaved to get your degree, you are about ready to start your life as a successful dentist! But wait! There may be a few more years of pain before you start to realize the true freedom of calling all your own shots!!
Fire your Dental Salesmen! If you want to increase the value of your clinic, or help pay the loan for what you just bought - watching your supply costs is key. A good consultant, working for a lifetime job understands this and will help you!
In business - valuations are not just about what used to be, they are about opportunity. The generation buying MUST see opportunity to grow and improve or the values would be based on a dying business....which is how we USED to do it!
My Stepson Billy inspired the podcast this morning. Discussing the business of farming, in particular how investors value assets. In order to make a business goodwill more valuable, “tangible”, there must be process.
Let’s start a trend. A movement. For the betterment of our profession, let’s take dentistry and health care to new levels never realized. A movement of like minded, enthusiastic, business oriented individuals.
What benefits do you get from that shiny new....thing. A toy, a friend, a relationship? Your business? Your health, your education? How do you keep it interesting, viable and valuable? In 35 years of experience evaluating practices there are just a few lessons any office could learn to get into those top numbers you always hear about....you can become that unicorn. It isn’t easy.