Practice Broker Checking in to Help Answer Any Questions

[ballztowallzomfs]

Do you have any information about what OMFS practices make around the country or specifically where you work?

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[Faux]

Do you have any opinions on NYU/ buffalo graduates?

 

[Faux]

A new doc working as an associate, I would say $100,000 to $170,000 is a good average for a GP. However, I have seen other cases where it goes below that number a tad, and also $200,000+. You should not make less than $80,000 first year IMO. Lots of variables here however...I have not seen any increase in pay due to a GPR.

With that said, IF it was me I would work two or three jobs before buying a practice. Maybe work for an corporation first, then find a solo practitioner and work with them. Why? You will learn lots of good habits / knacks that made that dentist / company successful. See how the business is run! Yes, you need to do decent dentistry but focus on becoming business savy. See how they are marketing, ect. Patients do not know how good of quality the dentistry is that they are getting. Furthermore, work at a MINIMUM one year before buying a practice. I suggest two...Of course there are situations where it makes sense if the selling doc wants to stay on and teach you, or something like this.

I would go on dental town and find the CE credit by Jason Wood that goes over associate ships and what you should / should not do. Well worth the $15 bucks or whatever it is. (go to CE - practice transitions - "associates/ partnerships / acquisitions oh my!") Take notes!

In terms of a GPR giving you a better chance at getting hired, yes and no. Some dentists that did GPRs will say not worth it and some will say they are very happy they did them. You are going to make 30ish a year which is BS and nothing, but the positive here is that you will get lots of experience. If it was me, I would go work for a corporation right out of school and make $100K first year. These are usually set up so that you work under a "lead" dentist. They are there to help you.So I think GPRs are great but you guys (and gals =p) have 250K+ in loans to pay back.

also what is usually the average price for a GP practice in FL

 

[Greg_Jones]

Are there any services/CE's your recommend for a new graduate to learn in particular in order to accommodate the US market?

For a GP, I would recommend them to take CEs on placing implants and sleep apnea. Personally, I think both of these are going to blow up in dentistry. Maybe even botox if there is a CE on that.

An attorney on Dental Town has some great business CE credits as well that I would do. They are cheap and helpful. His name is Jason Wood. Under a few sections in their CE section.

 

[Greg_Jones]

Do you have any opinions on NYU/ buffalo graduates?

opinion on dental school haha...I know a lot of grads from those schools that loved it. Not much else to say other than it is expensive and that would probably deter me away. There are other schools that are much cheaper with great programs.

Average price of a GP practice in Florida? Hmmm varies of course but AVERAGE is probably 300 to 400K. That is not what you need to be worried about however. Be concerned about how much a practice will NET you after all expenses. We just sold a practice and condo for 1.1 million all said and done to a guy that has been out of school 5 years. He, liek anyone was VERY hesitate to pull the trigger as he still had student loans, ect. I spoke with the selling doctor and we put together a plan where he would have to be stupid to fail. None the less, spoke with him 6 months later after the closing and he thanks us for pushing him. He is extremely happy and he is making ohhh probably 250 to 300K after all expenses. In conclusion, don't focus on purchase price, focus on NET to a buyer! Make sure you do your due diligence! I am not advising everyone to go spend million bucks on a practice, but more so to stop worrying about failing. Be confident! Dentists have one of the lowest default rates of any business.

 

[Greg_Jones]

Do you have any information about what OMFS practices make around the country or specifically where you work?

Make? Do you mean as a business or NET to a doctor? We don't deal with too many OS practices but my guess would be:

Avg collections to a OMFS business - 700K to 1M
Avg. Net OMFS - 400K to 500K

 

[hs2013]

For a GP, I would recommend them to take CEs on placing implants and sleep apnea. Personally, I think both of these are going to blow up in dentistry. Maybe even botox if there is a CE on that.

An attorney on Dental Town has some great business CE credits as well that I would do. They are cheap and helpful. His name is Jason Wood. Under a few sections in their CE section.

Is it easy for dentists to find CE on learning how to place implants because I agree that I think implants will be huge in the future.

 

[hs2013]

Since you have a lot of experience dealing with practice owners, my one concern in ownership is how much time do the practice owners spend on the business side of things dealing with insurances, bills, or whatever business related things there are?

It would be great being able to work 3-4 days a week earning 200k+ but I also don't want to have to constantly worry about how my practice is going, or other things about the business.

Overall, would you say owners are able to just practice dentistry and go home for the most part?

 

[fancymylotus]

Since you have a lot of experience dealing with practice owners, my one concern in ownership is how much time do the practice owners spend on the business side of things dealing with insurances, bills, or whatever business related things there are?

It would be great being able to work 3-4 days a week earning 200k+ but I also don't want to have to constantly worry about how my practice is going, or other things about the business.

Overall, would you say owners are able to just practice dentistry and go home for the most part?

I'll steal a little thunder and answer as a co-owner of a few practices(the big boss is my dad).

He spends 1-3 hours a day on "business related things" but would be spending a lot more time if he didnt have me and our office managers and insurance people around. At this point, there are days where he does a little paperwork, makes a few phone calls, sees some patients, and goes home. However, hes a specialist thats been in practice for a long time so his appointments and appointment times are pretty much the same no matter what.

I've taken over a significant amount of business stuff, which is why he doesnt spend full days or even most of a day on them.

 

[hs2013]

I'll steal a little thunder and answer as a co-owner of a few practices(the big boss is my dad).

He spends 1-3 hours a day on "business related things" but would be spending a lot more time if he didnt have me and our office managers and insurance people around. At this point, there are days where he does a little paperwork, makes a few phone calls, sees some patients, and goes home. However, hes a specialist thats been in practice for a long time so his appointments and appointment times are pretty much the same no matter what.

I've taken over a significant amount of business stuff, which is why he doesnt spend full days or even most of a day on them.

I'm guessing owning a few practices results in more business work but I just don't want to have a mindset where I can own a practice, work 3-4 days a week, easy peasy, but end up actually spending additional days a week doing other non dentistry related stuff...

That's why I wonder if I'm making the right choice going into dentistry. I mean I could always be an associate but I want to earn 250k+ and I don't know if that is possible as an associate...

I mean my ultimate goal is to be retired or only working 1-2 days a week by the time I am 40-42

 

[periopocket]

Make? Do you mean as a business or NET to a doctor? We don't deal with too many OS practices but my guess would be:

Avg collections to a OMFS business - 700K to 1M
Avg. Net OMFS - 400K to 500K

Hey thanks a Bunch for doing this, could you give us ball park for pedo please?

 

[Greg_Jones]

Since you have a lot of experience dealing with practice owners, my one concern in ownership is how much time do the practice owners spend on the business side of things dealing with insurances, bills, or whatever business related things there are?

It would be great being able to work 3-4 days a week earning 200k+ but I also don't want to have to constantly worry about how my practice is going, or other things about the business.

Overall, would you say owners are able to just practice dentistry and go home for the most part?

Absolutely not. This is one of things that really makes me want to pull my hair out. You as a dentist when you have your own practice really need to put on your business hat. You have to be involved in the business side of things. You should be reviewing your expenses every year and try to eliminate some of these expenses.

You will have headaches and staffing is the number 1 complaint i hear from dentists. People are always complaining about pay, or they are fighting with other staff members.

Having your own practice is not for everyone. If you want to go home at 5:01pm everyday and not have to worry about anything, i would find an associate position.

 

[Greg_Jones]

I'll steal a little thunder and answer as a co-owner of a few practices(the big boss is my dad).

He spends 1-3 hours a day on "business related things" but would be spending a lot more time if he didnt have me and our office managers and insurance people around. At this point, there are days where he does a little paperwork, makes a few phone calls, sees some patients, and goes home. However, hes a specialist thats been in practice for a long time so his appointments and appointment times are pretty much the same no matter what.

I've taken over a significant amount of business stuff, which is why he doesnt spend full days or even most of a day on them.

THIS

 

[fancymylotus]

Absolutely not. This is one of things that really makes me want to pull my hair out. You as a dentist when you have your own practice really need to put on your business hat. You have to be involved in the business side of things. You should be reviewing your expenses every year and try to eliminate some of these expenses.

You will have headaches and staffing is the number 1 complaint i hear from dentists. People are always complaining about pay, or they are fighting with other staff members.

Having your own practice is not for everyone. If you want to go home at 5:01pm everyday and not have to worry about anything, i would find an associate position.

Yup. I get texts from staff starting at 7AM some days about patient issues, employee issues, issues in general, etc. Mind you, up till a few years ago, this was all being unloaded on my Dad. Now we do payroll, we handle employee crap, I go over ordering with the assistants, etc etc. Anyone that thinks that they can waltz into work, see patients, and leave, and leave all their work and responsibilities and headaches AT work is either living in la la land, or lucked out with a cushy associate position. I would like to think that we're really good to our associates, and that I handle a lot of the stuff that if they practiced alone they would be dealing with, but even still, they do a lot more than "just see patients"

 

[Greg_Jones]

I'm guessing owning a few practices results in more business work but I just don't want to have a mindset where I can own a practice, work 3-4 days a week, easy peasy, but end up actually spending additional days a week doing other non dentistry related stuff...

That's why I wonder if I'm making the right choice going into dentistry. I mean I could always be an associate but I want to earn 250k+ and I don't know if that is possible as an associate...

I mean my ultimate goal is to be retired or only working 1-2 days a week by the time I am 40-42

I know associate dentists that are making 200K+ after 2 or 3 years of experience. It is doable. Of course that is working minimum 4 days a week.

I will tell you this now. Dentistry is hard work but you also make a lot of money. I think everyone's goal is to be retired mid to early 40s but that is not really feasible unless you start saving young.

 

[toothmcgooth]

Thank you so much Greg for taking the time to answer all these questions.

I do have a question for you too. I will be practicing in California (either SF bay area or LA). I understand both are arguably the most saturated markets in the country. I have accepted the challenges and have decided to tough it out. My goal when I start working is to work with a corporation / private practice here in California for about 2 years and look to buy.

Do you have advice on success in ultra competitive markets? I am thinking about looking at practice opportunities 45 min - 1 hour out of those big cities. Appreciate all you have written. Already bookmarked your blog. Thanks!

 

[Greg_Jones]

Thank you so much Greg for taking the time to answer all these questions.

I do have a question for you too. I will be practicing in California (either SF bay area or LA). I understand both are arguably the most saturated markets in the country. I have accepted the challenges and have decided to tough it out. My goal when I start working is to work with a corporation / private practice here in California for about 2 years and look to buy.

Do you have advice on success in ultra competitive markets? I am thinking about looking at practice opportunities 45 min - 1 hour out of those big cities. Appreciate all you have written. Already bookmarked your blog. Thanks!

ToothMcgooth! Great name haha.

Dentistry is a PERSONALITY game. I don't care if you went to LVI or Pankey, if you are good with people and people like you, this is all that matters. Patients will come and tell their friends about you. Being a great dentist is just a plus haha. Seriously...

With that said, if you want to be in a saturated market make sure you buy a practice. A start up would be tough. You are doing the right thing by working for 2 years then looking to have something to call yours. If you can, try and find a job where a doctor is looking to sell in a few years. BE SURE if he is willing to sell to you at a set time that you set a price NOW. Why? You work with him and with all your hard work and energy drive the practice up $500,000.00. NOW he wants you to pay on your hard work. Get it?

7 times out of 10 the above doesn't happen or work out. Look for a practice with a reputable broker in your area. Do you due diligence ( also know as inspection period). By buying a practice, you will have instant cash flow and patients. In my blog i talk about how the cost of having a brand new start up and practice are virtually the same price. It is called "catch me if you can" if you have not read it. the patients will give you a chance by coming in and it is your job to impress them. The seller needs to do certain things like write a letter to the patients introducing you and announcing his retirement, followed by a letter from you. You can do an open house and have the seller introduce patients to you.

That is a really short conclusion but I hope it helps. When you are ready find a broker that knows what they are doing. Most do not charge buyers and will help you tremendously. The above are just a few things that make a transition smooth and successful. When you are ready I can help as well point you in the right direction. I also know the "good" brokers in your area.

 

[Greg_Jones]

What else do you guys and gals want to know? or want my opinion on? Anybody in the process of buying a practice or soon to be?

 

[amalu6969]

Someone earlier asked what the average collections and income for Peds was, but we never got an answer. Would you have this information for peds? Also, for the other specialities? Thanks for the info on omfs!

 

[toothmcgooth]

Thanks Greg! Appreciate all the advice. HAHA yes toothmcgooth!

 

[blcws6]

What else do you guys and gals want to know? or want my opinion on? Anybody in the process of buying a practice or soon to be?

I am beginning the process of a practice purchase. Ive been out of school for a little over 8 months now working as an associate in a nicer practice in a rural area outside the Raleigh, NC area. Probably producing around 40-50k average a month on a 4 day work week myself. While the practice as a whole is producing around 150k a month on average. I hadnt planned on starting this process so early in my career but an opportunity has presented itself that I believe to be to good to pass up. Besides, it prob wouldnt be finalized before next year rolls around so more time to get experience. The practice Im looking into purchasing is a FFS practice in the North Raleigh area with a strong patient base and has been there for over 30 years. Its a one DDs practice producing in the 1M range. I need to sit down with the seller and his accountant to really go over the numbers. Any advice is much appreciated.

 

[Greg_Jones]

I am beginning the process of a practice purchase. Ive been out of school for a little over 8 months now working as an associate in a nicer practice in a rural area outside the Raleigh, NC area. Probably producing around 40-50k average a month on a 4 day work week myself. While the practice as a whole is producing around 150k a month on average. I hadnt planned on starting this process so early in my career but an opportunity has presented itself that I believe to be to good to pass up. Besides, it prob wouldnt be finalized before next year rolls around so more time to get experience. The practice Im looking into purchasing is a FFS practice in the North Raleigh area with a strong patient base and has been there for over 30 years. Its a one DDs practice producing in the 1M range. I need to sit down with the seller and his accountant to really go over the numbers. Any advice is much appreciated.

Is this an all FFS practice? If so, to be doing those numbers is phenomenal. My concern now becomes, not your clinical skills but your business skills. That is quite the practice. My own brother gets out of dental school in May and I have a all FFS practice I'm selling where he and the seller may do something. We are going to structure like so - Seller stays on for one year to mentor the buyer and do procedures that the buyer may not be able to do yet. If so, buyer is chair side learning. In fairness, if the seller does dentistry you have to pay him as an associate. The seller in this particular case is willing to stay on and teach for 1 year at no extra charge. The buyer SHOULD NOT give all the money upfront in the seller decides to not stay for one year, or dies. If is not fair to the buyer if you get left with this monster and he isn't there to help.

Further more, in selling a FFS practice and transferring the patients or "goodwill" is a bit more delicate. These patients most times have insurance, like a PPO plan but chose to see this doctor and pay more as they like the staff and doctor there. Most times the selling doctor probably has a great personality. Make sure that your practice philosophy and personalities are a match. In conclusion, we generally have the seller do a longer phase out than if we were selling a PPO based practice. You are going to lose some patients but it should not be more than 10% if done correctly.

Is a broker involved? Make sure you have an adviser that knows what they are doing if you move forward.

Email me if you need some more thoughts. Would love to help you. Sorry for any grammar mistakes, wrote this quickly and did not proof read.

[email protected]

 

[Greg_Jones]

Someone earlier asked what the average collections and income for Peds was, but we never got an answer. Would you have this information for peds? Also, for the other specialities? Thanks for the info on omfs!

We deal mostly with GPs, but AVG collections from the 10 pediatric offices I've dealt with are probably 600k to 1M. Therefore avg would be 800K. With that said, generally you should be NETTING ~250 to 350K. These are just average numbers and like I said, I honestly don't have too much of a market experience with Pedo. I will ask my pops and get back to everyone so that I can clarify.

 

[aquarian]

thank you Greg for some awesome advises
what is the typical overhead for a dental office?
i would like to know if you know a good broker in NY metro area?

 

[fancymylotus]

thank you Greg for some awesome advises
what is the typical overhead for a dental office?
i would like to know if you know a good broker in NY metro area?

henry schein practice transitions
epstein practice brokerage
rmn consultants

havent personally dealt with paragon, but i guess they have a pretty strong presence around here.

 

[pjscholar]

How common is it for dentists to purchase and run more than one location (and have associates working at these other locations)? As a practice broker, I would assume you would have an incentive to encourage dentists to do this. What has been your experience with Docs who try to do this?

 

[Breezyme]

figured out how to quote above questions....

I would say bottom line IMO should be 1200 : 1 for a GP

For a OMFS, not sure honestly. I'll ask my pops and get back to you.

In the meantime, check out this link. Aftco allows you to figure out the dentist to person population in your area. How accurate it is I am not sure...

http://www.aftco.net/Dental-Transitions-Resources/Dentistics.aspx

Hello Greg - See if you can provide insight on this ratio again, somehow the link on www.aftco.net doesn't work. Are there any other sources available for similar information ? Thank you in advance for your help.

 

[Greg_Jones]

thank you Greg for some awesome advises
what is the typical overhead for a dental office?
i would like to know if you know a good broker in NY metro area?

Epstein and Hudson Transitions are the two I have had relationships with. Give them a google and see what they have to offer.

 

[Greg_Jones]

How common is it for dentists to purchase and run more than one location (and have associates working at these other locations)? As a practice broker, I would assume you would have an incentive to encourage dentists to do this. What has been your experience with Docs who try to do this?

It is pretty common for dentists to try and open a 2nd office also known as a satellite office. As a practice broker, yes It would be ideal to encourage them to buy a 2nd practice, however I am ethical. Having two overheads, two staffs, two headaches is not the way to go. I always advise dentists that are interested in growing to consider the following.

1) Do you own the real estate where you currently are?
2) why did I ask the above? Well, every dentists should own the real estate. Why lease for 20+ years for nothing...Not worth it. Furthermore, what these dentists should do is buy out a competitor that is local. In short, buy the dentists's down the street practice and condo / building. Grow what you have rather than having two headaches. You will make more money doing this as well. Your overhead drops significantly after $700K on average. Your goal should be to gross over $700,000.00. This is a realistic goal for a solo practitioner. I know doctors' doing 1.2 million by themselves on 4 days week.

 

[480640]

It is pretty common for dentists to try and open a 2nd office also known as a satellite office. As a practice broker, yes It would be ideal to encourage them to buy a 2nd practice, however I am ethical. Having two overheads, two staffs, two headaches is not the way to go. I always advise dentists that are interested in growing to consider the following.

1) Do you own the real estate where you currently are?
2) why did I ask the above? Well, every dentists should own the real estate. Why lease for 20+ years for nothing...Not worth it. Furthermore, what these dentists should do is buy out a competitor that is local. In short, buy the dentists's down the street practice and condo / building. Grow what you have rather than having two headaches. You will make more money doing this as well. Your overhead drops significantly after $700K on average. Your goal should be to gross over $700,000.00. This is a realistic goal for a solo practitioner. I know doctors' doing 1.2 million by themselves on 4 days week.

I am not exactly following you. What is the difference between a satellite office and "buying the dentist's down the street practice and condo / building"? Secondly, is that doctor you know a GP or a specialist? I have been reading your posts for a long time and I am grateful for the financial/business wisdom!

 

[CanaDMD]

Hello,

Do you know much about the Canadian market? If so, I'd love to hear your opinion on practicing in Canada vs practicing in the US.

 

[Greg_Jones]

I am not exactly following you. What is the difference between a satellite office and "buying the dentist's down the street practice and condo / building"? Secondly, is that doctor you know a GP or a specialist? I have been reading your posts for a long time and I am grateful for the financial/business wisdom!

Back at it after a long hiatus! Been over the top busy and forgot about you guys = x

to answer the question above, the difference is one is a merger where you buy an office and they moved their practice into your location or vice versa. This office has to be within 3 miles of where you are located. Whereas a satellite location is a second office typically 5+ miles away from your current operation.

I know nothing about the Canadian market. Sorry!

What questions do you have?

 

[dentistreason]

This is a trivial question, but do you get a lot of diverse buyers? Does being a minority race such as asian or indian affect income and patient influx? Would you recommend perfecting a 2nd language for better business? Thanks for all your answers.

 

[Greg_Jones]

This is a trivial question, but do you get a lot of diverse buyers? Does being a minority race such as asian or indian affect income and patient influx? Would you recommend perfecting a 2nd language for better business? Thanks for all your answers.

Yes, Florida is VERY diverse. We have dentists that used to practice around the world that come here to get their licenses and live a better life style with the beautiful weather. I sold a practice 2 weeks ago to an outstanding gentleman from Ghana. I tread lightly here but you have to look at the seller and be logical and see if you could fit in with his patients and staff. Furthermore, we have a large Hispanic population in South Florida so speaking Spanish is a must in most Miami / Dade county areas. I think you have to find your niche and use it to your advantage. For instance, Sunny Isles (Florida) has a large German and Russian population.

In short, you need to just find an opportunity where you will fit in. Don't be afraid to ask the seller: Do you think I can be successful here? We have practices listed right now that have sellers whom are Asian and Indian.

 

[zriceman]

Welcome back Mr Jones. How is the endo market in your area?

 

[fellowstudent92]

Welcome back Mr Jones. How is the endo market in your area?

Also would like to know about this @Greg_Jones because last year you said endo was not doing that great/will not be doing that great in private practice. Is this is still true for rural areas as an endodontist?
What can an associate in endo expect to make? What about one that owns his own endo practice? Lets assume we are in an urban city. I have heard there is a shortage of endodontists around the country so they are always in demand anywhere they go, even by GPs that do their own endo procedures b/c he/she can't do the more complex cases. Could you shed some light on this?

Also, what about an endo associate working for a corporation? How much can u expect to make there?

 

[Endo16]

Market is definitely getting tough for new grad endo's

 

[endoaccess]

or check https://realworldendo.com of Dr Nasseh that brings Endo community together. Endodontists on Real World Endo mostly run very successful solo or group practices. AAE has done a great job keeping number of graduates low. There are only 36-37 programs and they take 2-3 residents except very few programs that take 4-5 residents and those programs tend to take 1-2 residents from Navy/Army/Air Force. I welcome more feedback from Mr. Greg Jones and learn from his experience with regard to Endo practices in Fl.

I'm putting an application together this year and it looks like theres about 50+ programs now.

Which programs are military friendly? I know UMKC, UW, LSU and obviously the VA programs. Which others like the mil experience?

 

[endoaccess]

Also would like to know about this @Greg_Jones because last year you said endo was not doing that great/will not be doing that great in private practice. Is this is still true for rural areas as an endodontist?
What can an associate in endo expect to make? What about one that owns his own endo practice? Lets assume we are in an urban city. I have heard there is a shortage of endodontists around the country so they are always in demand anywhere they go, even by GPs that do their own endo procedures b/c he/she can't do the more complex cases. Could you shed some light on this?

Also, what about an endo associate working for a corporation? How much can u expect to make there?

Endo's not immune to saturation problems as in those markets GP's are forced to keep more in house to stay busy. I have some GP friends that barely refer any endo. Overall though I think the demands there since there are some GPs that don't do any endo at all. There's plenty of money in Endo, I wouldn't worry about it if that's what you want to do.

 

[RoseEndo]

I can share my own experience, and hope it helps everyone to understand today's market better. My husband's experience was almost the same after graduating from medical school as OMFS. You can certainly open your own specialty practice as Endo or OMFS. However, they are many established practices especially in CA, NY, or Fl with great reputations and it is very difficult to compete with those established solo or group practices. Most of the time, they are deep relationships between GP's and some of highly established Endodontists or Oral Surgeons and opening a new solo practice becomes very difficult. What Greg is pointing out is the second option to become a traveling specialist. It is win-win for both GP and specialist.

 

[InformMe123]

What's your thoughts on the future of pediatric dentistry or orthodontics practices? What are your suggestion on what to do first couple of years for future graduates interested in these specialties?

 

[Greg_Jones]

Endo's not immune to saturation problems as in those markets GP's are forced to keep more in house to stay busy. I have some GP friends that barely refer any endo. Overall though I think the demands there since there are some GPs that don't do any endo at all. There's plenty of money in Endo, I wouldn't worry about it if that's what you want to do.

The key here is just find an area with the demographics to support it. Endo is a networking and personality game with the GPs. As mentioned, GPs talk big game where they are going to be placing implants, doing all endo, doing surgery, ect. However very few actually do this. I see more and more dentists sending out endo. If you want to do endo, there is absolutley a market for it. If you look at my other posts and as Rose mentions above, look into traveling specialists. That is what I would do so that it is win-win for everyone. If you decide to open an endo office, I would speak with the local GPs in that area and be blunt and as they who they refer to and if they like them.

What should an Endo associate make? I honestly don't know. I see GP associates making $150K+ on average here so I would assume more than that.

 

[Greg_Jones]

What's your thoughts on the future of pediatric dentistry or orthodontics practices? What are your suggestion on what to do first couple of years for future graduates interested in these specialties?

Pediatric and Ortho are HOT HOT HOT in FL. Practice opportunities in these are rare to come by but they do come around and in the meantime you can make great money as an associate. As for what to do as a new grad from these programs I would simply try and find a great private practice where he / she needs an associate. An associate with an option to buy in or out is the best way to structure a specialty practice transition. If there isn't that opportunity, just focus on learning for a year then move on. These big time ortho / pedo doctors have some great networking and marketing strategies which you can learn a lot for yourself within a years time.

 

[dentistreason]

Yes, Florida is VERY diverse. We have dentists that used to practice around the world that come here to get their licenses and live a better life style with the beautiful weather. I sold a practice 2 weeks ago to an outstanding gentleman from Ghana. I tread lightly here but you have to look at the seller and be logical and see if you could fit in with his patients and staff. Furthermore, we have a large Hispanic population in South Florida so speaking Spanish is a must in most Miami / Dade county areas. I think you have to find your niche and use it to your advantage. For instance, Sunny Isles (Florida) has a large German and Russian population.

In short, you need to just find an opportunity where you will fit in. Don't be afraid to ask the seller: Do you think I can be successful here? We have practices listed right now that have sellers whom are Asian and Indian.

Thanks!

 

[Greg_Jones]

What other questions do you have everyone? Anyone currently in the process of looking / buying?

 

[dentistreason]

Yes, Florida is VERY diverse. We have dentists that used to practice around the world that come here to get their licenses and live a better life style with the beautiful weather. I sold a practice 2 weeks ago to an outstanding gentleman from Ghana. I tread lightly here but you have to look at the seller and be logical and see if you could fit in with his patients and staff. Furthermore, we have a large Hispanic population in South Florida so speaking Spanish is a must in most Miami / Dade county areas. I think you have to find your niche and use it to your advantage. For instance, Sunny Isles (Florida) has a large German and Russian population.

In short, you need to just find an opportunity where you will fit in. Don't be afraid to ask the seller: Do you think I can be successful here? We have practices listed right now that have sellers whom are Asian and Indian.

Thanks for the reply!
Also, a dentist told me that in a few years (1-2 decades), solo practices will be the thing of the past and that dentistry will follow the pharmacy route (only corporate businesses for the most part). What do you think of this prediction?

 

[Bernie Sanders]

Thanks for the reply!
Also, a dentist told me that in a few years (1-2 decades), solo practices will be the thing of the past and that dentistry will follow the pharmacy route (only corporate businesses for the most part). What do you think of this prediction?

That dentist is 99% right. It is going to happen. Will probably happen in the next decade at the latest.

 

[jenfromdablock]

1. Where can I go to see a patient to dentist ratio for each zipcode?
2. Where do you believe dentists' demand is HIGHEST? I know it's rural but WHERE precisely?

 

[Greg_Jones]

I mean - No need to tread lightly. The honesty is refreshing, I'm a minority, and I'd always figured there were areas of the country I might be at odds with patient wise (such as the middle of Idaho, or deep in the Appalachians).

It is (very) refreshing to hear it said in plain words though - most people beat around the bush.

I've had older dentists tell me they get less business because of their race/ethnicity/accent/looks/religion, etc - and it is far more common that people realize. Medical doctors tend to be employees, with a guaranteed salary regardless of whether their patient is a bigot. Dentists... not so much the case. If someone doesn't like you, they'll just take their business elsewhere. From what I've seen, outside major urban centers, large portions of the country tend to be this way, unfortunately. But no one really says it


Anyways - I have a question (totally unrelated to the above) -

When buying, what is the most commonly made mistake for young buyers? I've heard it is paying too much for a practice. I've heard something about older dentists overvaluing their practices due to the recession - is this true?

Back at it boys and girls. Most common mistake...hmm...I would have to say not doing enough due diligence (inspection period) when purchasing a practice. Maybe it is South Florida where we have a lot of shady people, but when making a investment of this caliper you always want to make sure everything checks out that you are being told. For instance, matching bank statements to tax returns. Only other tip is to not look for the perfect thing as it isn't out there. Further, most buyers are 2 to 5 years out of school and of course you want to have the latest and greatest equipment and decor but more than half the practices we sell still have film radiography and 20+ year old chairs. None of this matters when it comes down to business as long as the equipment is in presentable shape of course but I PROMISE you are not going to get new patients because you have new ADEC chairs. Therefore, focus on the cash flow and find a practice that fits your practice philosophy. The rest will fall into place later as after a year when you have made some money. Then you can buy all the toys and gadgets you want!

 

[Greg_Jones]

Thanks for the reply!
Also, a dentist told me that in a few years (1-2 decades), solo practices will be the thing of the past and that dentistry will follow the pharmacy route (only corporate businesses for the most part). What do you think of this prediction?

People keep saying that group practices are the future and I disagree. Marriages have a 50% survival rate now a days and that is with someone you LOVE. How do you think it will flow with a business partner that you don't know as well? lol. I've done two partnership breakups this year alone.

I think states will start banning corporate dentistry. We will see though, SC has already done just this.