Aug 26, 2020
Ep 59
Often we don’t discover the legal side of practice sales until we’re in the thick of it. Join me for a very information-heavy episode that focuses on ownership, numbers and how patients react to practice transitions. Natasha walks us through why a business plan and certain analytical reports are needed. She has a 3-Step Process that she uses with clients on both sides: buyer and seller. The devil is in the details and contract law is full of them. After this episode you’ll at least know what to expect should you or your doctor take this path.
Episode 59 Highlights
- Natasha’s background in contract law and transitions work
- Best practices to work with lenders and borrowers
- Her 3-Step Process for Practice Sales
- Vision Boards and Business Plans
- Marketing, Competitive and Financial Analysis
- Legal Contracts
- Acquisition Road Map
Quotes
- “What you think your practice is worth, may not be what it is worth”
- “Like listing a house you need to understand what goes into showcasing your practice in it’s best light”
- “You can't look at practice ownership in a vacuum, the emotional parts are very important”
- “When you are in your mid 50s it’s a good idea to start considering your retirement plans”
- “These dental business plans don’t Harvard Business School plans”
- “You never want to compete on price”
- “The buck stops with the dental CPAs”
- “I don’t promote litigation, to the furthest extent possible, keep your feet out of court”
- On practice sale considerations: “The patient has gone to a new practice without knowing it, and that is a sense of betrayal”
- “There is no test drive, once you close you close, there are no take backs”
- Gold advice: “Avoid shady sellers”
Links
To connect with Natasha check out:
Her firm: https://www.thegillisfirm.com/ and her podcast, Dental Bites with the Smiling Lawyer and the Dental Zorro
Empowering Business Women in Dentistry Facebook Group: https://www.facebook.com/groups/2335189716581443/
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Teresa’s Website- https://www.odysseymgmt.com/ (sign up for my newsletter!)
Teresa’s Book Moving Your Patients to Yes! Easy Insurance Conversations
http://odysseymgmt.corecommerce.com/Book/ (use ‘newsletter’ for $3 off
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