072: University of Nebraska – Vetting Dental Practice Purchase Opportunity
Today I am going to share a recent lecture I gave to a class of D4 students at the University of Nebraska Dental School. It was a great pleasure to share what I have learned over the years about practice acquisition with the students and to hear what they are learning today in dental school.
Financing for dental graduates to start their own practice or purchase a practice is easily available in today’s business climate. The financial stakes are also higher for recent graduates and they can’t afford to make mistakes.
In my lecture I share with the students what steps they should consider before purchasing a dental practice. I discuss the data that should be reviewed before making an offer on a practice, production, monthly new patient average, collection/production ratio and more. I also explain how demographics come into vetting a practice prior to purchasing. I discuss the importance of not just knowing overhead numbers, but which ones are important when contemplating a purchase. At the close of the lecture I cover why practice ownership can and should be a viable and educated goal for any recent graduate that wants it.
All of that and more on today’s episode of The Dentalpreneur.
In this episode you’ll hear:
- How to determine practice valuation prior to purchase
- Why you should define your target audience prior to considering purchasing a practice
- What practice data is needed to evaluate a possible purchase opportunity
- Which key performance indicators should be evaluated in a potential practice
- What the benefits are to practice ownership
A very special thanks to the University of Nebraska, Dr. David Dunning and the students in his class for attedning my lecture and appearing on The Dentalpreneur. Thanks to you for joining us on another episode of The Dentalpreneur podcast.
- Randy Pausch Last Lecture: Achieving Your Childhood Dreams can be found at this link https://www.youtube.com/watch?v=ji5_MqicxSo
- Also mentioned in this episode –
- The School of Greatness: A Real World Guide to Living Bigger, Loving Deeper, and Leaving a Legacy, by Lewis Howes
- The School of Greatness podcast can be found at this link http://lewishowes.com/blog/
- Get your free copy of Pillars of Dental Success
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