Like it or not, there’s something huge brewing in the dental profession.
Small, medium and large Dental Support Organizations (DSO’s) are popping up across the country.
If you’re wondering where this trend came from, where it’s going and whether you should jump on board or watch from the sidelines, this episode is for you.
Today on the Dentalpreneur Podcast, I interview Brian Colao with the Dykema Law Firm.
Brian and his firm represent over 200 DSO groups in all 50 states in the areas of entity formation, compliance, mergers, acquisitions, working with private equity and just about anything else that you can think of in the DSO world.
During our conversation, we discuss:
The history of DSO’s and why this time, they’re not going away
The importance of legal structure and why it’s so important to define your exit even prior to formation
The practice valuation benefits of selling a group versus a solo practice
What private equity is looking for when they vet for groups of practices to buy
The legal way for non-dentists to own interest in dental practices
Yep, that’s what it says… I guess you can call me a bit of an entrepreneurial nerd (at least that’s what my wife Leslie calls me) but there are certain authors and speakers in the entrepreneurial space that are like rock stars to me.
Three weeks ago, one of my heroes emailed me out of the blue.
I had never met him before but apparently he had heard about the Dentalpreneur Podcast and asked if I thought he would be a good fit for my audience. My response… “YES!!”
In this episode of the Dentalpreneur Podcast, I interview Mike Michalowicz, author of The Pumpkin Plan, The Toilet Paper Entrepreneur and Profit First.
After I got over being a bit star struck, we had a great chat about business, specifically PROFIT.
During our conversation we covered:
How to restructure your business to ensure that you can “afford” your expenses
The simple strategy that will clarify the way that cash flows through your practice
The easiest way to make your practice more profitable
The biggest mistakes that entrepreneurs and business owners make when allocating business expenses
The importance of keeping your ego in check and following a plan when things are going well
The specifics for digging yourself out of a hole following a downturn
What is your current method for training an incoming associate doctor?
For most practices, training a doctor that’s new to the practice involves nothing more than throwing them in to a full schedule and seeing if they sink or swim.
In this episode of the Dentalpreneur Podcast, Kiera Dent (DSI’s chief in-office implementer and Regional Manager for Flagship Dental Group) and I discuss our process for on-boarding a new dental associate.
Specifically, we discuss:
How a structured, high level process allows new grads to quickly develop their practice management and clinical armamentarium
The importance of calibrating a new doctor with the owner’s preferences and expectations early on in the relationship
How to overcome the challenges of hiring a seasoned doctor that is resistant to change
How to align practice philosophies in order to avoid future bottlenecks and conflict in your dental practice