**The Lease Offer**

**The Lease Offer** Youโ€™ve found an excellent area to start-up in and tenancy to lease. Now what? The landlord or its agent will provide a lease proposal or heads of agreement. This covers the key terms of the lease and is negotiable. However, it is important to note that any lease proposal or heads of…

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**Associate buy-in & Corporate offers**

Associate buy-in & Corporate offers This is an interesting and somewhat controversial topic. The scenario typically unfolds in the following manner. A dentist owner nearing retirement starts to think about selling their practice. They ideally want their associate dentist to buy-in for a share of the practice or to purchase it outright. However, the owner…

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**The Haggle**

The Haggleย  When we purchase items such as a television or a car we all want to feel like we got the best deal possible. It is disappointing when we find out our friend got a better deal on that new television or that new car. People try to translate this over when purchasing a…

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**๐™ƒ๐™ค๐™ฌ ๐™ฉ๐™ค ๐™ ๐™ฃ๐™ค๐™ฌ ๐™ž๐™› ๐™™๐™š๐™ฃ๐™ฉ๐™–๐™ก ๐™ฅ๐™ง๐™–๐™˜๐™ฉ๐™ž๐™˜๐™š ๐™ค๐™ฌ๐™ฃ๐™š๐™ง๐™จ๐™๐™ž๐™ฅ ๐™ž๐™จ ๐™ง๐™ž๐™œ๐™๐™ฉ ๐™›๐™ค๐™ง ๐™ฎ๐™ค๐™ช**

Most associates will ponder this thought at some point in their working careers. The Covid-19 Pandemic has perhaps bought this thought to the forefront for many associates who may be at a crossroads. Below is a reworking of an article I have written in the past. Traditionally, practice ownership was a rite of passage for…

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**The Buying Process**

So you have found a dental practice that meets your criteria and you have decided to purchase it. In this article weโ€™ll discuss the sale process and what is required. 1)ย ย ย ย ย  You need to have a buying entity setup. Ideally have this setup when you know youโ€™re interested in ownership rather than when you find…

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Profitability Vs Cash Flow

Profitability Vs Cash Flow This is perhaps one of the least understood aspects of dental practice ownership. I have even had dentists who have been owners for many years fail to understand the difference. For any new practice owner in todayโ€™s high risk climate it is important they understand this concept thoroughly before embarking on…

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**The Struggling Branch Practice**

**The Struggling Branch Practice** Over the years we have analyzed over 15 practices that we consider to be a, โ€˜struggling branch practiceโ€™. We have noticed a common theme amongst these practices. 1) Almost always the owner has had another good to excellent practice (in terms of turnover) not far away (within 20-30 mins drive). 2)…

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**Covid-19 & Dental Practice Sales**

Covid-19 & Dental Practice Sales ๐ด ๐‘€๐‘ˆ๐‘†๐‘‡ ๐‘Ÿ๐‘’๐‘Ž๐‘‘ ๐‘“๐‘œ๐‘Ÿ ๐‘’๐‘ฃ๐‘’๐‘Ÿ๐‘ฆ๐‘œ๐‘›๐‘’ ๐‘๐‘œ๐‘›๐‘ ๐‘–๐‘‘๐‘’๐‘Ÿ๐‘–๐‘›๐‘” ๐‘๐‘ข๐‘ฆ๐‘–๐‘›๐‘” ๐‘œ๐‘Ÿ ๐‘ ๐‘’๐‘™๐‘™๐‘–๐‘›๐‘” ๐‘Ž ๐‘๐‘Ÿ๐‘Ž๐‘๐‘ก๐‘–๐‘๐‘’ The impact that Covid-19 will have on the dental practice sale market is uncertain. However, we are beginning to see activity in the market that provides us with greater clarity on how things may play out. Firstly, the government…

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๐‘ป๐’‰๐’† ๐‘ซ๐’†๐’๐’•๐’‚๐’ ๐‘ท๐’“๐’‚๐’„๐’•๐’Š๐’„๐’† ๐‘ถ๐’˜๐’๐’†๐’“๐’”๐’‰๐’Š๐’‘ ๐‘ป๐’†๐’‚๐’Ž

๐‘ป๐’‰๐’† ๐‘ซ๐’†๐’๐’•๐’‚๐’ ๐‘ท๐’“๐’‚๐’„๐’•๐’Š๐’„๐’† ๐‘ถ๐’˜๐’๐’†๐’“๐’”๐’‰๐’Š๐’‘ ๐‘ป๐’†๐’‚๐’Ž Practice Ownership can be highly stressful but having a team of professionals ready to support you will go a long way to alleviate this stress. I would highly recommend every dental practice owner have the following professionals on side. Lawyers: Commercial lawyers experienced in dental are extremely valuable when things…

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**Business partnership – Profit Split in a Dental Practice – Part Two**

If you havenโ€™t read the first part, please do so here: https://practiceownership.com.au/business-partnership-profit-split-in-a-dental-practice/ In the first part we covered profit splits and the issues they may cause. The other aspects that cause issues amongst business partners are practice management tasks. Often, one partner will feel things are not fair because while the other partner may bill…

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Leasing Costs

Iโ€™ve been hearing more and more cases of Dentists signing up for exorbitant rental rates. There are some places in Melbourne and Sydney charging $1000+/SQM!!! For a practice to be profitable from a business sense, rent including outgoings needs to be under 10% of total turnover. Further, in terms of benchmarking and in comparison to…

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**Scaling and expansion to multiple locations or larger practices – PART 3**

**Scaling and expansion to multiple locations or larger practices – PART 3** This is the final part in an ongoing series. The previous part can be found here:ย https://practiceownership.com.au/scaling-and-expansion-to-multiple-locations-or-larger-practices-part-2/ 5. Make decisions that honour your long term goals. Scaling to a larger multi location business requires many different skills as we have already discussed but perhaps…

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The Underworked Dental Practice

One of the most important lessons I want the attendees from my Practice Ownership seminars to learn is the ability to find opportunities which others may overlook. We teach this through providing a real world example of two potential dental practices for sale. We give attendees the information that they will likely receive from the…

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8 chair ground up practice construction journey

Post 6: Internal Fitout.ย ย ย  Hi, welcome to our sixth of several blog posts detailing the construction of our brand new 8 chair purpose built dental facility. Weโ€™re now approaching the final month of construction. The plastering and internal painting is complete while the cabinetry, flooring and internal fixtures are in the process of being finished.…

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**Scaling and expansion to multiple locations or larger practices – PART 2**

Continuing on from last article which can be found here:ย https://practiceownership.com.au/scaling-and-expansion-to-multiple-locations-or-larger-practices/ย – we go into other areas which will aid in your ability to scale to multiple and larger practices. 3. Trust your staff and delegate EVERYTHING When I state that you need to delegate, itโ€™s because if you want to scale and do everything yourself, you…

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Taking Risks (Part 2)

A business discussion about risk as it applies to private dental practice ownership. (Part 2) Before continuing, its probably best to have a read of PART 1 in this series found here: https://www.facebook.com/practiceownership/posts/602945943202173 In this post, Iโ€™ll discuss the assessment of risk as it applies to the decision to purchase new equipment and adopt new…

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Taking Risks (Part 1)

A business discussion about risk as it applies to private dental practice ownership. Perhaps every successful entrepreneur or business owner I have ever read about or spoken to has said that at some point in their journey, they took a risk. Many put down their success to a bunch of calculated risks. One of my…

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Universal Dental Care Scheme

The Grattan Institute, a public think tank that gives opinion in public policy in many different areas, recently released a report regarding a universal dental scheme including cost estimates. It can be found here: https://grattan.edu.au/wp-content/uploads/2019/03/915-Filling-the-gap-A-universal-dental-scheme-for-Australia.pdf I thought I would break down the key areas of the report in a summary for people who are interested.…

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