**Client Case Studies: The Not So Successful Start-up** We wrote previously about a successful start-up and you can find that article using the link below. https://practiceownership.com.au/client-case-studies-the-successful-start-up/ In this article we will discuss a client case study involving a not so successful start-up. This client came to us back in 2019. The location the client…
**Practice Management Series: Dedicated Reception Staff** Over the past year we’ve been trialling having dedicated rostered shifts for phone and email management and would like to share our experience. This article is directed at larger surgeries (>4 chairs). Overall, it was a success and something we will be implementing going forward. The reason we initially…
**Client Case Studies: The Successful Start-up** Recently we had a past client approach us for a practice health check. The client first contacted us back in 2017 to assess a potential location for a dental start-up. We were bullish on the site and the client ended up doing the start-up. Fast forward to now. We…
We’ve had a recent influx of clients wanting to do start-ups and being advised by third parties to take up leases on >200 square metre (SQM) sized tenancies. These third parties often have their own motivations. Commercial leasing rates (unlike residential) is typically calculated as a per square metre rate. For example, if the rate…
**What to ask for when analysing a practice for sale** When analyzing a practice for sale it is important you receive certain important pieces of information from the seller or broker. The purchase of a dental practice is a significant financial commitment and you must have the appropriate information in order to analyze it…
**Rising Costs: Are You Doing Enough?** As owners, we’re all aware of rising costs in our industry. It’s important to understand that it’s not just our industry but across the entire economy. Staff wages, cost of goods (materials and equipment) are the main culprits contributing to rising prices. Recently, I’ve joined business groups outside of…
**Dental Practice Partnerships – Profit Split** I wrote about this several years ago. Recently I’ve had a few people asking me how to financially structure a dental practice partnership so I thought I’d revisit this topic. Let me start by using a hypothetical scenario where neither partner works clinically or otherwise in the…
In this article we’ll go through the considerations for starting a second practice. Timing (Financial Considerations): Profitability and revenue of your existing practice: Your first practice SHOULD be profitable from a BUSINESS PERSPECTIVE AFTER YOU DRAW YOUR 40%. Roughly 1 million in revenue is ideal as you should have a profit percentage of…
**Dental Practice Ownership: Are you buying yourself a job?** Owning a dental practice is an investment and sufficient profits do need to be made in order to have a return on that investment. Yes, there is no doubt, as clinicians, our first duty is to serve our patients and do what’s in their best interest.…
**Service Fees and Income** This article is directed at prospective owners rather than experienced owners. Through our consulting business we often get asked why there is a difference between the income figure on the profit and loss statement vs the income (or total billings/receipts) from the practice management software. Often, prospective owners go as far…