One aspect of practice purchase (or sale), that isn’t often considered is the leave entitlements for employees and their transfer to the new owner. There are quite a few aspects to this but it is important that you use a good commercial lawyer for a purchase transaction as there are a multitude of factors that…
**The Struggling Branch Practice** Over the years we have analyzed over 15 practices that we consider to be a, ‘struggling branch practice’. 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)…
Covid-19 & Dental Practice Sales 𝐴 𝑀𝑈𝑆𝑇 𝑟𝑒𝑎𝑑 𝑓𝑜𝑟 𝑒𝑣𝑒𝑟𝑦𝑜𝑛𝑒 𝑐𝑜𝑛𝑠𝑖𝑑𝑒𝑟𝑖𝑛𝑔 𝑏𝑢𝑦𝑖𝑛𝑔 𝑜𝑟 𝑠𝑒𝑙𝑙𝑖𝑛𝑔 𝑎 𝑝𝑟𝑎𝑐𝑡𝑖𝑐𝑒 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…
Government Economic Stimulus Package – What it means for the economy and YOUR DENTAL PRACTICE A few people have asked me for my views on the stimulus package including practice owners, associate dentists, supply company reps as well as others in business, more broadly. Firstly, let me begin with a BIG CAVEAT. The economic…
We assess many practices every year from all around the country, whether it be associates looking to buy in to the place they work to people purchasing a second practice. Even in divorce cases where spouses are looking at appraisals for the purposes of asset splitting. Something we are seeing more and more, which I…
Post 7: Finish Hi, welcome to our final blog post detailing the construction of our brand new 8 chair purpose built dental facility. We have now moved in. We’ve written a recap of the process below along with photos. On Monday 13th January, we moved my first ever dental practice (which I bought back in…
𝑻𝒉𝒆 𝑫𝒆𝒏𝒕𝒂𝒍 𝑷𝒓𝒂𝒄𝒕𝒊𝒄𝒆 𝑶𝒘𝒏𝒆𝒓𝒔𝒉𝒊𝒑 𝑻𝒆𝒂𝒎 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…
The following is a fictional scenario. Joe is a young dentist with about 5 years of experience. He starts a practice and within 2-3 years he has the practice billing about $900,000-$1,000,000 a year, working 50 hours a week and having 2-3 weeks off a year. He is busy. Very busy. His patients love him…
So you have decided that practice ownership is right for you and you are keen to become an owner. Where to next? Should you consider starting up a practice from scratch or should you purchase an existing one? This article will discuss the ins and outs of both options. I’ll declare my bias from the…
If you haven’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…