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…
I often get asked about how to financially structure a partnership. Unfortunately, I also hear about many partnerships breaking down or experiencing issues because of discontent about the financial arrangements/structures in the partnership. To me, the vast majority of the time, issues arise because either one or both of the partners don’t have an appreciation…
I’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…
**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: 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…
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…
Post 6: Internal Fitout. Hi, welcome to our sixth of several blog posts detailing the construction of our brand new 8 chair purpose built dental facility. We’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.…