Transition Talk

Is this a good deal? Its a loaded question but in every deal you have to understand this question -- first from a high level perspective and then you have to take the deep dive. In this episode, we focus on that first step -- what do you need to know early on to know if the deal makes sense and is worth pursuing. From financials, to the price, to understanding if you can do the work and importantl...

The path to your goal is never a straight line -- that was certainly the case here at NDP. In this episode we take a bit of a tour down memory lane and talk about how NDP became the company we are today. It wasn't all roses, but has always been based in our core goal of educating and helping people transition. Turns out ownership and the benefits of it aren't just applicable in dentistry - listen...

Over the course of a transition there will be lots of people involved - ultimately they should all serve one purpose...to help you get to the close you want. It's unlikely that any one person can serve every function so in this Transition Talk we breakdown who should be involved, when they should be involved and what direction you as the client should provide those you hire! Listen in!

Charles and Christy had a great time at the ASDA National Leadership Conference in Chicago and had a great interactive live Q&A session on transitions. It was so great that they had a ton of unanswered questions and we thought it would make the perfect podcast episode! Listen in to get their take on these awesome questions.... 1) Benefits of owning a solo practice vs. a group practice? 2) What is...

One of the biggest questions we get on the valuation process is when to do it....its not an easy question and really depends on your situation and the unique aspects of the buyer and seller. Are you entering into a partnership? Promised ownership from the start? Did you bring a different procedure to the practice? Sellers did you make big investments for your associate? All of these situations can...

We are back with another specialty transition episode and this time we are tackling Endodontics! Heavy referrals, ability to have a super low overhead and a practice where we care the least about space. Listen in to this episode to see how these transitions are different (and how they are the same)! Listen in!

Like any other transition, merging two practices take thought, planning and a really good why. In fact, the "why" and the "what are you trying to achieve" are the main questions we ask when clients approach us with a merger. We think if you aren't getting flexibility, increased return or growth it may not be your best bet...but listen in to learn the whys of the merger!

What happens if you own but need to be an associate? Does that mean you are failing as an owner? We don't think so -- we think there are some pretty critical times where owning and being an associate can make sense and actually be a pretty smart move. Listen in to when owning and being an associate can move you up the success curve or get you over the hump! Listen in!

We are back with another episode focusing on the specialty transition, this time the spotlight is on the Pedodontic transition! As you will hear us discuss, if you have chosen the Pedo specialty you are in a unique position at this time in the market...it's the one specialty where a start-up can make sense, it's a buyer's market and a specialty that doesn't require a the traditional referral relat...

On this Transition Talk we fast forward from the LOI to closing day, and talk about the most common questions we get about closing and the days and weeks leading up to it. We talk about the patient and referral notification, the sellers work back and the top three things that can delay your closing if not handled correctly.....Listen in!

Certain pieces of a transition are universal. Communication is key whether you are an orthodontist or an oral surgeon. You MUST like and love an opportunity first and foremost.  This being said, there are circumstance for each specialty that make it unique in a transition.  In this first "Specialty Transition" series, we focus on the Orthodontic Transition and how this transition differs from the ...

We know that when you see an x-ray or scan you can see what needs to be fixed and what is exactly where it needs to be.  It's what you do and what you breathe.  We also know, that it's likely that if someone mentions a Profit and Loss your first response is...huh?  Even if you know what the P&L is and what you MIGHT need to look for you likely are still a bit hesitant....  How much did the owner r...

In a transition, one of the greatest assets are the employees you inherit with the practice. Because of their value, many buyers often have questions about how they will be accepted, how they should be introduced to them (and when) and what do to with the benefits and compensation offered to them. In this episode of Transition Talk, we tackle all of those topics and give you options of how to tran...

Overall, we think it’s pretty clear that the NDP team are fans of private practice ownership. That being said, we think being knowledgeable about ALL your options is the most important piece of the puzzle of ownership. Whether you are offered the opportunity to buy into a corporate owned practice or the opportunity to own a private practice with a silent partner/investor, there are many ways to ge...

Walk-away or Partnership? How to determine when a short-term partnership – aka the Staggered Sale - makes sense (and when it might be required) to pull out the equity in your practice. Whether you do high end procedures or crank out the production and need to mentor someone to take over, or your buyer needs a bit more time to take it all over there are times when a unique practice needs a unique t...

In this episode of Transition Talk, we tackle the sometimes surprising hurdles of the valuation process.  Each practice is unique, so the impact to a value isn’t as simple as a+b-c, but in our experience, there are definite factors that may impact your value negatively.  Being aware of these hurdles can help educate you and can manage your expectations. Understanding these potential hurdles in the...

The process is going well -- you have negotiated a LOI, you have started your financial diligence and then you have to schedule your much anticipated site visit! What do you look at? How do you do a chart audit? When can you do it...and when do you need back-up? What questions or conversation is appropriate? In this episode we dive into the diligence site visit and give you our tips about how to m...

In this episode of Transition Talk, we take a deep dive into some of the emotion of the transition. Whether a buyer or a seller, the transition process is an emotional one and in our experience each "side" feels like they are the only one at risk. We know the important thing is to keep the big picture in mind and we also know that taking out some of the emotion and knowing how to prepare for some...

In this episode of Transition Talk, we catch up with Dr. Brock Pumphrey, a periodontist in Atlanta. Brock worked with NDP as he went from associate to owner and today owns a successful, growing perio practice and runs multiple study clubs. He shares his opinion of the biggest challenges and biggest opportunities new buyers might face and shares his insight on being a new owner. Listen in!

To lease or to buy -- that is the question! In this episode of Transition Talk, we discuss the other important purchase you may make as an owner and we talk all about the practice building! When do you buy and when might it make sense to be a long term tenant. Listen in and let us know what you think!

In this episode, we are talking about the associate agreement. Maybe you need to get your production up, refine your clinical skills, need to increase your liquidity, or aren't ready to settle on geographical home. Whatever the reason - the associateship is often a critical part of the journey to ownership. We talk about what you should care about - and what you shouldn't care about. What about do...

You have heard the chatter...private equity, DSO offers, EBITDA, and crazy multiples resulting in crazy values. Is this the beginning of the end of private practice dentistry? We definitely don't think so! In this episode of Transition Talk, we explore the basics of a private equity offer. We discuss, what EBITDA is and how it's calculated. What are the requirements of a seller in these types of o...

In this episode of Transition Talk, we explore what, hopefully, is the best part of the transition into ownership....being an Owner! In the "What Happens Next" series, we explore what happens after closing. In this first interview of the series, Christy sits down to talk with previous NDP client Dr. Derek Williams about his experience transitioning from dental student to owner! They talk about wha...

While it's no secret we are a fan of the private practice acquisition, we know that isn't always possible and there are certain instances where a start-up makes sense. In this episode of Transition Talk, we dive into start up costs, the "break-even" (and how that can mean different things to different people), who to have on your start-up "team" and we provide some examples of when a start-up can...

Performing diligence on an opportunity isn't always easy! Maybe you are early in the process and the seller isn't willing to share much yet, or maybe you have a handful of practices you want to proactively pursue but aren't sure if they meet what you need? In this episode of Transition Talk we discuss how to "Nancy Drew" a practice opportunity and figure out some details before you formally begin...