Buying a Dental Practice? Questions to Ask Before You Commit | 4

Thinking about ownership? Here are the questions to ask to avoid costly regrets before you sign.

In this episodes, Dave and Sandy revisit the classic hunt for the perfect dental practice, challenging us to look beyond flashy listings. They guide you through the doors discussed in last episode: Door #1 (the well-advertised “shiny object” everyone sees), Door #2 (the “invisible” practice that’s not quite on the market), and Door #3 (the overlooked, incognito opportunity). Discover the crucial importance of getting embedded in your local dental ecosystem (dental societies, study clubs, open houses, and especially supply reps) to find these off-market gems. They also deliver a step-by-step plan for selecting your ideal location, considering everything from local economic trends and employer bases to lifestyle preferences and the impact of practicing where you live, particularly in rural communities.

This episode nudges you to proactively clarify your needs before searching: What kind of relationship do you want with a seller? Are you seeking mentorship or independence? Dave and Sandy lay out the essential questions to shape your search, while warning against assumptions about post-sale mentoring and ownership “readiness.” You’ll learn how real ownership means embracing tough decisions, supporting teams with strong systems not just goodwill, and matching your personality and goals to the practice environment, whether it's fast-paced or relationship-driven. They even touch on how insurance participation can affect daily life and why including your loved ones in the conversation is a must!

What You'll Learn in This Episode:

• The three types of practice opportunities and how to find each
• How to leverage local dental networks and supply reps for hidden leads
• Why deliberate location choice is vital for long-term satisfaction
• Which lifestyle and economic factors to consider before buying
• The right questions to ask yourself (and potential sellers) before committing
• Pitfalls of assuming mentorship will be available post-sale
• The importance of writing down must-haves for a smooth transition
• How to make team decisions using clear systems and standards
• How practice type and insurance mix impact your day-to-day job
• Why involving your significant other in the decision process matters

Start mapping your path to practice ownership by tuning in and discovering the doors you might otherwise walk right by!

Learn More About Dave & Sandy Here!

Website: https://www.dentalassociateedge.com/

Email Dave & Sandy: dentalassociateedge@gmail.com

Dr. Dave Striegel: https://www.drdavestriegel.com/

Sandy Baird, MBA: https://www.bairdconcepts.com/

Self-reflection questions for prospective owners:

1. Do you want mentorship or independence when you buy a practice?
2. Are you energized by making owner-level decisions or drained by them?
3. How soon do you want to own a practice?
4. Do you thrive in an environment focused on speed and volume or do you prefer relationship development and a slower pace?
5. If you have a significant other, how would they answer "does ownership energize or terrify you?" on your behalf?

Questions to explore with a potential selling doctor:

1. Is the selling doctor open to staying on after the sale?
2. If so, would they be willing to mentor you (and what would that actually look like)?
3. Are you expecting a gradual buy-in or a longer transition period?
4. Will the practice stay in-network with insurance, or move out of network (PPO/HMO/state health plan reliance)?

Transcript

Sandy 0:00

You've got to look inside yourself. You've got to clarify your expectations because if you don't know what you want, you will never be satisfied. You will always be chasing a moving target. So we want to encourage you right now in this episode to answer some of these questions. And Dave presented the perfect ones, and we've got several others about yourself. And write these down. This is a very important topic. You've got to clarify these expectations or it will go south.

Dave 0:35

Hi everyone. Welcome to the Dental Associate Edge, where practice ownership isn't a dream, it's a destination. I'm Dave.

Sandy 0:41

And I'm Sandy. Together we're consultants who work with dental practices every day. We've created this podcast to help dental associates and dental students build a clear path towards practice ownership. If this is something you are thinking about, practice ownership, this podcast is for you.

Dave 0:59

All right. So we will have a brief flashback to our last episode before we're going to do this.

Sandy 1:04

This is episode four, right, Dave?

Dave 1:06

This is episode four. So we're becoming quite the podcast veterans. In the last podcast, we dove deeper into the concept as you're looking for a practice that there are three basic types of practices, and we looked at them as different doors. Under door number one, it's well advertised and out there for everyone to see. It's got some money behind the marketing, etc. And it's obvious what the advantages and the positive aspects of it are, and there's likely a long line out the door of people to look at it. Door number two is the invisible practice. And that's primarily because the current owner is not advertising it just yet.

Sandy 1:47

They don't even know they want to sell yet sometimes.

Dave 1:50

But you know, because you're young, you're coming into the profession, you know that within the next few number of years, whether it's three to five years, there are going to be some dentists in your area who are going to be looking to sell or at least contemplating selling. So there are fewer people in line to view those practices because they don't know where they are. But the strategy that we've talked about is making sure you get to know those doctors as you get to know the community.

Sandy 2:19

And we're going to lead you down that path in the next episode, hopefully.

Dave 2:23

The door number three is the incognito practice. That's the practice that you might drive by every day and you know it's there, but nothing catches your eye. And it's like hiding in plain sight. There's not going to be a line outside that practice because it kind of looks shabby. It doesn't look particularly attractive and or up to date. Or up to date, that's right. And you might make some assumptions based on what that practice is like inside, yet you haven't been inside yet. So that's one of those where it's a car that has some dings and it's maybe a little dirty and doesn't sound so good. You just don't know what's on the inside. And that's kind of the incognito.

Sandy 3:05

And you don't know what you can turn it into. That's the interesting thing, I think.

Dave 3:10

Exactly. And among the questions that we asked last time, where are these doors? Where are these practices? And likely they're in each of your communities. These three doors we find exist in virtually any community. It's just a matter of being familiar, getting to know who is in your community, who's doing dentistry. So that would involve likely joining the local dental society, study clubs, et cetera, and just getting your name out there and starting to talk to people and meet them. It requires you thinking ahead and planning for the future, even if you're not quite ready. And that's okay. Certainly, door number two, which is the invisible door, they're not ready either. But you want them to think of you when the thought crosses their mind, you know, I think I've had enough. I think it's time for me to start to step back and look at the next generation of dentist or owner in my practice.

Sandy 4:06

Right. And sometimes if you approach these people, even if they haven't thought of it, all of a sudden it becomes reality for them. If somebody is coming to them and saying, hey, I'm new in town. I'm, you know, wanting to get to know everybody. Sometimes that triggers something. And then it starts the process.

Dave 4:26

That's a great point, Sandy. Dentists are notoriously subtle and they keep things pretty close to the vest for competitive reasons as well as just privacy reasons.

Sandy 4:37

Exactly.

Dave 4:38

So don't be surprised if you meet a bunch of dentists in your town and nobody says anything about selling, even though you might look at the rescue in the room and think, okay, there's got to be somebody in this room who's going to be looking to sell in the next three to five years. They may not say it, and that's okay. And what Sandy's saying, though, is you're planting seeds. You simply want them to get to know who you are. They aren't going to invite you in the front door not knowing who you are. So just be patient with that. But I'm very confident, I think we both are, that that will pay dividends in time if you're patient.

Sandy 5:13

Absolutely.

Dave 5:14

So then the next question is around researching the locations that are on your list. Once you establish the areas that you're looking at and interested in, and that may start with where your family wants to live, then you can draw a radius around that area because you, as the owner, can drive a certain distance to be able to own a practice.

Sandy 5:44

I think that's an individual choice. I think if you are in a rural area, absolutely. Because part of dentistry in the rural area is small or rural communities tend to want to trust somebody, want to know somebody before they will go in and give them their money and their services. So I think seeing people at church, getting with the rotary, all these kinds of small community things become really, really important. So it just kind of depends on what kind of environment is right for you. And that actually speaks to our topic today. But go on and finish the questions.

Dave 6:21

Right. So you research the locations based on what pace the area will grow, the economy, economic projections for the area. Are there major corporations in your area that are really providing your patient base? Or is it really just a small business in more suburban sort of bedroom community to a larger metropolitan area? Just knowing your area, what is the education level of the area, workforce, all those things are helpful to know and match the area with the type of dentistry and type of patient base that is really going to be important to you.

Sandy 6:56

And the important fact is this is going to be long-term. This is where you are going to live and work. And I think that changes things because when you decide, you can't just up and move the dental practice really easily. That's just not practical. So when you and your significant others get together and decide, okay, where do we want to live? This is one of the joys of being able to be a practice owner. You have some choices. You have more choices. Where do we want to live? What kind of environment do we want to raise our children? Do we like outdoors activities? Do we want more urban? These are the kind of things you have to make because it's different for every single person. So that's why we are leading you with these questions, because we can't make those decisions or recommendations for you.

Dave 7:43

Exactly. And in the essence of getting some repetitions, then we suggest that you keep your eyes and ears open for those door number one practices, the ones that are advertised, so that you can start to go to open houses, you can start to talk to brokers, even talk to dental supply reps who are invaluable sources of information for practices around your area and who might be looking to make a transition in the coming years. Those reps often know what's happening behind the scenes that you can't see. So I think the key theme here is get to know the community and the area in which you want to settle, and then start introducing yourself to people and attending events, et cetera, and start planting some seeds that you're new in town and what your intentions are.

Sandy 8:36

Our intentions with these questions that we leave you at the end of each of our podcasts is to take you to the next step, to allow you to take the next step. We are guiding you down this pathway, but it really has a lot to do with you. It has all to do with you and your significant others. And so we are assuming if you listen to last our podcast number three, that you have done some of this research, you've answered these three questions, which means you have some locations. We advised having at least three locations you think you would like to spend the rest of your career. We ask if you would put these in a priority list. You would do some research, as Dave said, on the economy and everything, and you put them in a priority list. So let's say you have place number one, place number two, place number three. And then we have invited you to open door number one, which is the one that's just wide. We didn't, you don't even have to open that door. It is wide open. All you have to do is push a cap full of buttons, and that door is right there because it's screaming, buy me. Here I am. Buy me, buy me, buy me. So we ask you to go in and look at some of those ads. It's really important that you get some practice looking at these ads and get used to some of the terminology. And we're gonna go into what some of that terminology means and what that terminology and that data they give you, how you can translate it into something meaningful with your goals. So that's what we want to do here. So now, today we're gonna focus on preparing you to open door number two, the dentist that will be retiring perhaps or selling in five to 10 years, something like maybe two years. But sale is there, it's coming up real close. So that's door number two. And door number three is the one, of course, that's kind of out of date and you don't ever notice. But neither of these doors are open. In fact, they're just barely cracked, if at all. So this means you have to take the initiative. Dave reflected on that. He said, it's not just screaming, it's not inviting you in. You have to take the initiative. And this can be hard for some personalities. This can be a big step. I know, Dave, you've mentioned several times some of your associates are trying to get the courage, so to speak, to do that, right?

Dave 11:03

Yep, because they hear the horror stories from their colleagues. Yeah, that's true.

Sandy 11:08

Or they read it on some social media.

Dave 11:11

Well, and that and that's probably as much as anything where they get their information. But yeah, the idea behind it is okay, first of all, practice ownership is not always easy.

Sandy 11:21

I know it's not.

Dave 11:22

Okay, so I think we can all agree that practice ownership is not easy.

Sandy 11:26

And associateship's not easy. No.

Dave 11:28

And neither is associateship. So we've already talked about the pros and cons of owning versus maintaining an associateship. And we're assuming that if you're listening to this, you're really exploring the idea of owning your own practice and that you can see a future of being in charge of the essence of what you have in your workplace and the decision making, et cetera. And that comes with ownership. There's other elements of that that are difficult for people to overcome. So, for example, the things that we often ask is do you want mentorship or independence when you buy a practice? Because as I mentioned, practice ownership is not easy. So you're gonna need help learning what you haven't learned. I think we all know that dental schools don't take time because they've got so much other stuff to teach you clinically, they don't take the time to educate you on how to manage a team or how to own a business.

Sandy 12:25

You know, these two, these other two doors, doors two and three, as Dave just alluded to with this question, which is excellent, is you've got to look inside yourself. You've got to clarify your expectations because if you don't know what you want, you will never be satisfied. You will always be chasing a moving target. So we want to encourage you right now in this episode to answer some of these questions. And Dave presented the perfect ones, and we've got several others about yourself. And write these down. Write your answers down. Well, you know how powerful that transference is from hearing it to putting it on paper and putting it in your mind. And the statistics on how much more successful you can be by writing things down is pretty remarkable, actually. So we're gonna present these questions. And Dave, I think you started off with the perfect one. Do you want mentorship? Let's say you go to a Dr. P's office and you talk to Dr. P, you've gotten to know Dr. P and you start talking about what your expectations are, what his expectations are. This is a very important topic. You've got to clarify these expectations or it will go south. And you need to walk them down.

Dave 13:42

Yeah, and I venture to say that anyone who buys a practice for the first time is going to or would benefit from having some type of mentorship, either from the selling doctor staying on or from some other entity, people like us, or or maybe a dentist group, maybe a study club, whatever it might be, that you've access to. If you are the type of person who really thrives with mentorship and coaching, what we find is it's very helpful in what Sandy, I think you're spot on with writing down these questions that are important to you to be mentored on, and then having that be part of the conversation when you are searching to buy a practice.

Sandy 14:24

Absolutely. Because I agree.

Dave 14:26

Making an assumption that, first of all, if you buy a practice, the selling doctor may not stay on more than a week or two. There are sales all the time that doctor sells, they're gone. And you pick up, you open the door, and you're the only doctor there. Is there other sales where the selling doctor might stay on for a period of time? And that can range. It could be a couple of years, it could be ongoing. Yes. So that's number two. Second option is okay, selling doctor is staying on, and they're gonna now be an employee of yours. They're gonna likely step back from the management of the practice because they don't want that stress anymore. But they want to do dentistry, they love dentistry and they they don't mind being an employee. That doesn't mean they're gonna be a great mentor for you. So that's where the conversation before you even decide to buy around what you expect, and Sandy hit on it, being very clear with your expectations so that if you buy the practice, that selling doctor knows that you expect to meet with him or her, let's say once a month for two hours outside of practice hours, going over owner-related and management-related topics.

Sandy 15:37

And these details are real important because people will interpret the word mentorship differently. I mean, Dave and I had to kind of talk about how we define mentorship and we work with people all the time. So don't assume, just like Dave said, don't assume when you say, Oh, I would really like a mentor, that they know what the heck you're talking about. You've got to do details, just like what Dave's talking about. Yeah, we're gonna meet once a month and talk about it.

Dave 16:04

Well, and that's a great point, Sandy. And so let's say you get that far. Let's say that you've outlined in the agreement that you're gonna stay on for a year. The two of you are gonna meet once a month for two hours to review any questions or any topics that you want their insight on. All right, that's great. That's more than most do. That still doesn't mean that they're gonna be a good mentor for you.

Sandy 16:24

We know it doesn't.

Dave 16:26

And that part is hard to determine ahead of time unless you ask them, have you been in a situation where you've mentored an associate dentist in the past? Perhaps they've had an associate in the past and that associate moved out of state or left. Doesn't really matter the circumstances, but have they been in a situation where they've mentored someone?

Sandy 16:47

You know, I've had a couple of situations where the dentist was very excited about this new associate or new partners coming. Oh, I really want to help him get his speed and his skills up.

Dave 16:59

Get up to speed and yeah.

Sandy 17:00

Everything he this was the most exciting part about the transition for this particular selling dentist. And when this person came in, they weren't the least bit interested in it. They knew it all, and this did not go over well. There was display.

Dave 17:13

But that's a great point. And you're talking about that from the selling doctor's perspective. That to these questions we're asking, that associate would have answered the question, do you want mentorship? as being not particularly.

Sandy 17:24

That's exactly right. But don't wait for the selling dentist to ask you that. That's why you need to get this ahead of time so you know what you need to clarify.

Dave 17:34

Exactly. So the next question that we find is important to ask, and there are a million, we're just pulling out a few, is are you energized by making owner level decisions or are you drained by owner level decisions?

Sandy 17:48

That's what leadership is. It's making decisions. And you're not gonna always be popular. You're not a good leader if you're everybody loves you.

Dave 17:57

Because Okay, we need to let that land for a second.

Sandy 18:00

That's right. You're really not gonna be a dead leader. If every decision you make makes everybody happy, you know who's gonna be unhappy is you.

Dave 18:08

Exactly. And the reason why is because you're putting all the people ahead of the practice.

Sandy 18:14

That's exactly right. And there's a fine balance there.

Dave 18:18

There is. All of you need team members in order to do your dentistry. That's a given. Right. That being said, though, the balance and sometimes the hardest part of owning a practice is balancing the owner level need to what the practice needs. And when I say owner, as I think of it, I'm not always thinking what do you want? Right. It's what does the practice need? Because if the practice is served well, then it's going to take care of the owner as well as the team to the best it can.

Sandy 18:48

Let me give you an example that comes to mind. Okay, so you have a team. Let's say you have eight employees. The majority of them have families, have children, and you're replacing somebody that's left. Okay. So patients come at eight o'clock. You expect everybody to be there at 7.45 for years and years. Your morning huddle was at 7.45. Everybody was there. And so you lost one of your team members. And so you're trying to replace this. You're having a hard time replacing it because it's really hard to find. Qualified in trains, particularly dentists and hygienists in front dentist. I mean, all of them are hard to find. And then they take training a lot of the times. So you're having a hard term. So you find this person. Oh, this person is great. They've had lots of experience where they're just going to walk right in and do it. But they say, oh, doctor, I'd love to work here, but I can't do this job for any less than $27 an hour. And I can't get to work until eight o'clock because I have to drop my child off at school. Okay. You're desperate. You want to get this over. You're tired of this interviewing. You're sick of it. You need some help. And you go, I think we can work that out. Now, what do you think is going to happen?

Dave 19:55

The other team members I'll tell you what's going to happen.

Sandy 19:58

Yeah. Tell me, Dave. You tell me what's going to happen.

Dave 20:01

You're going to have a mutiny on your hands, precinct.

Sandy 20:03

You are. You are. And see, that's what I mean by you're not always good. You shouldn't make that decision. You've got to think about the good, the greater good.

Dave 20:12

Now, let's also point to the fact that this sample person is making is a reasonable ask. What they're asking is life. It's life-driven. We understand that maybe it's a single parent and they need to be able to drop their child off at school or preschool or whatever it might be, and they can't get to work before 8:15 or 8:30 or 9. Right. That is all well and good. It just may not be a great fit for your practice. They may be a lovely person and an amazing employee. Right. But you, as the owner, have to be able to step above the person's name and look at the role they play and the impact that this decision will have on the morale of the rest of the team. Because what we've seen happen. Oh boy. As soon as you make that decision or that accommodation, then other team members with very valid accommodation requests will be coming to you asking, can I leave at four?

Sandy 21:12

And they have a right to do that. They have a right to do that. And it's going to be real hard to close. And what even will produce an outright gang plank, you're walking the plank, is if the highest paid employee in your office who's worked with you for six years is making $24 an hour, and you hire somebody at $26 an hour, and you let them come late. And no, these are the kind of situations we're talking about. Is that as a leader, you have to think of everybody. You have to think of the good of the practice and the good of the patience and the good of the team as a whole. And oh, I can think of so many examples like this. I could go on forever. And that's one reason. And I always focus when I'm training operating systems that they always have to be based on best practices, patient service, and the good of the team. You have to balance these things. But primarily you've got to have your customer service, you've got to have best practices because that's what we know works. And if you go off and individualize every single decision, you're going to get yourself in deep water. So the question is excellent. Are you energized by making decisions or drained by them? Some people can make fast, quick decisions and have everything structured and organized where they know they have an employee handbook, they know the employee handbook, they can give the answers. But I want to warn you about that. And this is something I always teach in a leadership. You don't want to turn into Siri. That's what will happen. You will be Siri because if you don't teach your team members to think and know where to look for answers, then they're going to come to you every five minutes with questions. And those the systems that you design have to prevent that from happening. So you have your employee handbook. If somebody comes and asks you, oh, how are we going to be paid to go to the Chicago midwinter next month? You don't just shoot from the hip with an answer. Say, I tell you what, why don't you look in the handbook and come back and we'll talk about what it says there? I really want to encourage you from the very beginning to try to develop a learning culture.

Dave 23:28

An extension of that is a culture of empowerment.

Sandy 23:32

Yes, exactly.

Dave 23:33

You will want to build a culture where your team members have a voice. They may not have a vote. No. You, as the owner, hold the vote, but you solicit and want input from your team on most decisions. Not all, but most. Therefore, they have a voice, but not a vote. In order for them to have a voice, you need to provide them with clear parameters around what their job requirements are. So that's the certainty piece is they need certainty in order to know, okay, what do I have to do to be successful at this job?

Sandy 24:10

Exactly.

Dave 24:11

And then what Sandy's talking about is autonomy. Then you have to get out of their way. Let them do it. That's right. Sometimes that means they're gonna botch it up, they're gonna mess it up.

Sandy 24:23

But if you meet with them regularly and you all talk about things, you will be leading them. They will learn how you think, they will learn how you make decisions, and they will make better decisions and they will feel heard. And so these are the kind of things that leaders do. We're just sharing with you some of the things. If this energizes you, if you find this challenging and you say, Oh, I would love to help other people feel more elevated in their position or feel like they own this practice as much as I do, that this is their practice too. Is that something that energizes you, then I think owning a practice might be a good choice, an excellent choice for you. But if that just the fault of that just completely turns you off, you might need to think about, you need to acknowledge that.

Dave 25:10

That's right. And there are a couple of different ways that you could go in a situation like that. And it doesn't mean just because making these owner-level decisions might terrify you, doesn't mean you wouldn't make a good owner. It means that you may need to have someone shoulder to shoulder with you helping you make these decisions for a while until you get reps and get confidence. That can come from a coach. It also can come from a partner, right? So maybe you find out that you are really well suited to be part of a partnership rather than a solo.

Sandy 25:42

And mentors can teach you that too. So it doesn't have to be a partnership, it could be an associateship, it could be a partnership, it could be a mentorship for a certain period of time. Like they said, these are things you don't learn in dental school. Yeah. You don't. Well, exactly. So let's see, another question we want you to explore is how soon do you want to own the practice? And this is an important thing to discuss when you go in to talk to these door twos and meet these door two and door three dentists. You need to have in your mind what you're thinking about. Now, I will tell you the statistics on this. The statistics say you're gonna make more money being an owner because you have to be paid for all the risk and the higher level of stress. You have to be paid for that. So you're gonna be paid more. Theoretically, the longer period of time you own, the more productive and more profit on the long run in your life you're gonna have. But some people, that's not for everybody.

Dave 26:40

If you really dig deep and figure out that no practice ownership isn't for me, there are, I think, gonna be more and more opportunities for associates to be in private practice in the future. I think so too. Perhaps in the past. That's good news for those who really feel like ownership isn't for them. And, you know, when you say that, yeah, I do want to own, depending on which door appeals to you that we've outlined, you know, the door number one that is being advertised and it's all nice and shiny, and everybody's, you know, standing outside welcoming you in, that's going to be sold within probably a few months. That's the objective. They're actively looking for a buyer. The other two may not be looking for buyers just now. So that's more of a long-term play for you as a potential owner, but you can't always say, okay, I'm ready, and then a practice materializes. Because what I think both Sandy and I would caution you against is you get in a hurry to own and you make a poor decision on which practice you purchase.

Sandy 27:43

Always give it a year. Always be an associate. If you're gonna do a partnership or you're gonna work with somebody for an extended period of time, don't commit to that until you have at least worked there one year. I can't tell you how many mistakes I have seen, and I know Dave has too, in rushing into this. And this leads to one of the most important questions that you and a potential seller will talk about is okay, are you expecting a gradual buy-in, my young dentist friend? Or you've been an associate now for a year, and are you interested in buying this practice? Or do you want to extend this longer? These are some key contracting questions. And that's why we're asking this question, because you need to have some answers ready.

Dave 28:32

That's true. And it's really in the upfront exploration phase as you are talking to a potential seller. What is their intention after the sale? Are they open to staying on? Are they not open to staying on? If they are open to staying on, would they be willing to mentor you outside of the practice on occasion?

Sandy 28:51

And what does it mean to you to mentor? And what does that mean to you? Yeah, right, exactly. And so that kind of loops back to what we were talking about. Now, this is an interesting question to ask. Do you think you would thrive an environment that's kind of focused on speed and volume? You like, you've just got so much energy, you just speed, volume, speed, volume is your main thing. Are you more interested in relationship development and a slower level of dentistry? This, you know, will determine whether you may want to work in a corporate environment. You may want to work in a subdivision with a higher level of income, average income. These are things we ask you to look at. Maybe you won't see as many patients, but you will have the ability to add time to develop relationships. And you will see them over and over and over again, maybe, unless you're a specialist. And then they're nonprofits. They're the options of nonprofits, health service opportunities and the US services. There's some options that you need to kind of figure out what are you really looking for? What will make you thrive, you think?

Dave 30:02

Well, and and I think the private practice model, to what you're saying, Sandy, about volume, they're gonna be more practices that are in network with some insurance, at least one insurance, not more, than that are fully fee for service out of network.

Sandy 30:16

And they're always gonna see more patients. The ones that are everything.

Dave 30:20

In order to make the numbers work, they have to. They're gonna generally see more patients. And that's something that you need to know going in. Then you'll have the typical question as you get into it for a while: are you gonna keep it as an insurance in network provider, or are you gonna take it out of network? And that's a whole different set of questions, but that's also important to know the practice you're buying. Is it a PPO practice? Is it an HMO practice? Is it reliant on a state health plan for a large portion of their patient base? All these questions impact reimbursement rates. They impact your ability to negotiate higher fees.

Sandy 31:01

Your daily schedule, your daily stress levels. These are the kind of things we're gonna hopefully make you aware of as you go down this path to ownership. That we can't tell you which option is better for you. We're throwing out questions for you to decide what direction.

Dave 31:17

Yeah, that's a good point, Sandy. It's not for us to tell you what is right or wrong for you. We just want to shine a light on some of the key questions that may not be obvious.

Sandy 31:26

That's right.

Dave 31:27

As they've made the decision to own a practice.

Sandy 31:30

And believe me, my husband and I have learned a lot of them the hard way. We made a lot of mistakes. We learned a lot of hard lessons. We don't want other people to have to do that. We want to keep you from wasting your money, wasting your time on things that really aren't where you want to be. And that's why we're delving into your desires and what you will make you happy for your career. So I guess we've left everybody with more than three questions today.

Dave 32:00

Yeah, I think we did. And and I think as we think of homework for anyone listening to this, yes. I think if we go back to the first question we asked, which is are you the type of person who would prefer mentorship or are you more comfortable with just being independent and figuring out answers on your own? That's question number one, because that impacts the questions you ask of any potential selling doctor to potentially include in into an agreement as you buy. So give thought to that. And then I think maybe even the more global question that Sandy asked is Does the idea of making owner level decisions energize you or terrify you? And then as an add-on to that, if you have a significant other, ask them how they would answer that question for you. That's a very good point. Well, and and you've you've really shown a light on this, Sandy, because you and your husband were shoulder to shoulder through.

Sandy 32:53

Shoulder to shoulder for 30 something years.

Dave 32:55

That's exactly in a in a dental practice. And there was not a decision he made that you weren't a part of, I'm sure.

Sandy 33:01

So that's right.

Dave 33:03

Now that doesn't mean every spouse or every significant other is going to be in the practice, but even if they're not, they're gonna hear about much of what happens in the practice. So involve them in helping to really explore what's good for you.

Sandy 33:17

And sometimes you're too close to yourself to see the You're close to the mirror, right? That's right. You're too close to the mirror to see yourself objectively. And although you might not like to hear what they say, I think you ought to try not to be defensive and really kind of think about it. Is the significant person in your life saying this was what will make us happy? Is it what'll make you happy? Is it what make me happy? Everybody has to be on that level. So I think this is a really important decision to have. And we're actually going to have a podcast, I think, specifically for significant others in your life. One of our episodes is going to be focused on we want to invite your significant other to join the podcast, and we want to talk to them about some of the points that we have too. So we've got a lot planned and we're just getting started. But focus on these questions. Episode five will be coming up next in a while. And I guess, Dave, that's it. Make up.

Dave 34:22

Well, I think I think we've probably bestowed enough nuggets on the audience, but scared them to death.

Sandy 34:28

We've scared them to death.

Dave 34:30

Well, hopefully not, but hopefully made them think. At the very least, we want to make you think. And as always, we appreciate you tuning in. If you know of anyone else who would be interested in in what we're talking about, please steer them in this direction. But we just want to welcome you and say thank you from our podcast, The Dental Associate Edge, where practice ownership isn't a dream, it's a destination.

Sandy 34:51

And your future dental practice is waiting. Let us help you build something extraordinary.