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Show Notes
Overwhelmed by the thought of buying or selling a practice? With the right help, finding the right listing price, prequalify prospective buyers, negotiations and financing options can all be a breeze! In this episode, I sit down with Greg Auerbach, a true veteran in the world of dental practice transitions, to uncover the ins and outs of buying or selling a dental practice. Drawing on his wealth of experience spanning over two decades, Greg reveals the critical steps to establishing value and expertly guiding both buyers and sellers through this once-in-a-career process. From the initial evaluation to the final handshake, you'll learn how he holds the hands of dentists, ensuring they are confident and well-prepared for each phase of the transition journey.
We jump into the heated debate: starting a new practice versus acquiring an existing one. Greg discusses the unique challenges faced by newcomers, from building a patient base from scratch to financial burdens and staff hiring. On the flip side, he dismantles common fears around acquisitions and highlights their surprising advantages—like immediate cash flow and a quicker path to profitability. Our conversation also touches on why some practitioners still opt for startups, influenced by factors like the limited availability of practices for sale and the lure of creating a custom space. Plus, Greg shares strategic tips for increasing a practice's market value and ensuring a harmonious post-transition phase, debunking myths around staff and patient retention.
What You'll Learn in This Episode:
- How to establish the true value of a practice.
- The comparative advantages and challenges of starting up versus acquiring a practice.
- Key strategies to manage financial burdens and staff hiring in new practices.
- The benefits of acquisitions, including faster profitability and immediate cash flow.
- Common fears and misconceptions about practice acquisitions.
- Post-transition tips for maintaining harmony and continuity.
- The importance of gradual changes to ensure a smooth transition.
- How early engagement can significantly improve market value and streamline the process.
Join us as we explore the inner workings of successful practice transitions with, Greg Auerbach!
Guest: Greg Auerbach
Business Name: Henry Schein
Check out Greg's Media:
Website: http://www.henryscheindpt.com/
Email: greg.auerbach@henryschein.com
2024 Guide to Dental Practice Valuation: How Much is Your Practice Worth? https://bit.ly/4braykp
Other Mentions and Links:
Software/Tools:
Equipment:
TV:
Organizations:
Terms/Concepts:
Capitalization of Earnings Methodology
Host: Michael Arias
Website: The Dental Marketer
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Join this podcast's Facebook Group: The Dental Marketer Society
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