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May 15 2018 - Simon Palmer - Buyer: buying
There comes a time for most successful practice owners when they get to a level of comfort with their first practice, and start to contemplate starting or buying a second practice.
May 2 2018 - Seller: post-sale stories
"One of the main mistakes I see practice owners make is that they let a career worth of fatigue come into the practice a year or two before they sell. So, even though their practice has been a fantastic business, none of that history matters."
Apr 10 2018 - Seller: post-sale stories
Speaking from experience, I personally think it is 100% better owning a practice in a regional town than buying a practice in Sydney. And it is cheaper! I love my practice and living here. I tell my patients- and everyone I can - that I am living the dream!
Apr 10 2018 - Simon Palmer - Seller : timing/ retirement
Retirement is often thought of as an event, a date on the calendar, a threshold that you cross one day into a new phase of life. Making a person’s profession or retirement an “all in or all out” proposition like this makes it a big deal. It means that people looking at retirement need to:
Mar 16 2018 - Seller: post-sale stories
I had been planning my retirement for a long time. There were lots of things going on in my life and I thought early retirement might be an option. I went to see my accountant one day, when I was around 55, and he said, “OK, I guess you want to retire”. There was enough in there for me to retire at that stage, so I thought – ah, I guess so, I’ll start looking.
Mar 12 2018 - Simon Palmer - Seller : timing/ retirement
“Acting like an ostrich with its head in the sand” has become a well-known metaphor for human avoidance behaviour. It is used describe a person who intentionally ignores facts, hoping that simply denying the existence of a problem will make it go away.
Feb 20 2018 - Simon Palmer And Dr Nauv Kashyap - Seller : types of sale Valuation
For many contracted dentists, their planned path to ownership involves the buy-in or buy-out of the practice they are already working in. It should be the ideal buy-in scenario… They have effectively taken the practice for the equivalent of a test drive and know it inside-out, so the purchase involves far less risk than buying any other practice. They already know, hopefully get on with, and are accepted by patients and staff; they know the quality of the equipment, and there is a mutual respect with the vendor.
Dec 4 2017 - Simon Palmer And Bhupesh Kaphle - Buyer: preparation
There comes a time in every successful dental practice owner’s career when they consider opening another branch, or buying another practice. This juncture represents a possible turning point in their personal fortune. It introduces an opportunity to grow their wealth by expanding the scale and scope of their business interests and, at the same time, it also introduces new complexities and risks into their life, which have the potential to bring down what they have built thus far.
Dec 4 2017 - Simon Palmer - Buyer: post-sale
When a dentist buys their first practice, it usually comes at a time when they are anxious to start asserting control over their work environment. They have spent the last few years paying their dues as an employee/contractor. In that time, while they have (no doubt) learned a lot from the owner on how to run a practice, they have also seen things that they would like to fix but cannot, because they don’t own the place and the owner doesn’t agree with their suggestions.
Nov 20 2017 - Australasian Dentist Magazine - Buyer: preparation
There is a well-known saying that if a smart person was given six hours to chop down a tree, they would spend the first four hours sharpening their axe. While sharpening your axe adds some up-front effort and may delay the start time, it will also result in the ability to chop wood more efficiently and effectively, once you do begin.