There is a school of thought that in a price negotiation, the buyer should point out every fault, weaknesses, minor flaw and imperfection of the acquisition and talk down any strengths in order to justify giving the vendor a lower than expected price.
As a dental practice business broker, my job is to represent the vendor’s interests in a business sale and get them the best possible price and terms in a transaction. Knowing this, some buyers feel that it isn’t in their interests to have a broker like me involved in their sale, as my sole function is to act for the other side. What these buyers don’t realise is that by faithfully representing the vendor in a practice sale, I also bring many benefits to the buyer that would not be there if the vendor was acting alone.
I don’t think it is a secret that the name you give your dental practice business can have a big impact on its fortunes. Marketing experts will tell you that the name a business chooses will affect how memorable it is for current and potential clients, how quickly it will come up in Google searches and how easy it will be for you to differentiate yourself from your competitors.
Most dental practices believe that keeping about a month’s worth of consumables in their cupboards at any one time is just about right. This is generally seen as a safe buffer of stock, where you don’t feel like you are going to run out of anything and you aren’t creating an unnecessary drain on short-term profitability and cash on hand.
In Greek mythology, the story of Icarus illustrates the folly of aiming too high.
In May 2000, a relatively unknown chef called Anthony Bourdain decided that he was going to change careers and not run kitchens in New York City anymore. As a final goodbye to his previous career, he wrote a book revealing some things that he felt restaurant patrons should know. The book was called “Kitchen Confidential”; it would become a worldwide best seller and launch his second career as a famous food and travel journalist.
We're really proud of our newest National Account Manager, Lisa Singh, who was recently asked to chat with Jesse Green on his hugely popular - and our favourite - podcast, the Savvy Dentist. Lisa spoke to Jesse about what makes a practice valuable, as well as the future of practice sales, the role of marketing in dentistry, what corporates are looking for in a practice and how to prepare your practice for sale.
