How much $ you can make BUYING dental practices
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- čas přidán 2. 08. 2024
- As a dentist, buying a dental practice is one of the quickest ways to earn more money and have more control over your career. But it isn't easy. Figuring out how the right amount to pay for a dental practice is important as it will affect your cash flow. And then you want to figure out how you can make the practice more profitable.
In this video I go through all things dental practice acquisitions, and what you need to consider when you're thinking about buying a practice.
0:00 Intro
0:58 Dental Practice Valuation
1:53 Practice Production
2:50 Overhead
3:12 Financing
3:45 Cash Flow
4:26 Paying an Associate
4:56 Finding Value Add Opportunities
7:34 Why Buy a Practice
7:51 Finding Practices For Sale
8:31 Outro
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Would you ever do a startup practice or is buying always the way to go? Follow me on 📸instagram.com/meyersonjoel/ and say hi 👋
Great video!! From our experience, it's all about EBITDA multiples (3-7x). It is very hard to sell offices at Gross Revenue nowadays
Your videos are always so informative and I LOVE IT! Big ups from Malaysia! 🔥
ty Joshy! I really try, so it's always nice to hear comments like these
Somehow this video is even more of a banger than I thought it would be 🔥🔥🔥 amazing work, Joel!!
🙏 thank you Stephen!!
Increase production and decrease overhead , well said ! And that applies for all businesses 😯 Greetings from Mexico !
👊
Wow this was so incredibly helpful, thank you!!
you give out such quality content!!
ty Samuel!
Incredibly helpful video, Joel!
I noticed that my valuations when I did research was different from yours. In NYC, the valuations were around 50-90% of the revenue, and when I looked up some practices, that seemed to be the case.
the numbers will vary! listing prices != selling prices, and ofter the best practices aren't the ones you see in the listings ;)
@@jmey Great, I didn't know that. Thanks!
Good stuff!
Dude you're like an international dentists' advisor!
an honor 😘
I feel very fortunate to have resources on CZcams like Dr. Meyerson and Stephen Ray while I begin the application process for dental school. I can only imagine how hard it was for dentists 10+ years ago who had to figure out everything on their own...
🙏 ty Andres! it's an honor
When your thrown into water you learn to swim.
They earned more
super helpful Joel!
happy to hear it!
Joel, I see quite a few practices for sale in Southern Ontario. Are you available as an advisor ?
dramatic music in the background lol nice one
Love the video! Currently studying for the DAT and these videos help me focus on the end game. Do a majority of dentists have a hygienist working under them? And what are the pros and cons of doing so?
yes, almost every dental practice employs hygienists. Hygiene is a key part of overall oral health, and a great way to see patients and diagnose work that needs to be done. And ty!
Hi Dr Joel, can I purchase an existing practice if I’m not yet a dentist? Assuming I have the money liquid.
What are your thoughts on going into an AEGD program vs straight into private practice?
Great video once again!
I can't tell you what's best for you, but for me (and what I recommended to my fiance) going straight into private practice to earn more, get more reps in, and take the CE I choose to do (vs. what an AEGD decides to teach me) was a no-brainer
and ty!!
if you can go into practice. go straight into it. dentistry is all about real world reps. The best places are actually large dental corporate clinics where you'll just be working likee a drone. That's the best way to get reps.
Hey, could you please make a short summary about dentistry in the uk and Australia ?
not my area of expertise!
Is there any books that you recommend reading regarding to buying a dental practice
nothing I've personally read
Hey Joel! I’m starting dental school this fall, and I was wondering if you had tips/tricks or things you wish you knew before you started!
tbh my whole channel is things I wished I knew before I started! check out some of my older videos, including my videos with my fiance Dani, where I discuss lots of learned that I wish I knew sooner. Congrats on starting, good luck!
You say lets be conservative, but choose the best-outcome scenario
Can a non dentist buy a dental practice
I discourage any new associate dentist from watching this
One concern. You mentioned monthly production - loan amount.. what you did not account for is that you pay back most of the loan of the practice the “good will” with post tax dollars… this matters significantly
most sellers push for share sales where goodwill isn't broken out anyhow
You sound very content on working for someone else