Category: Dental

4 Questions to Ask a Dental Support Organization

by Triumphant Transition Partners

You likely have many questions if you’re contemplating selling your dental practice to a dental support organization. The decision to sell your dental practice is a big career move and can pay big dividends for your career. 

However, not all dental support organizations are equal, and we encourage you to consult with multiple dental support organizations as you weigh selling. Transitioning your practice is a big decision, and you want to ensure you have the right buyer before you lock yourself into the biggest deal of your professional life.

As dental brokers, we’ve spent a lot of time consulting with dentists and dental support organizations and have unique insight into the goals and needs of each. To help you decide, we recommend asking your dental support organization these questions. 

What Changes Can I Expect to See?

Dental support organizations support dentists who want their nights and weekends back. However, this often comes with a tradeoff. You might not be responsible for every facet of your practice anymore, but that comes with a partner who will weigh in on decision-making and have processes for calls that used to be yours. 

You must ask any prospective dental support organization partner how your practice will change. This will vary from DSO to DSO, but be prepared to understand:

  • Will my staff stay on?
  • Will practice software change?
  • Will my practice be rebranded?
  • What does supplying the practice look like? 
  • Will my feedback be taken into consideration when addressing potential changes? 

Will I Need to Stay On for a Certain Period of Time? 

Some DSOs expect the seller to stay on for a few months while the practice transitions. Others are flexible about whether the dentist needs to stay on and might be a good fit for a dentist looking to make a quick exit. Other dental support organizations are open for longer-term commitments where the seller stays on as a practicing dentist for an extended period.

Whatever your unique situation, there’s a dental support organization for you. However, it is imperative to understand the terms of the deal before you make any commitments. If you expect to leave dentistry as soon as possible for another venture, nothing is as debilitating as needing to stay and help transition the practice for a few months. Be sure to ask up front to understand if this potential dental support organization is a viable partner. 

Be sure to ask:

  • Will I need to stay on post-close?
  • What does compensation look like post-close?
  • What would my responsibilities be post-close? 

What Are the Terms?

Dental transitions can be complicated, and you need to understand the terms of your deal before you make any commitments. Contracts can be structured in very different ways, so don’t assume anything, and be sure to ask the DSO.

  • Is the purchase price paid out in cash?
  • Will part of the deal be stock?
  • Is there an earn-out clause? 
  • If work is required post-close, what does compensation look like?
  • Are elements of the deal based on performance? 

What Would Others Say?

If you’re considering selling, see if the DSO has testimonials from other dentists. Selling your practice is a big decision; you want to ensure you choose the right partner. If possible, get in contact with past sellers and ask:

  • Did the DSO hold up its end of the deal?
  • How was the transition process? 
  • What changed about the practice post-sale?
  • Have past sellers retained their autonomy? 

Protect Your Interests with a Dental Broker

These questions are great to have on hand when fielding inquiries from dental support organizations. However, first-hand insight and knowledge of the dental support organization’s history is invaluable, and that’s one of the many reasons dentists consider partnering with a dental broker. 

The right dental broker can significantly help as you attempt to qualify dental support organizations. An excellent dental broker is only there to represent the seller’s interests and will have industry knowledge about whether any given DSO is a good fit. The right dental broker will also have access to industry contacts you can consult with if needed. 

That’s where Triumphant Transition Partners enters the picture!

We’re here to help you:

  • Evaluate your practice
  • Discuss your goals
  • Present your practice to our private buyers’ network
  • Qualify buyers
  • Equip your attorneys with pertinent documentation and data
  • Negotiate the final sale on your terms and price

Contact Triumphant Transition Advisors for Your Courtesy Consultation!

Understanding Buyer Profiles: Targeting the Right Audience for Your Dental Practice Sale

by Triumphant Transition Partners

Suppose you’re thinking about selling your dental practice. It’s important to understand that locating the right buyer can make the difference between a successful and profitable transition and a giant headache. Selling a dental practice is not a one-size-fits-all undertaking by any means. The key to a successful sale is understanding buyer profiles and effectively targeting the right audience. Here, we’ll explore the intricacies of buyer profiles and how to align them with your goals when working with Triumphant Transition Partners to sell your dental practice.

The Importance of Knowing Your Buyer

Selling a dental practice is a significant and accomplished milestone in your professional life. If you’re retiring, relocating, or pursuing other business ventures, you must recognize that your practice’s value goes beyond its equipment and patient list. The right buyer will help you ensure a smooth transition but also help to maintain the legacy you’ve built while providing for your staff and patients.

To sell your dental practice successfully, you must identify and understand the various buyer profiles that may be interested in acquiring your practice. This knowledge will empower you to tailor your sales strategy, marketing efforts, and negotiations to attract the ideal buyer for your unique situation.

Triumphant Transition Partners: Your Dental Transition Trusted Guide

Triumphant Transition Partners is a reputable company known for facilitating dental practice sales. With our years of experience in the dental industry, we can guide you through the complex process of selling your practice. We understand the nuances of buyer profiles and can help you navigate the sale with confidence.

The Key Buyer Profiles

Let’s delve into the essential buyer profiles you should be aware of when selling your dental practice:

1. Individual Practitioners

Individual practitioners are often dentists who’s goal is to own and manage their own dental practice. They may be recent dental school graduates eager to start their careers or experienced dentists looking to expand their business portfolio. Individual practitioners are typically hands-on and involved in the day-to-day operations of the practice.

To attract individual practitioners, you should highlight the growth potential and autonomy your practice offers. Emphasize the patient base, location, and reputation you’ve built. Triumphant Transition Partners can assist you in showcasing these aspects effectively to appeal to this buyer profile.

2. Corporate Entities

Dental support organizations (DSOs) and corporate entities are becoming increasingly prevalent in the dental industry. These organizations often seek established dental practices to add to their network. Selling to a corporate entity can offer financial stability and the opportunity to remain involved in the practice, making it an attractive option for some sellers.

To target corporate entities, you’ll need to emphasize the profitability and scalability of your practice. Triumphant Transition Partners can help you prepare your practice for acquisition by ensuring your financials, operations, and compliance are in order.

3. Associates or Partners

Some dental practices opt to sell to an associate or partner within the practice. This can be an excellent option if you have a long-term relationship with a dentist working in your practice who wishes to take over. Selling to an associate or partner can lead to a smoother transition as they are already familiar with the practice’s operations and patients.

When considering this option, it’s vital to work with Triumphant Transition Partners to navigate the complexities of structuring the deal, financing, and ensuring a seamless transition of ownership.

4. Investors

Investors may not be dentists themselves but are interested in acquiring dental practices for their potential returns on investment. These buyers may have a portfolio of healthcare businesses and see your dental practice as an attractive addition.

To appeal to investors, you’ll need to showcase the financial performance and growth potential of your practice. Triumphant Transition Partners can help you create a compelling investment opportunity presentation and connect you with potential investors.

Structuring Your Approach

Once you’ve identified the buyer profiles that align with your goals, it’s essential to tailor your approach to attract and engage them effectively. Here are some strategies to consider:

1. Individual Practitioners

  • Highlight the clinical aspects: Emphasize the quality of patient care, the advanced technology and equipment in your practice, and any specialty services you offer.
  • Showcase the patient base: Provide data on patient demographics, retention rates, and the potential for growth in the local area.
  • Offer mentorship opportunities: If you’re open to staying involved or providing mentorship, make this clear in your sales pitch.

2. Corporate Entities

  • Focus on financials: Provide a clear and detailed financial history of your practice, including revenue, expenses, and profitability.
  • Highlight scalability: Explain how your practice can fit into a larger network and contribute to the corporate entity’s growth strategy.
  • Be prepared for due diligence: Corporate buyers will conduct thorough due diligence, so ensure your records are in order.

3. Associates or Partners

  • Nurture the relationship: If you have an associate or partner interested in buying, maintain open and transparent communication throughout the process.
  • Define roles and responsibilities: Clearly outline the transition plan, roles, and responsibilities after the sale to avoid misunderstandings.

4. Investors

  • Create a compelling investment case: Develop a comprehensive business plan that showcases the potential return on investment and growth prospects.
  • Highlight the team: Investors often consider the strength and experience of the management team, so emphasize your staff’s capabilities.

The Role of Triumphant Transition Partners

Working with Triumphant Transition Partners can be a game-changer in the sale of your dental practice. Here’s how they can support you in targeting the right buyer profile:

1. Buyer Identification

Triumphant Transition Partners has an extensive network of potential buyers, including individual practitioners, corporate entities, associates, partners, and investors. They can help you identify and connect with the right buyers who align with your goals.

2. Valuation and Marketing

Triumphant Transition Partners will conduct a comprehensive valuation of your dental practice to determine its market value accurately. They will also assist in creating a compelling marketing strategy to attract potential buyers, tailoring the messaging to the specific buyer profiles you want to target.

3. Negotiations and Structuring Deals

Negotiating the sale of a dental practice involves complex financial and legal considerations. Triumphant Transition Partners has the expertise to navigate these negotiations on your behalf and structure deals that benefit both parties.

4. Transition Planning

Ensuring a smooth transition post-sale is crucial. Triumphant Transition Partners can help you create a transition plan that addresses staff retention, patient continuity, and the transfer of operational responsibilities.

5. Due Diligence and Compliance

Triumphant Transition Partners will assist in preparing your practice for due diligence, ensuring all financial records and compliance documentation are in order to streamline the sale process.

Selling your dental practice is a significant decision that requires careful consideration and planning. Understanding buyer profiles and tailoring your approach to attract the right audience is essential for a successful and profitable transition. Triumphant Transition Partners, with their expertise and industry knowledge, can be your trusted partner in this endeavor.

Whether you’re targeting individual practitioners, corporate entities, associates, partners, or investors, Triumphant Transition Partners can help you navigate the complexities of the sale process, from valuation to negotiations and transition planning. With their support, you can confidently move forward in selling your dental practice and embark on the next chapter of your professional journey.

Remember that the right buyer is out there, and with the right guidance, you can find them and ensure the legacy of your

Marketing Your Dental Practice Sale: Tips for a Successful Transaction

by Triumphant Transition Partners

Selling your dental practice can seem like a formidable task. It’s not just about finding a buyer; it’s about ensuring a seamless transition that benefits you and your buyer. The key to a successful dental practice sale lies in effective marketing practices. In this comprehensive guide, we’ll explore how to market your dental practice for a successful transaction, including using SEO best practices to maximize your online visibility.

Preparing Your Dental Practice for Sale

Before you even think about marketing your dental practice, preparing it for sale is crucial. This involves several main steps, the first of which is determining the true value of your practice. You don’t want to underprice it and lose out on potential profit, but you also don’t want to overprice it and scare away potential buyers.

Valuation and Appraisal

The first step in preparing your dental practice for sale is to have it professionally appraised. A practice valuation will accurately estimate its worth based on various factors, including patient records, equipment, location, and financial performance. You can hire a dental practice appraiser or work with a dental practice broker, such as Triumphant Transition Partners, who offers this service.

Working with a Broker

Speaking of dental practice brokers, they can play a pivotal role in this stage. Brokers are experienced in selling dental practices and can provide valuable insights into the market and pricing strategies and connect you with potential buyers. They also understand the nuances of dental practice transactions, making the process smoother and less stressful.

Crafting an Effective Marketing Strategy

Once you clearly understand the value of your practice, it’s time to develop a comprehensive marketing strategy. Your marketing efforts should target potential buyers, whether they are individual dentists looking to start their practice or investors seeking a profitable opportunity.

Identifying Your Target Audience

The first step in any successful marketing campaign involves understanding your audience. In the case of selling your dental practice, your target audience may include:

  • Recent dental school graduates looking for their first practice.
  • Experienced dentists seeking to expand their portfolio.
  • Dental practice investors interested in a stable, income-generating asset.

Understanding each buyer profile’s specific needs and motivations will help shape your marketing efforts effectively.

Utilizing Online Marketing

In today’s digital age, online marketing is a powerful tool for reaching potential buyers. Here are some essential online marketing strategies to consider:

Building an Attractive Online Presence

When potential buyers turn almost immediately to the internet for research, your online presence is critical in today’s market. A professional and informative website functions as your digital storefront and should reflect the quality and value of your dental practice.

The Power of an Optimized Website

Your website should be visually appealing, easy to navigate, and optimized for search engines (SEO). An optimized website ranks well in search engine results when potential buyers search for dental practices in your area. Consider these key aspects:

  • Keyword Optimization: Incorporate relevant keywords like “dental practice for sale” and location-specific terms throughout your website content.
  • Mobile-Friendliness: Ensure your website is responsive and accessible on mobile devices, as many users search for businesses on their smartphones.
  • User-Friendly Design: Make it easy for visitors to find essential information about your practice, such as location, services, and contact details.
  • Engaging Content: Create engaging content, including blog posts, case studies, and testimonials, to showcase your practice’s expertise and trustworthiness.

Content Marketing Strategies

Content marketing is a potent tool for establishing expertise and attracting potential buyers. Consider creating blog posts that address common concerns of dental practice buyers, such as the transition process, patient retention strategies, or the benefits of your specific practice location. Share your insights and experience to build trust with your audience.

Leveraging Social Media and Online Advertising

Harnessing Social Media

Social media platforms like Facebook, Instagram, and LinkedIn can be invaluable for promoting your dental practice sale. Here’s how to make the most of them:

  • Regular Updates: Post regular updates about your practice sale, highlighting its unique features and benefits.
  • Engagement: Interact with your audience by responding to comments and messages promptly.
  • Visual Content: Share high-quality images and videos of your practice to provide a virtual tour and create excitement.
  • Paid Advertising Strategies: Consider using paid social media advertising to target specific demographics, ensuring your posts reach potential buyers.

Paid Advertising Strategies

In addition to organic social media efforts, consider investing in online advertising campaigns. Platforms like Google Ads and Facebook Ads allow you to target users actively searching for dental practices or related topics. Craft compelling ad copy and use relevant keywords to maximize your campaign’s effectiveness.

Networking and Relationship Building

Networking for Success

Networking within the dental community can be a game-changer in your dental practice sale. Attend dental conferences, workshops, and local dental association events to connect with potential buyers or other professionals who can refer interested parties to you.

Building relationships in your industry can lead to word-of-mouth referrals and offer valuable insights into the current market conditions. Don’t underestimate the power of personal connections in the business world.

Navigating Legal and Financial Aspects

Legal Considerations

Selling a dental practice involves legal intricacies that must be handled carefully. Seek legal advice from professionals experienced in dental practice transactions. They can help you with:

  • Drafting Contracts: Ensure all agreements with potential buyers are legally sound and protect your interests.
  • Compliance: Ensure compliance with state and federal regulations, including transferring patient records and billing procedures.

Financial Planning

Financial planning is equally crucial. Transparency in your financial records is essential for building trust with buyers. Consider these financial aspects:

  • Tax Implications: Understand the tax implications of the sale and plan accordingly.
  • Patient Accounts: Clarify how outstanding patient accounts will be handled in the sale.
  • Negotiation: Be prepared to negotiate the terms of the sale, including the purchase price and payment structure.

Successfully marketing your dental practice for sale is a complex process that requires careful planning, execution, and expertise. By following these tips and leveraging SEO best practices, you can maximize your chances of finding the right buyer and ensuring a smooth transition.

Remember that each dental practice sale is unique, and it’s essential to adapt your marketing strategy to your practice’s specific needs and potential buyers’ preferences. Seek professional guidance from dental practice brokers, legal advisors, and financial experts to navigate the complexities of the sale process effectively.

Now that you have a comprehensive guide to marketing your dental practice for sale, contact Triumphant Transition Partners and let us help you start your journey to a successful transaction. Whether you’re looking to retire, transition to a different role, or embark on a new venture, effective marketing is your key to a profitable and stress-free practice sale.

5 Ways Dentists Can Free Up Time

by Triumphant Transition Partners

If you’re a dentist, you are probably always asking yourself how you can save time when practicing. It’s an important question; many dentists find themselves inundated with patient work, administrative upkeep, business strategy, and a slew of other job responsibilities. The consequences of these time constraints can be massive. If you can’t free up time to focus on what you most want to do, your career satisfaction will take a hit. 

If you’re struggling with finding free time as a dentist, rest assured that you are not the only one struggling. Read on to learn more about how to free up more time!

Reduce Administrative Upkeep

You went to dental school because you loved dentistry and wanted to care for your patients’ dental health. That’s a very admirable goal. However, if you’re in private practice, you likely spend much of your time tending to the non-dentistry portion of your dental practice. Hiring, purchasing supplies, balancing the books, marketing, and other administrative tasks likely take up a significant chunk of your time. These tasks are crucial to the operation of your practice, but many dentists are unprepared to tackle these tasks. As a result, they find their time spent on administrative duties. 

These administrative duties are critical to running the practice, but they’ll eat away at your nights and weekends if you aren’t careful. These additional duties are a major contributing factor to the  high burnout rates among dentists today. By some estimates, 50% of dentists struggle with burnout. 

Hire & Train The Right People

If you’ve ever been on a sports team, you likely already know just how crucial collaboration can be. One team excelling can make another team that much more efficient. A great support staff can make you more impactful, much like how you had your best JV football games when your offensive line played well. 

However, the right dental assistants, front staff, and practice managers don’t just pop into existence. You’ll need to find and hire them, or if you can’t find and hire the A team, train up your current staff to grow into the support staff you need. That may require extra work, but it’s worth it. A good support staff can revolutionize your practice and improve your career satisfaction. 

Focus On What Matters

This is an excellent rule for anyone struggling to keep their to-do list manageable. As a dentist in private practice, your responsibilities are myriad. You likely are a high performer, and it can be tempting to “do it all,” but if you aren’t careful, you can find yourself sinking valuable time into things you don’t particularly like or need to do. 

Prioritizing patient care when you have other duties as a small business owner can be difficult. You might want to spend more time with patients but still need to pay bills, order supplies, and deal with staffing, marketing, and tech problems. Finding the right balance as a dentist/small business owner can be challenging, but it is possible. See our next bullet point for more! 

Clean-Up Processes 

A good business process adds structure to your day and helps keep the practice staff and business goals on track. A poorly designed business process adds unnecessary work and might increase the odds of burnout for you and your team.

Consequently, you must evaluate your current processes and see where to optimize. Minor tweaks to your patient reminder process or procurement orders can significantly impact the time needed to run your practice. 

Consider the impact of increasing your patient retention rate. Let’s say you retain 60% of all first-time patients as repeat patients. Increasing that retention rate to 80% has a massive impact on your bottom line and overall profitability, and changes in how you do patient outreach via text and email could help drive that sort of increase. Likewise, increasing the percentage of time spent on a type of patient you like treating could help increase practice collections without increasing the amount of operational effort. Minor tweaks to processes can help get you there, but you need to find the right process consultant to help you make those changes. 

Partner With A Dental Support Organization

If you’re a dentist looking to be more efficient, partnering with a dental support organization might be a great call. These organizations are specifically suited to aid in the management and operational improvement of a dental practice, so many dentists partner with these organizations to do just that. After all, you’re a dentist and an expert in clinical care. 

However, you’re likely not an expert in business management, and even if you were, you still need to focus on your patient base. A well-vetted dental support organization will provide additional resources, proven methods of improving your practice, and access to a larger organization. 

The right dental support organization can help you with…

  • IT Infrastructure
  • Hiring & Staffing
  • Procurement
  • Continuing Education
  • Marketing & Practice Growth
  • Compliance & Regulation
  • Process Innovation 
  • & More

However, it is worth stressing one word: right. The right dental support organization can be a partner who helps you increase your profitability and get time back. The wrong dental support organization could actually decrease your work satisfaction. Many dentists sign on with dental support organizations and are shocked when they realize their control over practice decision-making is changed with a new partner. Others cannot sell their practice at the best possible price or struggle to achieve mutually beneficial terms in the closing process with the dental support organization. 

That’s why you must contact Triumphant Transition Partners and find out if a dental support organization is right for you! 

As your dental broker, we will….

  • Help You Understand The Value Of Your Practice
  • Show You Qualified Buyers From Our Private Buyers Network
  • Represent You Through The Process
  • Equip Your Attorneys With Relevant Practice Evaluation To Get You The Best Terms Possible!

Contact Your Trusted Triumphant Transition Advisor for a Courtesy Consultation!

4 Ways to Grow Your Dental Practice

by Triumphant Transition Partners

As a dentist, if you’re a solo or multi-practitioner, you likely have big plans for your career. You’ve successfully launched your business, but you probably want to ensure you reach your next goal. Planning for the future can help you grow your dental practice towards that next step, whether it’s a new associate dentist, a new location, or increased collections.

The problem, of course, is in the details. If you’re already busy trying to keep up with the number of patients and administrative work you need to accomplish, finding the time to think about how to grow your business might seem impossible. It is challenging, but with the proper planning, you can implement quick and impactful strategies to grow your business. 

Read on to Learn How to Grow Your Dental Practice!

Find the Right Patients

When looking to grow your dental practice, it’s important to not just think about finding new patients. The types of patients you find are a huge part of growing your dental practice. You likely see many patients for routine cleaning. This is an important part of dental health, but it’s not the only way to grow your dental practice. 

Improving your marketing to educate your patients about your services and find additional patients is critical. Your existing patients might see you for routine exams and cleanings, but they might not know about your additional services. Educating your existing patient base through your marketing efforts is key to growing your dental practice.

Additionally, you need to find ways to bring on new patients, ideally patients with the specialized needs your practice wants to see. Your marketing strategy, whether through email marketing, Pay-Per-Click advertising, or social media, will be instrumental in helping you achieve your goals. 

Put More into Staffing & Hiring

Staffing and hiring are probably not what you think of when you think of growing a dental practice. After all, you might even be asking yourself what these focal areas have to do with growing a dental practice.

In factuality, staffing and hiring are often forgotten but critical elements of a successful practice. You can only be in so many places at once. As a dentist, you naturally want to be doing what only you can do, which is tending to the health needs of your patients. However, without the right staff around you, you might find yourself answering phones, scheduling follow-up appointments, and ordering replacement materials. These are all necessary parts of a growing dental practice, but they aren’t tasks you should do as a dentist. Hiring the right staff to assist means you can delegate these duties and focus on what you need to do.

The challenge, of course, is finding the time to tend to HR issues and hire properly. Hiring, vetting, and training take time, and you only have so much of that. Even once employees are successfully onboarded, you will likely need to serve as Chief Human Resources Officer and be responsible for their career advancement, retention, and routine HR asks. That can be a lot, especially if you are a solo practitioner. 

Increase Profitability with Operational Changes

Your operational efficiency is another often neglected strategy for growing a practice. You might be focusing on the number and quality of patients you’re seeing as a dentist, and those are great starting points for a dentist looking to grow their practice. However, it is just as important to focus on your operational efficiency. You likely aren’t an expert in operational processes, but you might need to develop a passing competency in the subject. The reason is pretty simple: your practice’s operational effectiveness directly impacts your bottom line.

Many dentists struggle with the realities of running a small business, and operations can often be one of the first areas to falter. Wasted time spent dealing with IT, logistics, and accounts payable issues can derail your practice. The errors don’t need to be insurmountable to have an impact. Outdated equipment that wastes your staff’s time. Delays in receiving key shipments of supplies. Lost calls from patients when you lack a competent call answering machine. 

Again, you likely recognize that you need to think like a business owner – not a dentist – when it comes to optimizing the practice. However, that is easier said than done.

Find the Right Partner

These are great ways to grow your dental practice, but you might struggle to implement them. After all, improving your marketing, hiring the best, and fine-tuning your operational processes requires time, effort, and money. If you’re barely treading water as a practice, you might not be able to implement any of these strategies to grow your practice, and your business will likely suffer for it.

That’s why bringing on a business partner can make a lot of sense. 

The right dental support organization or dental partner organization can be a great additional resource to bring alongside your practice.  A good dental support organization can …

  • Help Recruit and Hire Top Talent
  • Offer Additional Resources for Practice Updates
  • Manage Marketing and Customer Service
  • Streamline Procurement and IT 
  • Provide Additional Networking and Continuing Education

A dental support organization can make a lot of sense for a dentist looking to increase their collections and regain their nights and weekends. After all, if you could work less AND make more money, why wouldn’t you?  The right dental support organization can help you achieve that goal.

Now, it’s important to highlight one word: right. The simple fact of the matter is that the right dental support organization can be a huge boon for your practice. The wrong dental support organization can decrease your work satisfaction. Few things impact your sense of career fulfillment as drastically as a bad business partnership, and not all dental support organizations will fit your unique needs. 

That’s where a seasoned dental broker like Triumphant Transition Partners can help!

Our process is simple. We know the dental transition game better than anyone and have the resources you need to transition your practice to a dental support organization on your terms at your price! 

We will…

  • Help You Understand the Value of Your Practice
  • Present Your Practice to Our Private Buyers Network
  • Qualify Your Buyers 
  • Advise on Specifics of the Process
  • Equip Your Attorneys with Market Data to Achieve the Best Possible Terms at Close

Contact Your Trusted Triumphant Transitions Partner for a Courtesy Consultation!

Triumphant Transition Partners with Matthews Real Estate Investment Services

by Triumphant Transition Partners

The Matthews™ Healthcare Division is the country’s leading group for the sale of Healthcare and Dental real estate. Matthews™ works with physicians, owners, and private equity groups to navigate lease negotiations and real estate sales before, during, or after practice transitions. Through specialized healthcare real estate advisory and brokerage, Matthews™ has been able to advise countless clients on lease negotiations and sell more Dental real estate than any other company.

How To Increase the Value of Your Dental Practice

by Triumphant Transition Partners

If you’re a dentist and you’ve ever considered selling your practice, then you’ve probably thought about how you might increase the value of your dental practice. And even if you haven’t considered selling your dental practice, you might still be curious about how to improve it’s overall value. 

Improving your practice’s value offers you several key benefits as the owner. Not only will doing so increase the dollar value of the offers you’ll receive, but it will also give you more options and help you access capital through a loan or outside investment. The reasons to increase the value of your practice are myriad.

However, many dentists still struggle with increasing their dental practice’s value. Dentistry is a busy vocation, and amidst the busyness of providing care, growing your business, and tending to administrative needs, it can feel impossible to find the time to be strategic about increasing the value of your practice. 

Luckily, it doesn’t need to be challenging to increase the value of your practice. With a bit of care, effort, and planning, you can increase the monetary value of your practice and be prepared to sell it for a nice profit! Even if you aren’t ready to sell, it’s still nice to have the option if you do ever plan on selling to fund your retirement or a career pivot.

Read on To Learn About Increasing the Value of Your Dental Practice!

Understand Your Value

First off, you must have a baseline gauge of what your practice is worth. You can’t increase the value if you don’t know what your practice is worth. This might seem obvious, but again, so many dentists are so busy with the day-to-day that they likely have never tried to measure their practice’s monetary value accurately. 

Understanding your practice’s value is the first step in this process. If you want to learn more about what your practice is worth, contact your trusted Triumphant Transitions Advisor for a practice valuation. 

Consider Different Valuation Methods

So, you’ve decided to learn more about what your practice is worth. That’s a great first step! However, it is essential to remember that there are several different ways of evaluating the monetary value of any business. We don’t need to dive into every possible form of measuring the value of a practice, but these are the more common methods.

  • Market-Based Valuation: A comparison of the practice to its local market to value the practice. 
  • Net Asset Value Valuation: A valuation of all tangible assets tied to a practice, plus intangibles like the size of the patient base. 
  • Income-Based Valuation: This can often be the most accurate and helpful way of valuing a business. There are several ways to do this, but we prefer to focus on your EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). This is, in essence, the stock of how much operational cost goes into the profit of any given business. The higher the EBITDA of a practice, the more financially healthy the practice is typically. Different practices might have vastly different sizes, incomes, asset portfolios, and debt burdens, so EBITDA is a simple and universal way of comparing apples-to-apples.

Again, you do not need to understand how to measure the value of your practice with these methods, but know that different protocols can be helpful in understanding value. For example, let’s say you received a practice valuation, but the dental broker in question used only assets to measure your value. That may not accurately reflect the value of your practice.

Now, let’s say you’re an older practice without the latest and most valuable tech, but you have a large and faithful patient base. An asset-only valuation could not accurately measure how financially stable your practice is. That’s why you should consult with Triumphant Transition Partners today so that we can accurately gauge your EBITDA.  

Acquire Assets

One of the most straightforward ways to increase your practice’s value is to increase the value of the assets the practice holds. Many dentists look to modernize outdated equipment, expand to a second or third location, or bring on another associate to increase the practice’s monetary value. 

However, while acquiring more assets is a straightforward way to grow, it’s not always the best strategy for every practice. You might not have the funds to invest in assets. And even if you do, a second location or a new associate might increase the amount of administrative upkeep necessary to keep the practice viable. You might see your practice’s value rise and, with it, the amount of effort needed to keep the practice afloat. Investing in assets is a great way to increase your practice’s value, but again, any investment opportunity should be weighed against the business’s needs.

See What the Market Thinks With Triumphant Transition Partners 

If you’re a dentist considering selling your practice to a dental support organization (DSO), you might have wondered how much your practice is worth. Well, wonder no more! Putting your practice on the market and fielding offers is a great way to understand what your practice is worth! Having multiple qualified buyers interested in your practice is a great way to increase the asking price and close above your initial target selling price. 

It is important to remember that dental support organizations (DSOs often low-ball dentists when they approach any dentist. If a dental support organization ever approaches you and makes you an offer, it’s a fair assumption that their offer is not the true high watermark of the value of your practice. You’ve put so much sweat equity into your dental practice; don’t sell to a dental support organization (DSO) alone. 

Triumphant Transition Partners can help! We’re a top dental broker, able to represent you through the entire sales process! A great relationship with a DSO can be life-changing; a bad business relationship can dramatically reduce the quality of your work life. Partner with Triumphant Transition Partners to navigate the sales process and maximize your asking price, satisfaction, and negotiating power at the closing table.

Contact Your Friendly Triumphant Transition Partners Advisor for a Courtesy Consultation!

3 Common Misconceptions About Dental Support Organizations

by Triumphant Transition Partners

You have likely heard a lot about dental support organizations if you’re a dentist. 

How could you not have? 

Many of these organizations are active across the US and Canada, and they’re often highly visible at any dental conference or in industry news. These organizations can benefit any dentist looking to jump to the next step in their career, and you probably know many dental colleagues who have contracted with DSOs. You may have considered the same for your practice. 

However, as dental brokers, addressing some common misconceptions about dental support organizations is essential. These organizations can supercharge your dental career, but these misconceptions must be put to rest before you partner with a dental support organization. As dental brokers, we have deep and rich relationships across the dental industry and wanted to share our expertise on dental support organizations.

Read on to Learn More!

Why You Might Partner With a DSO

First, let’s clarify: A dental support organization can significantly help many dentists. The simple fact is that many dentists are incredibly busy and need help to run their practices more effectively. Many dentists’ are on an island, and DSOs offer a tremendous dental community support system that is doctor-centric and typically doctor-led. 

A dental support organization (DSO) or dental partnership organization (DPO) is an organization that provides non-clinical business and operational services to a dentist, freeing up the dentist to more effectively care for their patient base. 

There are so many ways that dentists and dental support organizations can set up these agreements, but generally, an excellent dental support organization could assist with:

• General Administrative Services

• Human Resources and Staffing

• Payroll and Billing

• Insurance Coding and Insurance Services Liaison

• Advertising and Marketing Services

• IT Services 

• Building and Facilities Management Services

• Procurement Services 

• Accounting Services

• Regulatory Compliance

A dental support organization can revolutionize your career. However, while the above benefits are helpful, we still think it’s important to highlight three common misconceptions about dental support organizations that must be dispelled. 

Misconception: DSOs Are for Retiring Dentists

Many dentists sell their practice near the end of their career. It’s easy to see why. Selling a practice is a great way to transition into retirement, and many dentists are familiar with dental support organizations entering the picture at the end of a dentist’s career. 

While this is a common use of dental support organizations, we’d be remiss if we didn’t point out several other benefits of dental support organizations. Many dentists might sell their practice as an exit strategy from dentistry and use the funds gained from the sale of their practice to pivot to another vocation. Selling to a dental support organization is a viable option for early to mid-career dentists ready to say goodbye to the administrative part of dentistry and focus on the clinical or growth side of their dental practice. 

It’s also worth reminding the dentists out there that many dentists elect to stay on after the sale of their dental practice. It breathes new life and extends one’s career once they partner with the support they gain, and the incremental wealth built by partnering. It also gives an exit strategy, young or old, whether five or 25 years, out to a doctor, especially when they have built a great practice that the average dentist cannot afford. When you achieve a certain level of revenue and growth, it is challenging to find a confident buyer or doctor to sell to and that can take on this type of undertaking. This is a very common dental support organization arrangement. If you love dentistry, partnering with a dental support organization can free up your time to focus on patient care. The dental support organization has the resources and operational expertise to focus on business management and can simplify your practice and improve your quality of life. This often increases your income while decreasing the amount of administrative work you need to do. That can be a win for all parties involved! 

Misconception: DSOs Are Always the Right Call

We have seen and worked with countless dental support organizations and + dentist partnerships, leading to tremendous benefits for both. However, any dentist looking to contract with a DSO must find the right partnership for their unique needs and circumstances. There are thousands of dental support organizations, each with its unique core offering, specialty, and value proposition. You could be setting yourself up for failure if you do not consider each dental support organization against your own unique needs. You also need to know what the deal terms mean and how it benefits you in the short and long term. You do not know what you do not know, and we equate it to taking a knife to a gunfight. The devil is always in the details.

Let’s say you intend to stay on as a dentist and want the operational aid support of a dental support organization. You must understand what degree of input you will have in the practice regarding various operational decisions such as hiring, procurement, and marketing. Some DSOs prefer to handle all operational decisions with a templated method, which could mean that you’re left without much control of the practice, aside from clinical decisions. However, other dental support organizations are much more flexible and willing to customize transition plans accordingly to ensure you retain input into important decisions. They want a true partner where you have as much control as you desire, and they are there to support you as much or as little as you wish in the areas in which you need support. They want to align with the right doctor and encourage you to remain the leader in the practice.  The moral of the story here is that not all dental support organizations suit every situation, and how do you know which is the right one for your short and long-term aspirations? 

DSO Initial Offers Are Non-Negotiable 

You’re probably thrilled if you’ve received an offer from a dental support organization! After all, if a dental support organization has reached out to you with an offer, it’s an honest and accurate gauge of your practice’s value. 

Well, not always. Many dental support organizations have teams that reach out to dentists to entice them to sell. They spend hundreds of thousands of dollars on direct marketing, business development team representatives, and paying their own partner doctors significant referral fees to entice you to sell to them directly without representation. You need to know precisely what the deal terms and valuation mean. The adage of them wanting to buy low, sell high. The offers extended from these teams are often lower than what the dentist might receive if fielding multiple offers from qualified buyers. If you have received such an offer from a dental support organization, that’s great! It’s a sign that your practice is valuable and that you should consider every possible offer before selling. 

That’s why it’s so essential that you have industry-knowledgeable representation in the form of a dental broker with you as you sell your dental practice! The right dental broker will help you increase the value of your practice, expedite the sale of your practice, increase the number of interested buyers, generate more interest than you can alone, have an entire auction/bidding process, and equip you with the best terms and highest valuation. A dental broker represents your interest, while a DSO represents their interests. 

At TTP, we offer….

  • Unique Sell-Side Advisory With Buy-Side Experience
  • Detailed Discovery, Practice Valuation & Review
  • Access to Our Private Buyer and DSO Network
  • Management of Letters of Intent and Buyer Screening 
  • Offer Qualification & Representation Through Close
  • We represent your interest
  • We custom-tailor every transition to meet our vast array of clients’ specific needs
  • Negotiate the best deal terms for YOU
  • Create a competitive bidding process

You have put too much time into your dental practice to sell to the wrong dental support organization or with the wrong price or terms. Partner with a top dental broker and call Triumphant Transition Partners today!

Get Your Courtesy Consultation Today & Call Now!

Benefits of Texas Dental Association Membership

by Triumphant Transition Partners

If you’re a dentist looking to grow your practice, few organizations can be as helpful as the Texas Dental Association. This dental organization is one of the largest in the country and offers its members many benefits. Dentistry can be a very involved profession. You’re likely incredibly busy running your practice, caring for your patients, growing your business, and continuing to grow as a dentist. Many dentists find themselves struggling to balance all aspects of dentistry, business, and medical education. Membership in a dental organization like the Texas Dental Association helps many dentists grow in their careers, learn how to run their practices efficiently, and connect with other dentists within their geographic region.

The team here at Triumphant Transition Partners shares their thoughts on the many benefits of membership in a dental association like the Texas Dental Association below. 

Keep Reading To Learn About Dental Associations 

The Texas Dental Association at a Glance

The Texas Dental Association…

  • Has 9000 Members
  • Consists of 26 Local Component Dental Societies 
  • Was Charted 1871 
  • Publishes Its Own journal, The Texas Dental Journal 

Obviously, we strongly recommend joining if you’re within the state of Texas. However, If the Texas Dental Association isn’t right for you at this point in time, know that there are many other dental societies and associations that offer similar benefits. The American Dental Association is the largest and most prestigious, but there are many others with particular subspecialties and focus areas. 

If joining the Texas Dental Association isn’t right for you at the moment, we encourage you to get involved with some sort of dental association. Membership offers so many benefits, so we encourage you to find the organization that is right for you. 

Reasons To Join a Dental Association 

Advancement

If you’re running a dental practice, you know that advancement is a key part of growing your brand as a dentist. However, finding the time to grow in your career can be a challenge. If you’re looking to potentially join another dental practice or relocate to practice dentistry in a different part of Texas, the Texas Dental Association offers you some unique benefits. 

A key benefit of the Texas Dental Association – and other dental organizations – is the access it allows to other dentists. As any adroit professional knows, an organization of like-minded peers lets individuals learn, connect, and socialize for career advancement. Many dentists find that being plugged into a community of their peers is a great way to grow their careers. Remember, the Texas Dental Association boasts 9,000 members. That’s 9,000 members to discuss dentistry, network, and suggest solutions with. Access to those members can help solve many problems, including dental problems, solutions to practice management questions, or finding and offering new opportunities. 

Conferences

Texas Dental Association & American Dental Association events are great ways to increase your dental knowledge. Plus, they can be a lot of fun! Being involved with the Texas Dental Association gives you access to a number of Texas Dental Association and American Dental Association events. The Texas Dental Association also has many component societies within unique markets across Texas, so if you’re not able to take time away from the practice to travel, know that local events do exist! 

Continuing Education

As a dentist, you’re required to continue your education to stay relevant in your field and provide the best possible care to your patients. This continuing education is important, but it can be difficult to find the time to focus on continuing your dental education. Many dentists can be confused as to what their continuing education requirements actually are, which makes completing their CE rather difficult. If you’re involved in the Texas Dental Association, you’ll have access to the Association’s list of continuing education requirements for members, which can be incredibly helpful if you’re struggling to find the time to focus on your continuing education. Plus, being plugged into a network of other Texas dentists is incredibly useful for discussing CE requirements, tips, and best practices. 

Other Business Opportunities

Dentistry certainly is a complicated medical specialty, but the business side of dentistry is just as important for your career as a dentist. The Texas Dental Association is a great place for dentists looking to find other business opportunities. Your peers within the association are not only a great resource for your personal networking and hiring but can also advise you on whether selling your dental practice to a dental support organization is a good idea. Many of these dentists also have experience with the process of selling to a dental support organization and have opinions about which dental support organizations are worth considering. Their opinions and expertise are invaluable if you are a dentist considering selling your practice to a dental support organization.

If you are a dentist considering selling your dental practice, additional representation is a must. A good dental broker can help you sell your practice to a dental support organization quicker, at a higher price, and with better terms. Triumphant Transition Partners is here to support you through selling your practice.

We offer…

  • Sell-Side Advisory With Buy-Side Experience
  • Practice Valuation
  • Qualification of Potential Buyers & Letters of Intent
  • Representation Through Close

Selling your dental practice will likely be the biggest decision of your career. Ensure that you have an expert dental broker to help you navigate the complicated process of selling. Partner with Triumphant Transition Partners to sell your practice and fulfill your career goals. 

Contact Triumphant Transition Partners for Your Courtesy Consultation & Secure Your Future Today!

3 Tips on How To Choose a Dental Broker

by Triumphant Transition Partners

If you’re a dentist looking to sell your practice, a dental broker is a tremendous asset to have in your camp. Selling a dental practice is challenging work, and the right dental broker can help you maximize your value, help you reach your strategic goals, and represent you through a long and arduous sales and close process. If you’re a dentist considering selling, consult a dental broker.

However, just as all dental practices are unique, no two dental brokers are the same. As you consider selling your practice, you must consider why you want to partner with a dental broker to ensure you choose the right one. The wrong dental broker could make your dental practice sale process more complicated than needed; the right dental broker could sell your practice faster, above the asking price, and with better terms. 

Choosing a dental broker is a big decision. To help you think through this, the team at Triumphant Transition Partners put together the following to help you choose the right dental broker for your practice sale. 

Dental Broker Tip 1: Understand the Value of Your Practice

First and foremost, you must understand just how much your dental practice is worth. This is arguably one of the most important steps of this process. A well-researched and well-informed evaluation of your dental practice sets you up for success throughout the entire process. 

However, many dentists don’t fully know the value of their dental practice. Moreover, many think they understand how much their practice is worth but might be relying on outdated methodologies. There are multiple ways to value the worth of a dental practice during the sales process. Depending on your needs, you might rely on your market-based valuation, asset-based valuation, income-based valuation, or even your total collections. 

However, you must take the time to understand the EBITDA of your practice. Knowing your Earnings Before Interest, Taxes, Depreciation & Amortization equips you with a universally-accepted and comprehensive snapshot of the financial health of your dental practice. That is an incredibly useful tool to have when selling your dental practice.

If you don’t know how much your dental practice is worth, partner with a dental broker who can help you gauge your practice’s value. This will set you up for success when selling.

Dental Broker Tip 2: Know What Your Goals Are

The next step in this process is to fully understand your goals. Obviously, you want to sell your practice at the highest value, but too few dentists think beyond this. Your secondary goals are actually just as important.

Again, no two dental practices are the same, so no two sales processes are the same. Maybe you’re selling your practice and retiring. Perhaps you want to stay on as a dentist at this practice but just need help from a Dental Support Organization managing the administrative side of the practice. You should consider these different use cases when selecting a dental broker. 

Does your potential broker have a history of selling practices where the dentist intends to retire immediately? That may not be the right dental broker for you if you want to stay at the practice for a few years. Does your dental broker have a history of negotiating specific terms for dentists staying on with their Dental Support Organization? (i.e., hiring decision rights, input into administrative processes, etc.) If the answer is no, it might be worth finding a dental broker equipped to handle and negotiate specific terms.

Dental Broker Tip 3: Find the Broker That Is Best for You

Not all dental brokers offer the same services. You must research the unique offerings of every dental broker when making this decision. The right dental broker will provide specific services that align with your goals. Some dental brokers have special relationships with large DSOs. Others are well-established in specific geographic areas. Others have connections with professional lawyers and accountants who specialize in selling dental practices. Regardless of your use case, you must understand what you need and plan accordingly. 

Partner With Triumphant Transition Partners 

If you’re considering selling to a dental support organization and are looking for a dental broker to help in the process, look no further than Triumphant Transition Partners! We know the dental practice sale process backward and forwards and are excited to help you sell your practice! 

Our process sets us apart from other dental brokers and sets our clients up for success:

  • Unique Sell-Side Advisory With Buy-Side Experience: We have experience on both sides of a deal, and that expertise helps us advocate for our clients.
  • Detailed Discovery, Practice Valuation & Review: Researching your practice and your practice’s valuation and then reviewing with you helps us understand everything we need to know to advocate for you.
  • Access To Our Private Buyer Network: Our exclusive buyers have dedicated capital and are eager to buy profitable dental practices. Our long and well-maintained relationships with these buyers help you sell your practice faster.
  • Offer Qualification & Representation Through Close: Our team has the experience to help you determine which offers are qualified and worth pursuing. As you move through the close, we supply your attorneys with information and evaluations that prepare them for the close process. 

Selling your dental practice to a dental support organization may very well be the most important business deal of your life. Partner with a dental broker who knows the industry and is committed to getting you the best possible outcomes! 

Reach Out To Triumphant Transition Partners for Your Courtesy Consultation!