Welcome to the Hey Docs! Podcast with your host Jill Allen. Today, I am so excited to have a couple of my past clients by Drs. Steven Oliver and James Donaghey are on the show to discuss their recent practice acquisition. With James transitioning toward retirement and Steven stepping into ownership, they will share their insights on the challenges, surprises, and key strategies for making a smooth practice transition.Let’s get into it! SummaryIn this episode of Hey Docs!, James and Steven discuss the process of transitioning an orthodontic practice. James shares his decision to transition out of his practice and the factors that prompted him to do so, including age, changes in referral patterns, and a desire to have more control over his time. He also discusses the challenges of keeping the transition confidential and preparing the practice for sale. Steven then shares his decision to join James's practice and the factors he considered, such as the market, values, and treatment philosophy. They also discuss the decision to sell privately rather than to a DSO or OSO. Throughout the conversation, they emphasize the importance of aligning values and taking the time to build a relationship before making a decision. In this conversation, Dr. James Donaghey and Dr. Steven Oliver discuss the process of buying and selling an orthodontic practice. They share their experiences and offer valuable advice for orthodontists who are considering a practice transition. The conversation covers topics such as practice valuation, associate agreements, staff management, and handling work-related stress. Dr. Donaghey and Dr. Oliver emphasize the importance of open communication, compromise, and complete disclosure throughout the transition process. They also highlight the value of having a supportive team and mentors to navigate the challenges of practice ownership.https://orthomobile.com/https://www.instagram.com/oyster_ortho/https://www.facebook.com/oysterorthoQuestions for Drs. Steven Oliver and James Donaghey? Contact them at jbd@orthomobile.com or saoliver@oysterortho.com TakeawaysTransitioning an orthodontic practice involves careful consideration of factors such as age, referral patterns, and desired level of control over time.Confidentiality is crucial during the transition process to avoid negative impacts on referrals and public perception.Preparing a practice for sale involves updating systems, improving efficiency, and ensuring a clean and organized practice valuation.The decision to sell privately or to a DSO/OSO depends on individual preferences, financial goals, and the ability to maintain certain patient relationships.Building a relationship and aligning values between the senior and junior orthdontists is essential for a successful transition.Taking the time to shadow and observe the practice before making a decision can provide valuable insights and help determine if it is the right fit. Have a practice valuation to establish a firm basis for conversation and negotiation.Be open to suggestions and compromise during the transition process.Maintain complete disclosure to build trust and integrity in the deal.Find someone who aligns with your values and practice philosophy.Take the time to observe and evaluate systems and processes before making changes.Create a division between work and home to manage work-related stress.Invest early in retirement and be diligent with it.Focus on service and be a servant to your patients, staff, and community.Build a tribe of mentors and be curious, ask good questions, and be open to feedback.Chapters00:00 Introduction and Background05:08 James's Decision to Transition11:57 Confidentiality and Preparation22:47 Private Sale vs. DSO/OSO28:05 Steven's Decision to Join the Practice33:48 Aligning Values and Building a Relationship41:32 Building a Strong Team and Managing Staff46:12 Handling Work-Related Stress and Maintaining Work-Life Balance50:41 The Importance of Open Communication and Compromise54:11 Observing and Evaluating Systems and Processes58:01 Investing in Retirement and Focusing on Service01:01:33 Building a Tribe of Mentors and Being CuriousConnect With Our AdvertisersOrthoFi - startmoresmiles.comGreyFinch - https://greyfinch.com/jillallen/A-Dec - https://bit.ly/3ZtGyRFSmileSuite - http://getsmilesuite.com/Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com. If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode. New episodes drop every Thursday! Episode Credits: Hosted by Jill AllenProduced by Jordann KillionAudio Engineering by Garrett Lucero
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2024/11/281 時間 1 分
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