How To Sell Your Practice For a Bunch of Money

The Bulletproof Dental Podcast Episode 382

HOSTS: Dr. Peter Boulden and Dr. Craig Spodak

GUESTS: Dr. Dwight Peccora and Dr. Trey Tippet

DESCRIPTION

The hosts discuss key aspects of running a successful dental practice, including financial management, business systemization, and practice valuation. They emphasize transitioning from people-dependent to system-dependent operations through standardized processes and effective team training. The conversation covers industry consolidation, political impacts on dentistry, and strategies for practice growth and eventual sale.

TAKEAWAYS

  • Building a resilient business makes it more desirable for potential buyers.
  • Understanding financials is crucial for making informed business decisions.
  • Dentists often struggle with interpreting their P&L statements.
  • Emotional bandwidth is necessary to engage with business management.
  • Entrepreneurship requires a shift in mindset from clinical work to business strategy.
  • Learning from financial data helps avoid emotional decision-making. 
  • Focus on a few key metrics to track your business performance.
  • Owner independence is desirable for attracting investors.
  • Creating a robust hygiene program can enhance profitability.
  • Intentionality in business design is crucial for success.
  • Repeatability in processes leads to scalability and stability.
  • Don’t let fear of numbers prevent you from tracking your business.
  • A good test of owner independence is how the business performs in your absence.
  • Standardization and simplification are key to success.
  • Retention improves when employees have clear processes.
  • Understanding payroll structures helps in managing costs.
  • Automation can streamline operations and improve access to information.
  • Preparing for summits fosters collaboration and knowledge sharing.

CHAPTERS

00:00 Reunion and Roasting

03:06 Political Prognosis for Dentistry

06:12 Selling Your Practice for Profit

11:56 Growth and Industry Dynamics

14:58 The Importance of P&L Interpretation

17:54 Visualizing Financial Data

20:56 The Entrepreneurial Journey

29:18 Understanding Financial Foundations

34:03 The Journey to Owner Independence

47:21 Intentionality in Business Design

53:24 Transitioning to System Dependence

01:01:47 Maximizing Profits and Financial Clarity

01:04:25 Preparing for the Upcoming Summit

REFERENCES

Bulletproof Health Retreat 2025 

Bulletproof Summit

Bulletproof Mastermind

Blog

State of Dentistry

, May 2, 2024

Who’s Got the Monkey

, April 17, 2024

Enrolling More Dentistry

, April 17, 2024

Freedom of Direction

, March 8, 2023

ALWAYS BE RECRUITING

, November 23, 2022

Bulletproof Storytime

, May 18, 2022

Mastermind Announcement

, May 14, 2022

Reduce the Friction

, March 30, 2022

Heroin and a Salary

, December 22, 2021

How it Started, How it’s Going

, December 10, 2021

All things Real Estate – Part 2

, November 24, 2021

All Things Real Estate – Part 1

, November 17, 2021

How To Talk To Your Team

, November 3, 2021

Your Revenue Doesn’t Matter

, October 21, 2021

Summit Wrap Up 2021

, July 28, 2021

Debt Repayment Methods

, June 16, 2021

Bottlenecks to Revenue

, June 9, 2021

The Bulletproof Pathway

, March 17, 2021

Comfort Zone & Lifestyle Creep

, February 17, 2021

1 VS. 5 Locations

, February 10, 2021

Team Alignment is EVERYTHING

, February 3, 2021

Work As Hard As You Can

, December 9, 2020

Becoming a Thoroughbred

, November 27, 2020

Dealing with Upset Patients

, October 22, 2020

Team Compensation Negotiations

, September 17, 2020

The Risk of Burnout

, September 9, 2020

When to Expand

, August 27, 2020

Don’t Blow Your Ask

, July 16, 2020

Your Last Dance

, June 2, 2020

Looking for Silver Linings

, April 7, 2020

HR Answers in a Corona World

, March 19, 2020

The Summit Recap

, March 3, 2020

Dr. Baird is BAAACK!

, February 20, 2020

The Insurance Conundrum

, January 9, 2020

2020: Your BEST Decade Yet

, January 2, 2020

Leadership with Dr. Jenny Perna

, December 19, 2019

Smartest in the Room

, September 19, 2019