Unleash Your Practice’s Potential: Differentiation and Cash Flow Mastery
Bulletproof Dental Practice Podcast Episode 308
Hosts: Dr. Peter Boulden & Dr. Craig Spodak
Guests: Dr. Trey Tippit & Dr. Dwight Peccora
https://oembed.libsyn.com/embed?item_id=27638952
Key Takeaways:
- Business owners and leaders should set a clear vision for their teams to follow
- Investing in team development should not be feared, as it leads to better outcomes
- Differentiation strategies for dental practices – using Google Analytics, Google Tag Manager, and Google Search Console
- Understanding analytics and data migration is crucial for business success
- Personal runway and transparency in business negotiations
- The power of the multiple model
- EBITDA and its importance in dentistry
- Private equity’s focus on cash flow and value impact
- Due diligence is crucial when buying a dental practice, focusing on patient numbers, tax returns, and economies of scale
- The significance of cash flow statements for tracking expenses and trends
- Leverage is a key factor in generating wealth, and financing depreciating assets should be considered carefully
- Reflecting on past financial mistakes is advised for better financial decisions
- Leverage can extend beyond debt and involves various types of balance sheets and financial analysis
- Arbitrage = the difference in prices for practices in different environments
References:
Bulletproof Summit –
Mighty Networks: Bulletproof Dental Practice
Tweetable: You as the business owner and a leader just need to set up a vision that where you want to go and then be clear and then let your team fill that space.
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