The Dentalpreneur Podcast w/ Dr. Mark Costes

In this podcast, the hosts discuss the dynamics of consolidation in the dental industry, the role of DSOs, and the keys to a successful transition. They also delve into Ross Brannon's journey into financial planning and his experiences working with dentists. From selling a dental practice to learning about DSI and getting connected, this episode is filled with valuable information and entertaining anecdotes.

Dr. Mark Costes, a dental industry specialist, discusses practice management, challenges faced by dentists, and thoughts on industry consolidation. He shares his journey from dental school to entrepreneurship and the importance of understanding financial aspects of owning a dental practice. The conversation also explores financial opportunities in dentistry, including selling to DSOs. Additionally, the benefits of delegating tasks and hiring a personal assistant are highlighted.

Learn about the crucial aspects of dental real estate, including lease negotiations and financial planning for practice startups. Discover the significance of demographics and site selection, as well as the importance of evaluating space before making commitments. Plus, explore the Dental Success Network's comprehensive platform for dental professionals.

On today's episode of the Dentalpreneur Podcast, host Dr. Mark Costas welcomes Dr. Michael Lowe, a seasoned dental professional with over 14 years of experience. Dr. Lowe shares his unique journey from the greens of the golf course to the leader of a thriving dental practice. The conversation uncovers the realities of entrepreneurial growth within the dental industry, the importance of building a strong team, and the challenges of staffing in today's market. Additionally, Dr. Lowe discusses his innovative venture, Tef Ball, providing a rare glimpse into the invention process within the dental field. Don't miss this insightful discussion on the blending of clinical expertise and entrepreneurial spirit in modern dentistry. From the onset, Dr. Michael Lowe details his unexpected transition into dentistry, highlighting the determination required to switch careers and excel in a new field. As Dr. Lowe recounts his expansion from solo practice to a multi-location enterprise, he underscores the steep learning curve he navigated and the critical role his support staff played in his success. Staffing challenges have not deterred him; instead, Dr. Lowe emphasizes the significance of fostering a strong team culture for retention in a competitive landscape. The episode also dives into Dr. Lowe's inventive side with the development of Tef Ball, a product aimed at improving dental implant procedures, illustrating the lengthy and intricate journey from conception to market-ready product. To learn more about Dr. Michael Lowe's innovative work and to get a closer look at Tef Ball, visit https://tefball.com/. Join us for a discussion that's as much about the entrepreneurial journey as it is about the dedication to dental excellence. EPISODE RESOURCES https://tefball.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Dr. Mark Costes discusses systemization and calibration for dental practices, including the Elite Practice Blueprint and the APE framework. He explores ideal expense ratios, transitioning to practice ownership, and managing fixed and variable expense ratios. Additionally, he highlights the significance of identifying KPIs and primary objectives in a dental practice. The importance of an operations manual and authorship is also discussed.

On today's episode, we're joined by Trey Tepechin, the innovative CEO and co-founder of Cloud Dentistry. Trey shares his fascinating journey from Harvard Law School to revolutionizing dental staffing. Listen as we explore the inefficiencies of traditional legal practice, the inspiration behind Cloud Dentistry, and how the platform is addressing current challenges in the dental industry." Dive into the world of dental staffing with Trey Tepechin, as he recounts his transition from law to dentistry and how his desire for efficiency led to the birth of Cloud Dentistry. Trey discusses the contrast between his time as an attorney and the creation of a tech platform that is reshaping how dental practices hire staff. As a result of COVID-19, the dental industry faced a significant shortage of professionals, particularly hygienists. Cloud Dentistry responds by unlocking 'fractional units of labor,' allowing dental practices to tap into a wider pool of part-time professionals to fill their staffing needs. This platform offers an alternative to the traditional staffing model, cutting out placement fees and enabling a more direct and cost-effective hiring process. Trey also shares insights on the legal nuances and challenges of using 1099 workers and the platform's success in navigating these complexities. To learn more about how Cloud Dentistry is pioneering change in the dental industry and for a chance to connect with Trey Tepechin, visit www.clouddentistry.com. EPISODE RESOURCES www.clouddentistry.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

On today's episode, we continue our conversation with Brannon Moncrief, focusing on part 2 of our series on dental practice transitions. Brannon takes us deeper into the financial intricacies of recapitalization events within private equity, strategies for investment returns, and the compelling role of leverage in enhancing these returns. We also discuss the crucial support financial advisors offer to dental practice owners during sales, and why a sell-side advisor could be a game-changer in your transition strategy. Part 2 of our series with Brannon Moncrief offers a comprehensive look into the financial mechanics behind private equity's involvement with dental practices. We dissect recapitalization events, or 'recaps', and their significance for practice owners and investors. Brannon demystifies how private equity firms achieve substantial returns through strategic cost-averaging and leverage, illustrating these concepts with a real estate investment analogy. We also delve into the importance of financial advising during the sale of a dental practice, examining how expert guidance can be the difference between a good and a great sale outcome. Brannon contrasts the approaches to selling a dental practice, highlighting the advantages of employing a sell-side advisor versus direct dealings. Lastly, we explore the full spectrum of services that sell-side advisors provide, detailing how they support clients from the inception of the sale idea to the final transaction. To gain further expertise on navigating the complexities of dental practice sales and to connect with Brannon Moncrief, visit https://dentaltransitions.com/. And if you haven't already, make sure to go back and listen to part 1 of our discussion to get fully up to speed with the valuable insights shared. EPISODE RESOURCES https://dentaltransitions.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

On today's episode, join us for a discussion with Brannon Moncrief, a seasoned expert in dental practice transitions. We delve into the market dynamics reshaping dental practice sales, the vital role of sell-side advisors, and the changing landscape of DSO activity. Brannon offers his unique perspective on what DSOs seek in acquisition targets and how evolving DSO models impact dentists' roles post-affiliation. Tune in for strategic insights on valuation tactics used by DSOs and private equity firms in the dental space. In part one of our discussion with Brannon Moncrief, we dive into the shifting currents of the dental practice sales market. Brannon unpacks the trend of younger dentists entering the seller's market and the increasing attention from private equity, which is significantly influencing practice valuations. He underscores the critical role sell-side advisors play in enhancing economic outcomes for sellers by negotiating favorable deal structures. We also examine the evolving purchasing behaviors of DSOs, especially under the influence of current economic factors like tightening capital markets. Brannon sheds light on the attributes that make a dental practice an attractive buy for DSOs, from the seller's profile to the practice's operational structure. Furthermore, he discusses how DSO affiliations are transforming, granting doctors greater post-sale autonomy and how these changes affect the valuation process. The conversation rounds out with a detailed analysis of the strategies and tactics DSOs employ in valuing dental practices, revealing how EBITDA adjustments, equity terms, and multiples are utilized in deal-making. For more insights into the dental transitions landscape and to connect with Brannon Moncrief for expert advice on navigating your practice sale, visit https://dentaltransitions.com/. Don't forget to stay tuned for part 1 tomorrow for more invaluable knowledge on making the most of your dental practice transition. EPISODE RESOURCES https://dentaltransitions.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Join Dr. Mark Costes and Sydney Robinson as they discuss managing growth, handling professional relationships, and cultivating a positive practice culture. Topics include reaching capacity limits, expanding physical space, PPO plan management, adjusting office hours, and addressing conflicts with team members who are also friends.

Join Dr. Mark and guest Dr. Ben Kacos as they discuss effective patient communication, case acceptance strategies, and re-engaging patients. Learn about avoiding technical jargon, using varied contact methods, and tailored offers. Enhance patient interaction from initial contact to treatment presentation with practical insights and a patient-centric approach in dental practices.