182. What Makes a Valuable Practice

In Episode 182 of the Savvy Dentist Podcast, we are going to have a valuable conversation with Lisa Singh, and we are going to talk about how to create a valuable business, a topic that is very near and dear to my heart. We’ll be discussing the drivers of value, how to maximize it, how to position your practice for sale, and ultimately creating the most valuable business that you can.

Lisa has a degree and background in business and dentistry. She is uniquely positioned to understand what corporates are looking for as they buy practices, the key ingredients that must be in place, negotiating deals and terms. She is working as a practice broker which enables her to see both sides of the situation.

In this episode we discuss:

  • 03:24: The story of how Lisa found her way into this kind of work.
  • 06:23: Trends that have shaken the way dentistry is done in Australia and overseas and where is it going?
  • 07:55: Lisa’s career at Dental Partners now Maven Dental Group.
  • 09:55: Things that corporates look for when acquiring a practice.
  • 12:02: Risks that need to be addressed from the perspective of the practice purchaser.
  • 13:57: The importance of a business plan in assisting the acquisition of a business.
  • 15:40: Other factors in getting your business multiple.
  • 17:56: Ranges of multiples that are accepted in the marketplace.
  • 19:04: Integrating your practice smoothly with the corporate purchaser and making the transition easier.
  • 22:19: Emotionally preparing for the sale of your practice.
  • 23:03: The differences and similarities of selling privately and selling to a corporate.
  • 24:44: How preferred providerships influence value.
  • 25:32: Preparing for selling your practice.
  • 28:28: Being flexible in your thinking.

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