Episode 644

4 Exit Strategies to Consider

Host: Gary Takacs | Published Date: May 15, 2024 | Listening Time: 0:50:38

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Is your dental practice a dream…or a golden cage?  Building a successful practice takes years, but what happens when you’re ready to cash in or simply step back?  This episode reveals the hidden exit strategies many dentists don’t even know exist!

Escape the dentist’s chair (figuratively)!  This episode dives deep into the often-ignored topic of exiting your dental practice.  Learn the four key strategies successful dentists use (selling traditionally, partnering, DSOs, or staying put) and discover the critical planning step most neglect that could cost them dearly.  Take control of your future and unlock the value you’ve built.

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    CIA Segment

    • 00:11:05 – “Start with the End in Mind”: Discussing the importance of exit strategies for business owners and the impact on practice value.
    • 00:13:18 – “Increasing Practice Value”: Exploring ways to enhance the value of a dental practice, drawing parallels with home improvements.
    • 00:15:11 – “Patient-Centric Practice”: How focusing on patient care and experience can enhance the overall value of a dental practice.
    • 00:21:07 – “Four Exit Strategies”: Overview of the four main exit strategies for dental practice owners: traditional sale, partial sale, selling to a DSO, and no exit plan.
    • 00:31:03 – “Continuing to Own the Practice”: Discussing the option of retaining ownership of the practice and its potential benefits in certain circumstances.

    Q&A Segment

    • 00:32:57 – Q1- 1. When is the appropriate time to start serious planning about an exit strategy?
      Schedule a Coaching Strategy Meeting- www.thrivingdentist.com/coaching/ 
    • 00:36:30 – Q2- Regarding your 2nd option of selling part of a practice, a) do you have any guidelines on what percentage I should make available to a potential partner, and b) how to find a partner?
    • 00:39:33 – Q3- You have opened my eyes to the potential of selling to a DSO. What criteria would you use to determine if this is the right option for me?
    • 00:45:25 – Q4- I am intrigued by your option number 4. However, I am also concerned that if I step away from day-to-day dentistry, the practice won’t continue to grow. How can I help ensure that it does?

    Schedule a Free Marketing Strategy Meeting – www.thrivingdentist.com/marketing-strategy-meeting/ 

    Schedule a Coaching Strategy Meeting – www.thrivingdentist.com/coaching/ 


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    Gary Takacs

    Gary Takacs Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe.

    As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.

    More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!
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    Podcast Assistance by Jodey Smith, Rodecaster Expert