In the business world, Mergers and Acquisitions are a common strategy to drive growth. However, in dentistry, it is somewhat of a rarity. In this episode, Gary and Naren discuss why a merger or acquisition, if done right, may prove to be one of the most effective ways to grow your practice.
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Many practices do not have a large enough active patient base to achieve their growth goals. One way to supercharge your patient base is to acquire a practice and merge it into your current practice. Gary is well experienced in this as he has done it with his dental practice and helped many other practices do the same through his coaching work.
Throughout this episode, Gary will teach you how to identify opportunities and successfully leverage them.
We have also got a useful clinical tip on shade matching and color communication from Doctor Frank Vidjak. Listen Now!
Time Stamps
- 00:00:23 – Intro
- 00:01:30 – Clinical Tip from Dr. Frank Vidjak – Shade matching and color communication
- 00:06:46 – Gary talks about how merging practices has helped his practice LifeSmiles.
- 00:09:08 – What are dentists struggling with right now?
- 00:14:41 – How do you find a candidate to merge your practice with?
- 00:19:37 – What does Gary hear in terms of actually implementing a merger during COVID?
- 00:22:15 – What to consider when you’re planning to merge your practice.
- 00:25:35 – How do you value or price a practice?
- 00:27:23 – Do you keep the Team Members of the practice you merge with?
Q&A Segment
- 00:34:49 – Question 1 – Are there strict rules or guidelines regarding how far away a practice can be from my existing practice to successfully merge it into my own?
- 00:38:16 – Question 2 – Gary, how can I find potential practices in my area that might be a possible merger and acquisition candidate?
- 00:39:57 – Question 3 – I know you have talked about merging a practice into an existing practice, but I am actually thinking about approaching this in the opposite way. My existing office is too small and in need of a major remodel. Could it be useful for me to find a practice to purchase that has a more ideal facility and move my existing practice into the location of the practice I purchase?
- 00:44:07 – Question 4 – I may have found a potential merger and acquisition practice. However, the equipment is very old and virtually worthless. Do you have any suggestions on how to talk to the seller about the useless equipment?
- 00:50:48 – Question 5 – If the seller is interested in helping with the transition, how can this be structured?
Resources
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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!