Episode 649

Increasing the Value of Your Practice Every Year

Host: Gary Takacs | Published Date: June 19, 2024 | Listening Time: 0:44:16

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This episode discusses the importance of increasing the value of a practice every year, especially for early practice owners. It emphasizes the importance of constantly improving and increasing the value of a practice, even if it’s not sold later in life. The most valuable asset in a dentist’s net worth is their practice, which can be the value of their home, practice, or other investments. The value of a practice is likely to be a significant part of their net worth, and it’s not taxed until a transaction. This strategic investment in one’s practice can be customized based on factors like clinical mix of services, whether it’s a solo or multiple doctor practice. The episode emphasizes the importance of focusing on the value of a practice and its potential benefits.

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    • 00:00:27 – Introduction
    • 00:00:49 – Announcements
    • 00:02:33 – Marketing Tip by Dr Ryan Davies on “How to identify the source of every one of your new patients.”

    CIA Segment

    • 00:08:15 – Reduce your overhead
    • 00:08:30 – Increase the value of your practice every year, your practice is worth more than it was before.

    Q&A Segment

    • 00:27:06 – Q1 – In your second example, I noticed that particular practice production decreased from 1.9 to $1.8 million. Is that a typical result from resigning from P P O plants?
    • 00:29:25 – Q2 – What valuation models do? DS OS typically use?
    • 00:37:18 – Q3 – The difference between your usual fee and your contracted fee as a marketing expense?
    • 00:40:20 – Q4 –  How do you know when you’re ready to add that associate doctor?


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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