Our special guest today, Dr. Lee Maddox, who has a massive amount of experience in the area of practice transitions brings a very unique perspective since he is a Dentist and an Attorney with a focus on practice transitions.
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Practice transitions are a topic that is of interest to all Dentists. At some stage in your career you are likely to buy or start a practice, and hopefully after many years of success in practice you are likely to sell your practice. In these situations, you want to handle the transactions right the first time!
Buying or selling a dental practice is so much different than buying or selling any other commodity because a dental practice is so very personal. Most Dentists pour their heart and soul into their practice and they really do want to ensure that their legacy continues to the next generation.
Let’s also keep in mind that the most valuable part of any practice is the patient base and this patient base is under no obligation to see the new dentist. However, the great news is that when a practice transition is done properly the vast majority of patients will stay with the practice and patient attrition is very low. That was the case with Gary’s practice and Lee can help guide you to a positive outcome as well. I am looking forward to hearing this interview and helping our listeners with useful advice from a seasoned pro!
You can further learn:
- For dentists who are looking to buy a practice, what are the most common mistakes made and how can buyers avoid these mistakes?
- Now, let’s look at transitions for the sellers. What are the most common mistakes that sellers make and how can sellers avoid these mistakes?
- Let’s realize that many listeners to this show may be a few years away from a sale. What are the things that Dentists should be doing in advance to help make a smooth and successful transition?
This is one area where it is very important to have a guide to help you avoid the many pitfalls.
Dr. Lee Maddox will serve as your guide in this episode. He has helped many Dentists successfully buy or sell their practice.
Tune in now!
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!