Being Ready With Mary Fisher-DayMar 30, 2022
If something happened to you today, what would happen to your practice? If you become disabled or die, do you have a plan for your practice? This is a difficult topic, but it is one that is essential to address. Unexpected things happen, and I want to make sure you are prepared to protect your practice’s value and legacy. In this episode, I welcome Mary Fisher-Day who is a personal practice transition advisor. Mary says, “I help dentists who are unprepared and underrepresented work through the transitions in their lives - specifically buying and selling a dental practice,” and she also helps them to prepare to buy or sell a practice. With a career in practice management and practice transitions, Mary has a wealth of information and experience to share with you to help you protect the value of your practice.
As dentists, we need to be prepared for the transitions of our practices so that we can protect their values if something happens to us: Accidents, illnesses, and medical emergencies can be catastrophic to a dental practice if the proper steps have not been taken to prepare for a smooth transition of the practice. Being prepared - or NOT being prepared - greatly affects many lives: those of our own families as well as those of our employees and their families. In this information-packed conversation, Mary explains what to do right NOW to create a plan for the future of your practice and ultimate transition to a new owner. From explaining the vital need for a current practice evaluation to creating an emergency directive and much more, listen now as Mary shares incredibly valuable steps to take and information to know and understand as you protect your practice!
Highlights from this episode:
- Understanding what “dual representation” means
- How and why buyers and sellers are usually underrepresented
- The necessity for a baseline practice evaluation and why it is the most important piece of information to have
- How fast the value of a dental practice falls when a dentist dies
- What an emergency directive is and why it is critical
- Smart ways to keep your practice valuable and be prepared to sell anytime you wish
- The importance of “buyer’s perception”
- Why you should consider incorporating “prepayment” into your business practice
- What buyers want
- A close look at profit numbers and what “add backs” are and why they matter
- Private buyers and DSOs
- Resources to learn more about selling your practice
Resources and links mentioned:
- Mary’s website: Thedentalbusiness.com - free checklist for an emergency directive or to contact Mary
- Business of Dentistry Facebook: Business of Dentistry
- Dental Nachos Facebook: Dental Nachos
- Watch Laura's podcasts on YouTube: Love Your Practice!
- Laura’s email: [email protected]
- Laura’s website: LoveYourPractice.net
- Laura’s podcast: Love Your Practice!
- Laura’s TikTok: https://www.tiktok.com/@drlauramach
- Laura’s Instagram: https://www.instagram.com/drlauramachdds/?hl=en
Laura’s Facebook pages:
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