Today’s guest has had experience with both starting a practice from scratch and buying an already existing practice. In a previous Every Day Oral Surgery episode with Dr. Solomon Poyourow, we focused on the former, so today he is here to share the ins and outs of the latter. From the mindset that you should have when you enter into negotiations with the seller, through to what you can expect from the transition period, how to deal with contracts, and some of the major red flags to look out for when deciding whether you are going to do a deal, Solomon has valuable advice which will help to ensure that you don’t get taken advantage of, and which will make the process of acquiring an existing practice as smooth and painless as possible. Keep in mind that there’s a lot of deals out there, and you shouldn’t settle for anything that doesn’t feel right!
Key Points From This Episode:
- The practice that Solomon recently bought, and the unexpected surprises he was met with.
- Examples of the pro’s and con’s of keeping the previous owner involved once you buy a practice.
- How many sellers act after they have sold their practice.
- Recommendations for the transition period.
- Red flags that should make you think twice about buying a practice from someone.
- Why Solomon is in favor of a relatively short transition period.
- Issues that you may run into with staff when taking over a practice.
- Staff turnover that Solomon experienced when he bought his practice.
- The mindset that you should and shouldn’t have when you enter into a negotiation.
- Value that lies in talking to people about the deal that you’ve been offered.
- What to be weary of when starting a practice from scratch.
- The vital role played by front desk staff at a practice.
- Problems that surgeons who run boutique, cash practices are likely to run into when they try to sell.
- Solomon explains what the slowest part of the selling/buying process is.
- Challenges of recognizing red flags.
- How to convey the change in practice ownership to existing patients.
- Having staff members on your team is a key to success.
- The importance of not rushing.
Links Mentioned in Today’s Episode:
Dr. Grant Stucki Email — grantstucki@gmail.com
Dr. Grant Stucki Phone — 720 441 6059
Dr. Solomon Poyourow —
Everyday Oral Surgery on Instagram — https://www.instagram.com/everydayoralsurgery/
Everyday Oral Surgery on Facebook — https://www.facebook.com/EverydayOralSurgery/