Success Strategies for Dental Practice Owners

Sharon Seeberan, a serial entrepreneur and co-founder of Cloud Medspa, leverages her extensive healthcare background to revolutionize the aesthetic and cosmetically focused practices in the Bay Area. With a keen belief in the cloud medspa business model, she emphasizes its potential to allow practitioners to refocus on patient care while efficiently managing scheduling, space rental, and revenue generation through advanced software. Sharon particularly highlights the symbiotic relationship between aesthetic procedures and cosmetic dentistry, maximizing underutilized rooms in dental practices to generate additional revenue and reduce overhead costs. She advocates for transparency and is committed to

mentoring new practitioners, encouraging a collaborative environment that fosters growth and innovation within the industry.

Here’s what to expect this episode:

• Maximizing underused rooms in dental practices can lead to additional revenue streams by renting out space to practitioners.

• Cloud Medspa locations offer training, mentorship, and support for new aesthetic practitioners, creating a supportive environment.

• Practitioners using the system can earn between $200 to $400 per hour, making it quite lucrative with high-profit margins.

• Networking amongst practitioners at shared spaces leads to better marketing and revenue growth, enhancing business skills and increasing client retention rates.

• The software used for managing Cloud Medspa locations is cloud-based, streamlining the process of renting space and managing schedules.

• Effort for Practitioner Acquisition is crucial to help practitioners understand and take advantage of opportunities in the aesthetics industry.

• The Shared Space Model at Cloud Medspa empowers entrepreneurs to run their own businesses without the overhead costs of owning a space, generating rental revenue.

Connect with Sharon Seeberan:

https://www.linkedin.com/in/shannon-hay-seeberan-480b004/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

How does someone with over 30 years of dental consulting experience view the complexities of practice transitions and valuations?

Dr. Tom Snyder, a former Department Chair at the University of Maryland School of Dentistry and current faculty member at the University of Pennsylvania School of Dental Medicine, is a nationally recognized speaker, author, and consultant with over 30 years of experience advising dentists on strategic planning, practice valuations, and partnership formation. Currently overseeing valuation analysis for Henry Schein, he discusses dental practice transitions on host Stan Kinder’s podcast, emphasizing how location, cash flow, and physical plant impact value through three approaches: market, income, and asset. Dr. Snyder, who earned his DMD from the University of Pennsylvania and MBA from The Wharton School, stresses the importance of early transition planning (3-5 years ahead), covering financial planning and practice improvements, while noting the typical 6-9 month timeline for selling a practice due to challenges with due diligence, financing, and lease transfers. He highlights major lending institutions like Bank of America and TD Bank, noting dentists’ favorable loan repayment records, encourages prompt action considering economic uncertainties, discusses potential revenue growth when younger dentists introduce new procedures, emphasizes the value of professional consultation during transitions, and advises solo practitioners over 50 to assess their practice value and prepare contingency instructions.

Here’s what to expect this episode:

• Dental Financing Landscape: Dr. Tom Snyder outlines the major players in dental practice financing, emphasizing how smaller banks may engage due to the sector’s low default rates.

• Cash Flow is Key: The crucial role of cash flow in obtaining financing for dental practice acquisitions is underscored, contingent on a buyer’s clean credit history and qualification.

• Post-Acquisition Growth Strategies: The podcast explores the potential for revenue growth after practice acquisition, emphasizing the positive impact of new practitioners with diverse skill sets.

• Professional Guidance Matters: Stressing the importance of professional advice, hosts highlight the role of consultants and coaches in ensuring a smooth and successful dental practice transition.

• Strategic Exit Planning: Dr. Snyder advises solo practitioners over 50 to assess their practice value and prepare a letter of instruction, emphasizing the need for a proactive exit plan in unforeseen circumstances.

Connect with Thomas Snyder:

https://dentalpracticetransitions.henryschein.com/leadership/dr-tom-snyder/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

What led Dr. Kyle Gernhofer from his military experience to creating Denscore?

Kyle Gernhofer, a dentist and entrepreneur from northern Michigan, is the founder of Denscore, a direct-to-consumer dental navigation company established in 2019. Gernhofer’s perspective on Denscore is deeply rooted in his commitment to enriching the dental industry by creating a platform that educates consumers about their dental care needs. Drawing from his vast experience in the field, including a stint in the US Navy and a decade of running a private practice in San Diego, he aims to make dentistry more accessible and comprehensible for consumers. This commitment extends to Denscore’s business model, with strategic, non-dilutive investments and a strong focus on SEO strategies being employed to maintain the company’s mission. Gernhofer’s vision for Denscore is not just to aid consumers, but also to benefit dental practices by fostering a more informed patient base.

Here’s what to expect this episode:

• Military experience in the US Navy provided Dr. Kyle Gernhofer with skills and confidence for dental procedures.

• Dr. Gernhofer’s military experience led to his private practice and work at Denscore.

• Denscore analyzes user data to determine desirable dentists based on affordability, quality, and convenience.

• The Dental Practice Evaluation Algorithm evaluates dental practices based on experience, office hours, insurance participation, and payment plans.

• Importance of SEO in reaching a wider audience for the dental navigation tool and blog content.

• Denscore aims to enhance treatment decision support through AI learnings, work with DSOs, dental practices, and insurance companies.

Connect with Kyle Gernhofer:

https://www.linkedin.com/in/kyle-gernhofer-25abb8a/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

“I just never thought in all my life that I would be not practicing dentistry with my hands and that I’d be working with others to help them fulfill their dreams of ownership.” – Lauren McDonough

Dr. Lauren McDonough, the Vice President for Practice Ownership Development at Aspen Dental, brings her rich experience as a former multiple practice owner to guide and mentor future dental entrepreneurs. She champions the idea that aspiring dentists should maintain an open mind and conduct thorough research when exploring opportunities, ensuring alignment with an organization that shares their values and vision. With initiatives like “Preparing for Ownership or Partnership” and Aspen Dental’s Tag University, Dr. McDonough underscores the vital role of mentorship and development programs in fostering dentists’ professional growth and success. Her leadership not only empowers dentists through structured courses and cutting-edge technology but also encourages them to remain driven and focused on their personal and professional goals.

Here’s what to expect this episode:

• Dr. Lauren McDonough’s journey in dentistry began as a high school dental assistant, eventually leading her to own multiple practices showcasing growth and success in the field.

• Aspen Dental offers programs to guide dentists through different stages of ownership, from preparing for ownership to expanding influence as a multi-practice owner.

• Desired qualities in potential practice owners at Aspen Dental include leadership, determination, hard work, openness to feedback, and partnership.

• Aspen Dental’s ownership program allows dentists to fast track to ownership by joining an existing office or purchasing an established practice within the organization.

• Choosing to affiliate with a DSO or private practice should align with individual values, growth opportunities, and personal goals.

• Development, mentorship, and alignment with organizational values are crucial for early career dentists, with Aspen Dental offering programs like Tag University for ongoing development opportunities.

Connect with Lauren McDonough:

https://www.linkedin.com/in/laurenmcdonoughdmd/

https://www.dentaleconomics.com/resources/contact/14296210/lauren-mcdonough-dmd

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Matthew Odgers is a seasoned San Diego-based attorney recognized for his acumen in dental transactions within the dentistry field. With a rich background including eleven years of legal

experience, studying political science and international law in China, and working at a war crimes tribunal in the Netherlands, he has spent the past seven years particularly dedicated to dental law. Odgers strongly believes in the importance of experienced legal representation during dental transactions, considering these to be significant, intricate deals that necessitate

specialized knowledge. His perspective is shaped by his extensive experience representing both buyers and sellers in the dental industry and ensuring fair terms for associates. He also emphasizes the need for advanced negotiation of exit strategies, especially when selling to Dental Service Organizations, to safeguard the seller’s interests in unexpected circumstances. This underlines his overarching viewpoint that astute legal expertise is crucial for navigating

the complexities of dental transactions and securing favorable outcomes for all involved parties.

Here’s what to expect this episode:

• DSOs often receive higher valuations but may require sellers to work back for a couple of years post-sale, impacting dentists’ decision-making process.

• Understanding personal goals and objectives in the transition process is crucial for achieving desired outcomes in dental practice transactions.

• Negotiating fair terms in business transactions is essential for maintaining goodwill, preventing future issues, and achieving long-term success in professional relationships.

• Conducting due diligence on buyers in rollover equity transactions is crucial to ensure financial outcomes, equity realization, and alignment of cultural fit and treatment philosophies.

• Legal representation challenges in dental practice acquisitions can arise when attorneys take a rigid approach, bill hourly, and prioritize billable hours over the fairness of the deal.

• Selling a dental practice to a DSO involves negotiating exit terms, considering health issues, and understanding varying requirements and approaches of different DSOs.

• Transition Planning for practice owners involves mapping out the ideal transition plan, considering factors such as valuation, timeline, personal goals, and long-term objectives.

Connect with Jakes Goates:

https://odgerslawgroup.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Nicole Mackie is a renowned prosthodontist based in Las Vegas who was introduced to the field of dentistry at a young age through her father’s influence. When it comes to establishing her own practice, Mackie credits her success to drawing insights from experts in various fields, developing a team that shares her core values, and consistently expanding her knowledge through mentorship and networking. Her unique approach, shaped by her father, uncle, and other mentors, involves a focus on building a team not solely based on experience, but on personality and disposition, followed by extensive training to ensure alignment with her practice’s core values. She also consistently stays abreast of technological advancements, always looking for ways to improve and expand her practice. For Mackie, humility, perseverance, and a commitment to growth are crucial for establishing a thriving practice.

Here’s what to expect this episode:     

• Seek expert advice, embrace new technology, and network with peers to enhance patient care and practice growth

• Hiring based on personality and values leads to smoother onboarding and better fit within practice culture

• Utilize direct-to-consumer marketing and maintain relationships with referring dentists for practice growth

• Prioritize work-life balance for mental, physical, and emotional well-being to excel in the profession

• Seek mentorship opportunities to enhance professional growth and make meaningful connections within the dental community

Connect with Nicole Mackie:

https://www.linkedin.com/in/nicole-mackie-dds-ms-facp-5055a043/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Naomi Goldman, a seasoned aesthetic dentist with a deep familial connection to the profession,

has become a prominent figure in the field through her innovative approach to patient loyalty and practice growth. Having taken over her father’s practice in 2014, Naomi has successfully transitioned the practice to a fee-for-service model, emphasizing the importance of building strong patient relationships and offering exceptional customer service. She believes that creating a comfortable, spa-like environment and utilizing advanced technologies such as 3D scans and soft tissue lasers not only enhances patient experiences but also sets her practice apart from competitors. Through strategic marketing on Instagram and investing in her team, Naomi has doubled her patient base, illustrating her commitment to fostering a collaborative environment and ensuring sustained practice growth.

Here’s what to expect this episode:

• Transitioning from in-network insurance to fee-for-service requires focus on patient retention and technology investments.
• Building trust, offering customized experiences, and excellent customer service are key to retaining patients during the transition.
• Marketing on platforms like Instagram attracts cosmetic-focused patients and aids in the transition to fee-for-service model.
• Utilizing Instagram, thank you cards, and valuable information contributes significantly to practice growth.
• Elevating patient experience through consultations, new patient gifts, and comfort menus is crucial for setting the practice apart.
• Incorporating soft tissue laser applications during hygiene visits improves patient experience by reducing inflammation and bleeding.
• Investing in staff through bonuses, goal setting, and profit-sharing is essential for practice growth and success.

Connect with Naomi Goldman:

https://www.linkedin.com/in/naomi-goldman-5216018a/

 URL:  https://www.levygoldmandentistry.com/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Rachel Karfeld is a seasoned professional whose career underscores the vital role of business

management in dentistry. Transitioning from a corporate trainer to a senior consultant at the Levin Group, Rachel has amassed a wealth of experience working with hundreds of dental practices, focusing on empowering dentists to excel not just clinically, but also in business operations and leadership. Her perspective is clear: while clinical skills are essential, an understanding of the business side of dentistry is crucial for achieving true success and personal fulfillment. As the director of customer success at the Dawson Clinical Education Program, Rachel continues to champion the integration of clinical excellence with business acumen, offering programs that emphasize leadership, team alignment, and strategic financial planning to enhance practice efficiency and growth.

Here’s what to expect this episode:

• Combining clinical education with practice management to assist dentists in becoming successful business owners
• Investing in leadership and management development to empower dental practice owners
• Prioritizing personality fit and capability to learn in hiring practices for dental offices
• Standardizing processes and implementing a systems-based approach for consistent performance in dental practices
• Encouraging cross-training between clinical and administrative teams to improve collaboration and efficiency
• Offering specialized business-focused courses to bridge the gap between clinical expertise and business acumen
• Considering negotiations and maintenance of fee schedules in the decision-making process of exiting insurances

Connect with Rachel Karfeld:

https://www.linkedin.com/in/rachel-karfeld-mba-72573b12/

 URL:  https://thedawsonacademy.com/live-course/complete-care-consulting/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

David Kaminski is a veteran entrepreneur with a business background stretching over 25 years, beginning in the service industry with window cleaning before branching into SEO strategies.

As the founder of Terminator Marketing, Kaminski specializes in SEO tactics uniquely designed for dentists, guiding them on the most effective ways to attract free online traffic to their websites. His perspective on SEO strategies for dentists is largely shaped by his belief in the power of transactional search terms, which he asserts are key to directing engaged and relevant traffic to dental websites. Furthermore, Kaminski distinguishes between SEO and

SEM strategies, highlighting the value of organic search visibility over paid search exposure. He encourages the use of video content and effective SEO techniques to enhance website content and attract more patients without the need for reliance on paid advertisements.

Here’s what to expect this episode:

• SEO involves configuring your website to show up for search terms in the organic search results, making it a cost-effective long-term strategy for increasing online presence and driving traffic.
• Blogging for dentists is essential for creating informative content that educates patients and improves SEO rankings.
• To improve SEO, dentists should focus on creating blog posts with specific titles and content, using tags effectively, and collaborating with peers in the industry.
• Registering your business and getting a Google business listing is essential for building online authority and boosting visibility.
• Structuring content properly is crucial for improving online visibility and attracting potential customers in the dental industry.
• Negotiating win-win deals is crucial in business transactions to establish long-lasting and successful partnerships.

Connect with David Kaminski:

https://www.linkedin.com/in/david-kaminski-370684241/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Stan Kinder engages with Kirk Teachout, a notable figure in the dental industry celebrated for transforming his wife’s dental practice into a thriving enterprise. This success spurred him to create a coaching business aimed at leading other dentists and practice owners to similar triumphs. Stan opens the conversation by highlighting his goal to introduce the audience to thought leaders offering valuable insights for success. Kirk recounts his unique transition from the music industry to dentistry, emphasizing how he leveraged his marketing and audience engagement skills in his wife’s practice. Despite lacking business experience in dentistry, the couple ventured to purchase a rural practice, facing the unexpected challenges of COVID-19 shortly thereafter. This situation prompted a strategic overhaul

that not only increased their productivity but also collections, despite a reduced number of operating days. Kirk discusses the effective practice management strategies they implemented, such as optimizing schedules and enhancing treatment acceptance, which maintained high production levels. He shares a story about an associate whose daily production soared under their new system, affirming the efficacy of their methods and inspiring Kirk to offer his

insights through coaching. Transitioning to the strategies in his coaching business, Kirk stresses the importance of scheduling efficiency and treatment acceptance, how these have boosted production and collections without burdening staff, and recounts success stories from clients that underscore the effectiveness of his approach. He also tackles common industry misconceptions, advocates for leveraging existing skills rather than chasing new qualifications, and shares his perspectives on practice ownership and insurance management. The episode wraps up with Kirk providing invaluable advice for aspiring practice owners and details on how to reach him for coaching services.

Here’s what to expect this episode:

• Learn about the importance of scheduling efficiency and how innovative approaches to practice management, such as reducing working days, can lead to increased productivity and collections without sacrificing the quality of patient care.
• The significance of building trust with patients and focusing on treatment acceptance. Kirk Teachout emphasizes that a high treatment acceptance rate, achieved through effective communication and trust-building, can significantly enhance a practice’s success.
• Hear the story of how Kirk and his wife navigated the challenges of COVID-19 shortly after purchasing their practice demonstrates the importance of resilience and adaptability in the face of unforeseen circumstances, and how these qualities can set the stage for unprecedented growth.
• Discover Kirk’s approach to insurance management and practice ownership, including his transition towards a fee-for-service model and his decision to keep the practice small for simplicity and effectiveness, provides valuable insights into making strategic business decisions that align with one’s personal and professional goals.
• Learn the necessity of strong leadership and investing in team training. Kirk discusses how nurturing a positive office culture and investing in team development can lead to a more efficient, harmonious work environment, ultimately reflecting in the practice’s success and patient satisfaction.

Connect with Kirk Teachout:

https://www.linkedin.com/in/kirk-teachout/

Connect with Stan Kinder:

https://www.everythingdso.com/

Learn more about your ad choices. Visit megaphone.fm/adchoices