Frequently Asked Questions
What is a practice valuation?
A practice valuation is a formal opinion prepared by a dental broker that gives the current market value of the practice based on a variety of information from the practice. Some of the documents necessary to assess the value will include financials, practice management reports, facility information, equipment information, staffing information, transition plans, and more.
Can Dental Strategic help me with a valuation of my practice?
Yes, we can conduct your practice valuation and will walk through the entire process with you.
What are the benefits of a practice valuation?
Understanding the value of your practice will help with retirement planning, selling your practice (all or a portion), planning for the next 5-10 years (or more), and identifying strengths and weaknesses to maximize value when it is time to sell.
When and why would I need my practice valued?
Situations that may require a valuation can range from retirement planning, bringing on an associate, the buy-in of a partner, buy-out of a partner, selling the practice, business planning for the future, estate planning, and more.
Can you help me sell my practice?
Yes, we can! Dental Strategic has a long history of helping transition practices from one owner to another. We also help doctors navigate the process for partnerships, such as an Associate buying into a practice. It will be necessary to get an updated value on the practice prior to putting it on the market.
Where and how do you find buyers for my practice?
We start by helping figure out what type of transition is possible and desired. Then we market directly to a proprietary database and to various platforms that can amplify those opportunities. We also network with the Dental Schools, Industry Professionals, and Dentists that want to practice in our footprint.
Associate Placement and Staffing Needs
How do I know if I need an Associate?
We recommend bringing on an Associate if and when you aren’t able to keep up with customer demand and are bringing in enough in collections to comfortably support both you, and an associate, financially. If you want to discuss whether it makes sense to bring on an Associate given your current situation, let’s connect!
I need an Associate for my office. Does your team help with staffing needs?
Yes, we have multiple platforms we utilize, as well as our database and full-scale applicant tracking system that we use to help source Associates. To learn more about our staffing service and whether it’s the right resource for you, click Here.
Does your team also help find other staff? Dental hygienists? Dental assistants? Front office help?
Absolutely, we can source any opening that you might have within your office. We have historically staffed for Assistants, Hygienists, Front Office Administrators, Office Managers, and Clinical Coordinators, but we have the tools to help staff other skill sets as needed. If you need help finding office staff and would like to learn more about what we can offer, let’s connect!
I am looking for a new opportunity. Can Dental Strategic help me?
Of course! We would love to help you find your next career home. Depending on what you’re looking for, we can send you any current and future opportunities that align with your goals. To connect about what opportunities we have available, or to be notified about any future opportunities, click Here.
Starting My Own Practice/Expansion
How do I start my own practice?
Long version shortened – with a carefully picked team! There are many different components to consider when starting your own practice. These are things that span from “how do I pick the right location for my practice?” to “what types of insurance will I accept upon opening my doors?”. We can help you lay out a step-by-step plan (including a business plan and projections), as well as put you in contact with some great resources as potential team members. If you want to learn what the full process looks like to start your own practice, connect with us or click Here.
Should I expand my current practice or move to a new location?
There are a lot of factors that go into a decision to expand or relocate a practice. Some of which are patient demand, schedule, financials, current real estate (purchased vs leased), number of staff, and more. If you’re interested in discussing whether expansion or relocation is right for your practice, let’s connect!
Consulting/Growing My Practice
Can Dental Strategic help my practice become more profitable?
Yes! This can be done by looking at various areas of your practice including financials, practice management reports, and real-time patient demographic reports to see where you are currently at, where you want to be, and how to get there.
Can you help me analyze my fee schedule?
Yes, we have members that are trained on how to walk through your fee schedules to set you up for success.
Can Dental Strategic introduce me to lenders and other professional partners (i.e., CPA, attorney, financial advisor, insurance, credentialing)?
Absolutely! Depending on your need, we will get you connected with as many relevant, qualified resources as possible and even help with an introduction.
Where am I able to get merchandise and equipment?
One of our partners and parent company, NDI, is an excellent resource for any doctors looking for a reliable, ethical, and relationship-based source of merchandise and equipment. You can connect with them Here.
I am a new graduate. What kinds of opportunities are out there for me and what are some things I should be thinking about before deciding what do pursue?
There is no shortage of opportunities out there for new graduates, whether that’s stepping into private dentistry, corporate dentistry, a residency program, teaching, or even starting your own practice. The “perfect next step” is different for everyone and heavily depends on what your medium and long-term goals are. It’s important to set yourself up to grow clinically, professionally and personally to align with those goals. If you would like to discuss what path might set you up to best achieve your goals, let’s connect!