"You need a coach, and you need a mentor"
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Summary -
In this conversation, Shannon Patterson discusses the evolving landscape of orthodontic practice transitions, emphasizing the importance of mentorship, ownership, and financial stability. The discussion covers market trends, the significance of partnerships, and critical steps for buying or selling a practice. Shannon also highlights the need for proper preparation and professional guidance in navigating transitions, as well as reflections on trends observed in 2024. In this conversation, Shannon Patterson and Jill discuss the intricacies of practice transitions, focusing on the importance of avoiding common mistakes, understanding the evolving landscape of DSOs and OSOs, and the necessity of investing in oneself and one's team. They emphasize the significance of having a senior doctor involved during transitions, the shift in the DSO model towards partnerships, and the need for doctors to outline their personal and professional goals to achieve a balanced and fulfilling career.
Connect With Our Guest -
Bentson, Copple, Patterson & Associates- https://bcp-advisors.com/
Takeaways -
- Shannon Patterson emphasizes the importance of mentorship in the orthodontic field.
- The market has shifted to a buyer's market post-COVID, affecting practice sales.
- Young doctors are increasingly interested in ownership for long-term wealth.
- Partnerships are becoming a predominant model in the orthodontic industry.
- Financial stability is crucial for doctors considering selling their practices.
- Preparation for practice transitions involves cleaning up financial records.
- Observation buckets in orthodontics are essential for future patient leads.
- Professional help is necessary for successful practice transitions.
- Banks are now more stringent in their requirements for practice purchases.
- Understanding market demand is key for sellers in the orthodontic field. Avoid costly mistakes in practice transitions.
- Senior doctors should remain involved during transitions.
- The DSO model has shifted towards partnerships.
- Investing in yourself and your team is crucial.
- Outline personal and professional goals for success.
- Burnout is a real issue in the dental profession.
- Younger doctors need support in practice management.
- Change should be gradual to ease team anxiety.
- Utilizing consultants can improve practice performance.
- Work-life balance is essential for long-term satisfaction.
Chapters - 00:00 Introduction to Practice Transitions
02:52 Rebranding and Transitioning at Benson Copple Patterson
05:50 Market Trends in Orthodontics
08:57 The Importance of Ownership in Dentistry
11:59 Critical Steps for Buying or Selling a Practice
18:03 Preparing for Practice Transitions
25:03 Reflections on 2024 Trends
25:55 Avoiding Costly Mistakes in Practice Transitions
34:11 Understanding DSOs and OSOs
42:01 Investing in Yourself and Your Team
Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me-
www.practiceresults.com.
If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode.
New episodes drop every Thursday!
Episode Credits - Hosted by Jill Allen
Produced by Jordann Killion
Audio Engineering by Garrett Lucero
Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice?
Reach out to me-
www.practiceresults.com.
If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode.
New episodes drop every Thursday!
