TRANSITIONS E XPERIENCE , INFORMATION, CONSULTANTS YOU CAN TRUST
NOVEMBER 2022
Wrap-up 2022 to Benefit the Year Ahead! As we come to the final pages of the 2022 calendar and get busy with the holidays, gatherings, and vacations, it may be tempting to take your foot off the gas and coast into the new year. We’ve all been there, but the tone you set throughout November and December can be the determinant of your success in January, February, and further into 2023.
simple plan is to develop a letter to send to all insured patients with a reminder that benefits do expire and now is an excellent time to take advantage of something they are already paying for. To take things a step further, review reports or charts for presented but not accepted or even actual delayed treatment and send a more specific letter to those patients to encourage them to appoint. Facility – Time for Upgrades?
Here are a few areas to focus on as we look to a successful close of this year and exciting start to the next. Patients – Insurance Benefit Letters Is December one of your slower months of the year? If so, you’re not alone, and direct marketing to your patients to remind them of their expiring benefits can provide a huge boost to year-end profits allowing you to meet goals while providing care that may have been previously delayed. The
Have you ever had someone visit your facility not for the practice, but to provide a critical eye to the space, sharing with you their feedback? If you haven’t, perhaps look to schedule someone sooner rather than later. Ask them to visit for, perhaps 30 minutes, and give you frank, honest feedback about everything they see, aesthetically, as a fresh perspective. It’s easy to glance over the peeling wallpaper when you’re there daily but someone with a clean slate can alert you to something a patient may see, or experience, that you were not aware of or had noted but forgotten. Walk the office with them, quietly writing down every comment that they make. This is not a time to be defensive, although it may be easy to feel the need. This is an opportunity to learn and improve.
even all together, to have an open conversation about what could be improved aesthetically, mechanically, and technologically in the practice. No wrong feedback here, just listen to what everyone contributes and understand their “what” and “why”. Having these meetings allows you to digest and potentially schedule overdue maintenance, production-enhancing upgrades or aesthetic updates during endof-year downtime. This will allow for less day-to-day production disruption and get everyone excited for the year to come. Continued on next page
IN THIS ISSUE Wrap-up 2022 to Benefit the Year Ahead! ............................1–2 What Our Clients Are Saying.......................3 Congratulations! Sold Practice Announcements.............4–5
Similarly, spend time, perhaps in departmental staff meetings or HENR Y S CHEINDP T.C OM ● 866 -805-2 80 7
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Wrap-up 2022 to Benefit the Year Ahead! Continued
Team – Setting Goals for 2023 Goal setting, with or without a formal bonus plan, is a hallmark of a quality practice. Establishing a directive point for the team to focus on with effective waypoints can provide the focus and drive for your team to excel. While they should not be set so high that they are not reasonably achievable, which would be demoralizing and damaging overall, they should similarly not be set so low that they require little to no effort to exceed.
to your team. This also provides peace of mind that when those goals are being met regularly, you will be in a strong position for the overall annual picture. Do you want to increase the number of days you take out of the practice in the coming year? Figure that in and the concern of you not producing during those vacation days can be replaced with actual relaxation and rejuvenation time. You will be equipped with the knowledge that you are collecting throughout the year to cover the ongoing practice expenses. Knowledge is not just power, but also comfort.
and just a level of overall gratitude for the team. Without them, your practice would not be what it is. Recognition and appreciation go a long way and while it’s advisable to provide that throughout the year, this is just another prime time to share even more. Accounting/Bookkeeping Be sure to close out your practice management software at the end of the year. To do that you must have closed each month throughout the year. If you have not done that, you may jeopardize accurate reporting for any subsequent years. Also, send your financial data to your accountant or bookkeeper as early as possible. The first quarter is a good time to refresh your practice valuation, update your fee schedule, and could be the time to look at conversations for transition, whether it be adding an associate or planning for sale. Your complete end-of-year practice and financial reports will be important for those conversations so the sooner you have them complete, the better. Personal You are important for your practice, as well. Be sure to take time to reflect and plan for yourself, personally, as well as your family. Enjoy some downtime and be ready for an excellent year to come.
One way to set this goal is to look at your practice’s and your personal financial needs and build backward. Understanding your household needs (including retirement) and then developing the plan to cover those, plus your practice’s overhead can provide you a clear understanding of how much you may truly need to produce, and collect, in the coming year. Are you planning changes at home? Include those. Possible staff, equipment, or other changes in the practice? Estimate those, to the best of your ability, as well. This is well beyond simply targeting a three, five, or ten percent growth trendline – its foundational calculations that result in an actionable and justifiable top line. Extending that conversation, this may be the time to look at overall planning for the following year. Setting the annual target first, then drilling that down to monthly, weekly, and daily production goals to get to that endpoint can provide the daily driver
Team – Celebrate! Amongst these more concrete plans to enhance your practice and set it up for success in the coming year, it’s important to not forget the value of celebrating the year you had with your team. Looking at the nearly 1,000 (if not more) practices that we do on an annual basis, most of them have had a strong year, two or more — many besting their historical high points. Whether your practice is one of those, one that held steady, or, perhaps experienced some hiccups and ended up off pace, there is something to celebrate with your staff and they appreciate it. In nearly every transition, the Seller indicates that the staff members are like family to them and a family among themselves. Few instances are there where this is not the case, especially since most of us spend more than half of our waking hours in the office. With that, recognize the contributions and successes in the growth and development
These are just a few small things that can be done, some may be easier than others. For the harder items, or those you may not know how or from where to start, we have resources to help. Whether it be a practice analysis to support goal setting and trending into the new year, equipment, or other updates to the office space or simply guidance to plan, our team has the experience, expertise, and knowledge you can rely on.
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WHAT OUR CLIENTS ARE SAYING: Julie Patterson was fantastic, from getting back to me quickly after my initial request for information on the practice until we closed on the transaction a few months later. She was always available to answer my questions about the process and would get answers/requests from the selling doctor in a timely manner back to me. She would meet with both of us in person to go through the process and make sure any negotiations that were required went smooth and both parties were happy. Her husband is a dentist, and you can tell she understands the day-to-day life of what it takes to run a dental practice and how a good transition from doctor to doctor needs to occur. We are very happy, and the practice is wonderful! Thank you, Julie, for all your help! Rob Safrit, D.M.D. – Buyer Summerville, SC
When moving a major asset, it’s always best to work with the most reputable company. With Henry Schein Dental Practice Transitions and their Sales Consultant, Stuart Auerbach, I found the resource I needed to move my dental practice fast. I only recommend the elite and will continue to do so with Henry Schein. Dr. Francesco Vultaggio – Seller Coral Springs, FL
Cynthia Cheung, D.D.S. – Seller Los Angeles, CA
Dr. Mark Beattie – Seller Monroe, MI
DIVE-IN & LEARN with On-Demand Content! Now Available: • Valuation Strategies Maximizing your Value • Creating an Effective Partnership • Is 2023 the Year to Sell your Practice
I had the pleasure to work with Thinh Tran and Erin Montejano from Henry Schein Dental Practice Transitions during the process of selling my dental practice. Being a first-time seller, I did not know what the process would be, which was very stressful. However, with the help of their diligent work and efficiency, it was smooth and painless journey. I am so grateful for all the hard work and dedication from this team. I urge anyone interested in selling their practice to reach out to Henry Schein Dental Practice Transitions!
Having just completed a practice transition with Henry Schein’s practice broker, Sara Marterella, I had to take the time to recommend her. Ms. Marterella was such a joy to work with. My experience with her far exceeded my expectations of her desire to find the right person to purchase my practice, and ultimately execute the sale. She is a tireless worker and possesses a wealth of knowledge which made this transition seamless. Her pleasant and professional manner helped to take the uncertainty from this difficult decision. If you are considering this next chapter in your professional career, you will be doing yourself an enormous favor by choosing Sara Marterella to assist you in this endeavor.
To watch pre-recorded webinars that you may have missed, visit HenryScheinDPT.com/webinars CLICK HERE Webinars from Dental Practice Transitions are designed to provide tips, tools, and help you capitalize on the investments you’ve made throughout your dental career. Hear from nationally recognized speaker, author, and consultant who has been advising dentists for more than 30 years, Senior Director of Transition Services, Thomas Snyder, DMD, MBA, for an update on practice values, dental market trends, considerations for successfully transitioning your practice, and more. HENR Y S CHEINDP T.C OM ● 866 -805-2 80 7
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CONGRATULATIONS
Sold Practice Announcements
CENTRAL David A. Tillery, D.M.D.
sold to
Timothy N. Byrd, D.M.D. & Associates, P.C.
Bay Minette
AL
Kent T. Haynes, D.D.S.
sold to
A. Blake Brown D.D.S., PLLC
Durango
CO
Redwood MSO, LLC
Chicago
IL
Ashley Zehnder, D.M.D., LLC
Corydon
IN
Lawrence
KS
Metairie
LA
Metairie
LA
Livonia
MI
Lake Orion
MI
Grosse Pointe Woods
MI
Priya Tirumalasetty, D.D.S. Ronald J. Miller, D.M.D.
sold to sold to
Scott D. Hamilton, D.D.S.
Jeremy R. Fry D.D.S., M.S., LLC
sold to
Robert J. Gaffney, D.D.S.
Lauren S. Maenza, D.D.S., LLC
sold to
William J. Donnelly, D.D.S.
sold to
Lauren S. Maenza, D.D.S., LLC
Matthew A. Giaimo, D.D.S.
sold to
Matthew Laurich, D.D.S.
Jaime A. Abbott, D.D.S. Mark F. Kusch, D.D.S.
Orion Lakes family Dentistry, PLLC
sold to
Sudarvizhi Sivaraman, D.M.D., or her nominee,
sold to
Anthony H. Edwards, D.D.S.
sold to
Southwest Dental, LLC f/k/a Smile Rehab and Dr. Hamid Ranjbaran
Anthony H. Edwards, D.D.S.
sold to
Hamid Ranjbaran, D.D.S.
William L. Eick, D.D.S.
sold to
Goergy RFD LLC
Larry Kennedy, D.D.S.
sold to
Kevin Grill D.D.S., LLC
Dimitrios Vareldzis, D.D.S.
Dentive, LLC
sold to
Robert L. Pryor, D.D.S., M.S. Ivi Z. Sanguinetti, D.D.S.
Jesse Ellsworth, D.M.D., PLLC
sold to
KC Dental Ventures PLLC
sold to
Rondal J. Alexander & Rondal M. Alexander Hal G. Pollock, D.D.S.
sold to
Yellow City Smiles, PLLC
Millcreek Advanced Dental, PLLC
sold to
Rio Rancho
NM
Albuquerque
NM
Rocky River
OH
Marysville
OH
Medford
OR
Oak Ridge
TN
Baytown
TX
Amarillo
TX
Salt Lake City
UT
EAST Roy W. Shakun, D.M.D. Anton J. Silich, D.D.S.
Plum Dental Group, LLC
sold to
NP Family Dental, LLC
sold to
Kevin R. Doring, D.D.S., M.A.G.D. Neal F. Hoyson, D.M.D.
sold to
Maryland Smiles in Olney, LLC
sold to
Michael W. Owens (Estate of), D.D.S. Jude David Aucoin, D.D.S. Steven J. Adlow, D.D.S.
sold to
Michael J. Miller, D.D.S. Allan S. Mohr, D.D.S. Zhicheng Yu
sold to
Ninel V. Wendover, D.D.S.
sold to
Tyler Maxwell, D.D.S.
sold to sold to
GDNY JV SCMP, LLC
Berkley J. Stuki
Kristen E. Williams, D.D.S.
sold to
Frederick Canby, D.D.S., M.S. Cynthia Brooks, D.D.S.
Nicholas Chauvin, D.D.S.
sold to
James C. Brummett, D.M.D.
Louis Roncaglione, D.D.S.
Gregory M. Felton, D.D.S., P.C.
sold to
Gregory R. Liberatore, D.D.S.
Crofton Dental Center LLC
Avrekh Ariyev Dental, P.C.
sold to
Joel S. Schechter, D.D.S.
sold to
Darryl Locklear, D.D.S., P.A.
sold to
Paul Hunter Cloninger, D.D.S.
David Sopp, MBS
sold to
Megan R. Borak, D.D.S., PLLC
sold to
Loudoun Endodontics, PLLC
Lightwave Dental Management, LLC
West Hartford
CT
Bethel
CT
Edgewater
MD
Olney
MD
Crofton
MD
Greensboro
NC
Cherryville
NC
Great Neck
NY
Ridge
NY
Ballston Spa
NY
Utica
NY
Fayetteville
NY
Massapequa Park
NY
Fort Mill
SC
Arlington
VA
Leesburg
VA
Charlottesville
VA
Julian Dewey Willis lll, D.D.S. sold to Mary A. Haley, D.D.S., PLLC Chesapeake VA Continued on next page HENR Y S CHEINDP T.C OM ● 866 -805-2 80 7
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CONGRATULATIONS
Sold Practice Announcements
FLORIDA Francesco Vultaggio, D.M.D.
sold to
Lisa Schnell, D.D.S.
Petra Lee, D.M.D.
sold to
Carmen Aulino, D.D.S. Elizabeth Patino, D.M.D. Shirley Simmonds, D.M.D.
Charles Gray, D.M.D.
Coral Springs Crystal River
Brett Goldstein, D.M.D.
sold to sold to
sold to
Fort Myers
James Brummett, D.M.D.
Gainesville
Carlos Perez, D.M.D.
Pembroke Pines
Frank Swerdzewski, D.D.S. sold to Walter Colón, D.M.D., M.S. Tallahassee
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