Ep 126: Crack the Code on Dental Transitions

Have you ever wondered what goes on behind the scenes when a dentist decides to sell their private practice?  Welcome to another episode of Financial Flossing, where we unravel the intricacies of dental practice transitions. Today's guest is Todd Blackmar, a transition consultant at Bridgeway Practice Transitions. Join us as we delve into dental practice transitions and gain insights that could shape your journey..Ross Brannon candidly engages Todd Blackmar in this enlightening episode about dental practice transitions. Todd clarifies that when they talk about transitions, it's not just about change but a pivotal moment for many dentists: selling their private practices. Bridgeway Practice Transitions assists dentists in selling their private practices, paving the way for them to embark on their next chapter of life while offering new dentists a ready patient base.Key Takeaways:✅ Understanding Dental Practice Transitions: Transitions in the dental world refer to the sale of a dental practice. Bridgeway Practice Transitions facilitates these transitions, ensuring retiring dentists exit with a nest egg while providing a head start to newcomers.✅ The Bridgeway Approach: Bridgeway focuses on higher volume, lower-priced transactions, emphasizing that every retiring dentist deserves a smooth transition. Their mission is to treat every retiring dentist respectfully and ensure they leave with financial security.✅ Pricing and Real Estate: Dental practices sold through Bridgeway range in price from $150,000 to several million dollars, with the added value of real estate in some cases. Including real estate makes it easier for banks to provide loans, boosting the overall value of the practice.✅ Agreements and Transition Period: Bridgeway's agreements are simple and customized to fit individual circumstances. They aim to keep the process straightforward and efficient. The typical transition period lasts 60 to 90 days, similar to buying a house, but can vary depending on the parties involved.✅ Patient and Staff Retention: The retention of patients and staff during a dental practice transition largely depends on how the buyer handles the process. Proper handling typically results in a high patient retention rate, while staff retention hinges on effective communication and treatment during the transition.How to Reach Todd Blackmar:You can connect with Todd Blackmar and learn more about dental practice transitions through Bridgeway Practice Transitions:Website: Bridgeway Practice TransitionsLinkedIn: Todd Blackmar on LinkedInPlease take advantage of this insightful episode as we uncover the nuances of dental practice transitions with Todd Blackmar. Stay tuned for more exciting episodes of Financial Flossing, your go-to podcast for financial insights in the dental industry! #FinancialFlossing #DentalTransitions #PodcastEpisodeLearn more about your ad choices. Visit megaphone.fm/adchoices