Cliff's Notes

The Business of Dentistry

DentaCheques, ICON by DMG, Buying, Selling & Associates

Cliff’s Notes for April 5, 2009

…..E-Blast…..

Cliff Marsh, Henry Schein ……Cell: 201-321-7494……Fax: 201-262-2210…..cliff.marsh@henryschein.com

“A wise and frugal Government, which shall restrain men from injuring one another, shall leave them free to regulate their own pursuits of industry and improvement, and shall not take from the mouths of labor the bread it has earned. This is the sum of good government,”

Thomas Jefferson

Inaugural address, March 4, 1801

In This Week’s E-Blast

DentaCheques

* Cliff’s Notes Scoop! – DMG is about to introduces the most unique dental product developed in years!!

Buying, Selling & Associates

Attachment – Hygiene Special

DentaCheques……………………………………………….

DentaCheques is a program of the National Foundation of Dentistry for the Handicapped. More than 28,000 elderly and medically compromised people will be served this year by NFDH. You make this possible by purchasing the DentaCheques book. The DentaCheques book cost $149.00 and is a 100% tax deductable donation. The book contains $130.00 in Henry Schein discount coupons (regardless of your pricing program) as well as $1000’s of dollars in manufacture discounts and free goods. Please call me (201-321-7494) if you would like to receive the book. Henry Schein facilitates the delivery of the book and all proceeds are sent to the NFDH.

The NFDH also invites you to join DDS (Donated Dental Services). There are currently over 13,500 dentists and 3,000 labs across the nation that have volunteered for this program. If you wish to join, call 1-888-471-6334 or log onto http://www.nfdh.org.

* New Product Introduction……………………………………..

The below link is a pre-introduction to a new product developed by DMG. This is a Cliff’s Notes Scoop. The product is called ICON. It is designed for treating caries without the loss of healthy hard tissue. No drilling is required. There are two different treatment sets, proximal & smooth surface. DMG/Zenith has not made the formal U.S. introduction. The product was introduced at the International Dental Trade Show in Germany several weeks ago. Pricing and delivery are not yet available and I have not seen the product as of yet. However, if it does what it claims, it could be revolutionary.

By viewing the video at the link below, you will know as much as I do and also be among the very first dental professionals in the United States to see this product. Please give me your feed back on the concept as well as any concerns.

http://www.bohren-nein-danke.de/en/intro.html

Buying, Selling, Partnerships and Associates…………….

When do start planning your exit strategy? TODAY!! It does not matter if you have been in practice for 2 years or 30 years, it is never too early to start planning, it’s only too late. A properly coordinated long term plan could put a lot more money in your pocket when you are ready to make your escape. So, how should you start?

First, you need to have a conversation with your financial planner to identify the finish line. Understand, crossing the finish line does not mean the game is over. It means the responsibility is over. What a great concept. When my family asks me what I wish for, I tell them that I wish to be left alone. I’m still waiting for my wish to come true, but it is part of my plan.

Second, you need to have your practice evaluated by a “dental industry” specialist in conjunction with your accountant or financial advisor. A proper evaluation will cover finances, productivity, profits, work flow and opportunities for increased production. The evaluation should be very comprehensive and can be used for any issues requiring financial, legal or insurance documentation. Every business should be evaluated in detail so that they are better prepared to compete within their respective industries. Please contact me if you require more information on business evaluations.

Third, now that a base has been established, it’s time to create a plan. To get where to want to be, you will need advisors. You can’t do it yourself so please don’t try. Even those who become very successful could probably have been more successful if they did a little more listening.

Most dentists think they have more equity in their practices than they do. However, if they have a planned exit strategy, they will have more than they thought they had when they cross the finish line.

Henry Schein’s Professional Practice Transition Team (PPT) works with thousands of dental offices in every part of the country. Consultations are based on local geographical regions and then customized to meet specific needs. PPT also has a number of dental practices that are for sale that have been evaluated. The team also screens and evaluates possible associates and employees. We supply the information that your financial and legal advisors need, from an industry perspective, in standard and accepted accounting and legal formats.

Sample Listings:

Toms River Grossing 300k 3ops (room for 2 more) PPO and Fee for service

Oneonta grossing 500k on only120 days – Fee for service only

100 available associates (including GPR’s Graduating June 30) ready for immediate placement into dental offices. Additionally, we have a number of specialists available.

Today is Sunday, April 5th. It’s going to be sunny and in the 60’s. Get outside and let this spring time day recharge your batteries. As always, I am available if you should have any questions or concerns.

Cliff Marsh

Henry Schein Dental

P.O. Box 663, 45 Rt.46 East, Pine Brook, NJ 07058

cell: 201-321-7494 / fax: 201-262-2210

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October 21, 2009 Posted by | Best Practices, Charitable Events, Practice transitions | Leave a comment