If you are thinking about purchasing a practice, you must understand the real cost first! Sana Arshad, CEO and Founder of ADC CPA, walks through a practice purchase example so you can understand the importance of having a financial strategy and ownership plan. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight … Read more
It is a privilege to have served the dental profession for many decades. There are many lessons to impart when one has experienced dentists thriving in spite of challenges including interest rates of 20% during the early 80’s, real estate melt downs, including that of the early 90’s, SARS, 9/11, dotcom bust, Covid, etc. Consider … Read more
Buying a practice is a major decision, but when you pull the trigger on buying an existing practice, you get the opportunity to become an entrepreneur without starting an office completely from scratch. In today’s economy, I find myself encouraging first-time practice owners to purchase a practice rather than starting one up particularly if they … Read more
Buying your own dental practice is no small feat. Many factors must be considered, which is why having help from a broker or lawyer is extremely important. In our latest survey of practising Canadian dentists, we looked at some current trends for when dentists plan on buying or selling their practices in terms of age … Read more
Many are asking great questions about corporate buyers and the effects of the rising interest rates and inflation on practice values. The market continues to expand as corporate buyers, like traditional ones, see the value in healthcare. I may sound like a broken record, especially now that we are two years past those initial dark … Read more
It goes without saying that the COVID-19 pandemic has been an unexpected and unprecedented period in Canada and beyond. And while you might think that would hinder dental professionals from buying or selling a practice, think again. Over the last few years, the healthcare industry has undergone an unrivaled rate of change but particularly during … Read more
The “post-COVID” dental practice marketplace continues to demonstrate a steady rebuild of productivity, adaptation to the return of health-conscious patients, while being deemed an essential health service. The profession’s ability to overcome a pandemic climate is commendable. The pandemic has definitely not impacted the high value of dental practices, the shortage of practices for sale … Read more
In this episode of Weekly Wisdom, David Chong Yen CPA, CA, CFP shares what you should be prioritizing from a financial perspective. Should you buy your practice or your home first? Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week!
As a profession, we are currently in a fortunate position. Our practices provide us the ability to live a comfortable life, maximize our value when it’s time to sell, and leave a professional legacy in the communities in which we serve. Strong practice values continue to be supported, even in today’s challenging climate with goodwill … Read more
For the last few years, it’s been a seller’s market when it comes to dental practice sales, due to too many buyers, not enough sellers, low interest rates, 100% bank financing and dental service organizations scooping up practices. These conditions have triggered bidding wars for certain highly sought-after practices. For example: In 2016, the best … Read more
2/3 NEW OWNER POCKETBOOK – A Three Part Series In this uncertain time of the COVID-19 pandemic, there are still clinics being sold and bought. Credit is still being issued and some transactions are expedited while others are stalling. When it comes to assessing a business, most rely on a broker’s appraisal document. Although it … Read more
1/3 NEW OWNER POCKETBOOK – A Three Part Series At a conference in January with dental students (CDSC 2020), I saw a remarkable enthusiasm within many to own a clinic. I couldn’t hide my thrill to see driven, focused and passionate professionals excited about the myriad of opportunities coming their way. As I sat through … Read more
This is undoubtedly a weird time to be finishing your final years of dental school. Uncertainty is everywhere around you. When will class return to normal? Will there be associate roles available upon graduation? Will you be able to pay off your student loans as quickly as your originally thought? While your primary focus upon … Read more
McDonald’s is famous for inventing (and continuously re-inventing) the fast-food industry. What most people don’t understand, however, is that the majority of their profits isn’t from the burger-flipping business, but from the commercial real estate business. Dentists, although known for drilling, filling, and billing, can learn a thing or two from this restaurant chain. It … Read more
Purchasing a dental practice can have a lasting impact on a dentist’s career and is one of— if not the—largest investments of a lifetime. Acquiring the right practice can provide a dentist with meaning and satisfaction for years to come; however, buying the wrong one can leave a dentist worse off than owning no practice … Read more
In this financial video, David Chong Yen, chartered accountant, talks about two of his biggest tips when buying a dental practice: 1. Synergy and 2. Realizing Value. His biggest advice: “Control risk.” Watch last week’s Best Practices video: 3 Keys to a Successful Associateship Bought a new practice? Here’s how to make it successful: 7 … Read more