The Partnership Economy explores the power of partnerships through candid conversations and stories with industry leaders. Our hosts, David A. Yovanno, CEO and Todd Crawford, Co-founder, of impact.com, unpack the future of partnerships as a lever for scale and an opportunity to put the consumer first.
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Episode 125 - Ideal Practice’s Stephen Trutter on the “Do’s and Don’ts” of Dental Start-Ups
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This week, the Dental Amigos welcome returning guest Stephen Trutter, the CEO of Ideal Practices, a leading consulting firm for dental start-ups. Ideal Practices follows a proven process to guide dentists through every step of opening their start-up. Stephen Trutter has helped launch nearly 1,000 dental start-ups in his 20-year career. Stephen discusses how to position yourself for a smooth transition into practice ownership starting as early as when you are an associate. He emphasizes the importance of understanding and negotiating the restrictions contained in your associate agreement that could impact and limit your future career. Then, he offers his insight into the “acquisition vs. start-up” debate. Finally, Stephen highlights the importance of proper real estate negotiation. Listeners who are pursuing ownership through a start-up can visit IdealPractices.com to explore their consulting services, learn from Stephen’s book, “The Startup Dentist: From Idea to Opening Day”, or register for Ideal Practices’ two-day Startup Practice Blueprint Seminar. Also be sure to check out Stephen’s podcast, The Startup Dentist Podcast. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com. To hear more from Stephen and the Amigos, listen to our first podcast with Stephen here https://thedentalamigos.com/2018/05/30/episode-6-defining-success-in-dentistry-with-amigo-stephen-trutter/
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137 episodes
ShareManage episode 444183026 series 2492274
Content provided by The Dental Amigos. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by The Dental Amigos or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
This week, the Dental Amigos welcome returning guest Stephen Trutter, the CEO of Ideal Practices, a leading consulting firm for dental start-ups. Ideal Practices follows a proven process to guide dentists through every step of opening their start-up. Stephen Trutter has helped launch nearly 1,000 dental start-ups in his 20-year career. Stephen discusses how to position yourself for a smooth transition into practice ownership starting as early as when you are an associate. He emphasizes the importance of understanding and negotiating the restrictions contained in your associate agreement that could impact and limit your future career. Then, he offers his insight into the “acquisition vs. start-up” debate. Finally, Stephen highlights the importance of proper real estate negotiation. Listeners who are pursuing ownership through a start-up can visit IdealPractices.com to explore their consulting services, learn from Stephen’s book, “The Startup Dentist: From Idea to Opening Day”, or register for Ideal Practices’ two-day Startup Practice Blueprint Seminar. Also be sure to check out Stephen’s podcast, The Startup Dentist Podcast. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com. To hear more from Stephen and the Amigos, listen to our first podcast with Stephen here https://thedentalamigos.com/2018/05/30/episode-6-defining-success-in-dentistry-with-amigo-stephen-trutter/
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The Dental Amigos
1 Episode 135 - Mike Slattery of Crown Tenant Advisors 46:39
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Play Later Play Later Lists Like LikedThis week, the Dental Amigos welcome Mike Slattery, a Managing Director at Crown Tenant Advisors, a boutique healthcare real estate firm. Mike has over ten years of experience in the healthcare industry working with young dentists to find the perfect location and space to start their dream practice and with assisting established dental practices relocate, expand, and purchase property. Mike offers a results-oriented approach through analysis, tenacity, strong negotiation skills, and customer focus. In this episode, Mike discusses the start-up site selection process, emphasizing the importance of analyzing demographics and market competition in chosen areas to ensure that they fit the vision and goals of the practice. He then emphasizes key concessions to negotiate with the landlord, including tenant improvement allowance, free rent, permitted transfers, and renewal options. Mike also discusses critical risk mitigation language to be negotiated at the letter of intent (LOI) phase to protect the dentist, including relocation and exclusive use clauses. To work with Mike and his team, visit crowntenantadvisors.com or call him directly at (619) 306-5048. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 134 - David Goodman, CPA: "Dental Practices by the Numbers" 49:20
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Play Later Play Later Lists Like LikedThis week, the Dental Amigos welcome David J. Goodman, CPA, a partner and Dental Practice Solutions Team Leader at PFK O’Connor Davies Advisory, LLC. David has over 35 years of experience working with a client base of individuals and closely held businesses. Before joining the PKFOD, David was Managing Director of LB Goodman. He is a member of the Academy of Dental CPAs and the Practice Valuation Study Group. He is a licensed CPA in New Jersey, New York and Florida, and a frequent contributor to Dental Economics magazine on practice and financial management. In this episode, David discusses the dental industry trends he observed in the last year. He highlights an overall increase in labor costs, but also the benefits for practice owners who invest in long-term employee retention and staff morale. David then discusses the different financial planning strategies that he recommends for independent dentists with one or two practice locations versus those that he recommends for his clients who run complex multi-location practices. Each year, David Goodman and his team synthesize their dental industry data in their Dental Practices by the Numbers report, which you can download here for more high-level analysis of dental industry financial trends. You can also find him at pfkod.com or reach out to him directly at dgoodman@pfkod.com. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 133 – Mark Costes, D.D.S. on High-Level Practice Ownership and Philanthropy 47:57
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Play Later Play Later Lists Like LikedEpisode 133 – Mark Costes, D.D.S. on High-Level Practice Ownership and Philanthropy by The Dental Amigos
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The Dental Amigos
1 Episode 132 - Josh McSpadden, Co-Founder of the PracticeFinder App 39:58
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Play Later Play Later Lists Like LikedEpisode 132 - Josh McSpadden, Co-Founder of the PracticeFinder App by The Dental Amigos
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The Dental Amigos
1 Episode 131 - Alan Stern, D.D.S. on Empathy, Mentorship and Gratitude in Dentistry 42:34
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Play Later Play Later Lists Like LikedThis week, the Dental Amigos welcome Alan Stern, D.D.S, recipient of the 2023 Nifty Award for “Most Inspirational Dental Professional.” Alan works with dentists who are looking to create a workplace that is productive and profitable and a life that is rewarding and meaningful. As a speaker, Dr. Stern conducts presentations for dental groups focused on redefining what it means to build a better team and rekindling a passion for what matters. Dr. Stern discusses his journey from disillusionment to fulfillment as a dentist, reflecting on his initial struggles after graduating from dental school, including financial difficulties and a lack of patient acceptance. He shares his personal “AHA!” moment, when he realized the value of gratitude and perspective and their impact on revitalizing his clinical practice. Dr. Stern offers his advice to young dentists facing the same issues, urging them to find community and mentorship. To get in touch with Dr. Stern or schedule a virtual coffee chat with him, visit his website at www.betterricherstronger.com or send him an email at alan@betterricherstronger.com. You can also check out his book, Enjoy the Ride: Lessons for the Quest to Live a Joyful, Profitable Life in Dentistry. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 130 – Valerie Woo, D.M.D. on Leadership & Practice Ownership 44:17
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Play Later Play Later Lists Like LikedThis week, the Dental Amigos welcome Valerie Woo, D.M.D. entrepreneur, pediatric dentist, and dental consultant. She leverages her extensive experience to consult, guide, and mentor dentists, helping them transform chaotic practices into thriving, well-organized businesses. She integrates leadership, marketing and operational systems into customized programs, providing strategic guidance that is both practical and compassionate. Dr. Woo discusses her journey from the beginning of her career as a pediatric dentist, to growing her practice and selling to a DSO. Then, she and the Amigos talk about her use of personality assessments to better understand one’s strengths and how they align with the demands of practice ownership. Dr. Woo emphasizes the importance of personal growth and challenges, outside perspectives, and accountability. To get in touch with Dr. Woo or schedule an initial discovery call with her, visit her website www.drvaleriewoo.com. You can also find her on Instagram @drvaleriewoo. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 129 - Rebecca Herring: How Dental Offices Can Reach Their Full Potential 38:28
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Play Later Play Later Lists Like LikedThis week, the Dental Amigos welcome Rebecca Herring, a specialized dental coach and Vice President of the Denver Dental Professional Learning Network. With over 25 years of dental industry experience, Rebecca guides and empowers dental teams to unlock their full potential through developing office management systems and work environments. In doing so, Rebecca has transformed dental practices through her personalized coaching by improving workflow, strengthening team relationships, reducing errors, and increasing overall production. One of the main ways Rebecca helps transform dental practices is through the use of virtual assistants, implementing a new, more efficient way for office staff to handle patient relations. Listeners who want to reach Rebecca or employ her services can do so at Rebecca@YourTDCoach.com or call her at (720) 880-8444. If you are interested in implementing a virtual assistant, Rebecca offers a complimentary consultation to discuss your practice needs and can facilitate an introduction to Reach, a virtual assistant company, that currently provides a $500 discount off the first month of service with Rebecca’s introduction. If you prefer to connect directly with Reach, you can email boe.larsen@reach.com and if you mention Rebecca’s name and this podcast Reach is currently offering $500 off the first month. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 127 – Paul Etchison, D.D.S. on Expanding Your Practice 42:35
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Play Later Play Later Lists Like LikedPaul Etchison, D.D.S. is the author of two books on dental practice management, a dental coach, the owner of a $6 million group practice in the south suburbs of Chicago, and the host of the Dental Practice Heroes Podcast. This week, the Dental Amigos host Dr. Etchison and they discuss strategies for growing and expanding your practice. Through creative planning and scheduling, a practice owner can increase new patient flow and spend less time doing practical dentistry and more time running the business. Dr. Etchison offers strategies for building a team that an owner can trust to run his/her practice in the same way that the owner would run the practice. From bringing on the first associate dentist to delegating responsibilities to empower owners to focus on elements of practice ownership that they enjoy, Dr. Etchison coaches his clients to grow professionally, financially, and personally. Listeners who are interested in Dr. Etchison’s coaching can schedule a call with his team at dentalpracticeheroes.com. Stream the Dental Practice Heroes Podcast on Apple Podcasts or Spotify. Check out his books, Dental Practice Hero: From Ordinary Practice to Extraordinary Experience and Dental Practice Hero II: The Sequel: How a 3 Day Work Week Can Give You the Life You Want. You can connect with Dr. Etchison on Instagram at @dr.pauletchison, Facebook, or LinkedIn. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com. …
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The Dental Amigos
1 Episode 126 – Dr. Soraya Safi, “The Forever Associate Dentist” 42:44
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Play Later Play Later Lists Like LikedSoraya Safi, D.M.D. is a coach and mentor to dental students and associate dentists. She helps associate dentists maximize the flexibility and freedom of choosing associateship over ownership and coaches them on how to overcome the isolation that often comes with such a challenging job, all while effectively navigating professional relationships and developing their dental skills after completing their formal education. While associateship may not be viewed as a long-term career choice for many dentists, Dr. Soraya Safi emphasizes that associateship doesn’t have to be just a step on the road to practice ownership. Not every dentist wants the long hours, risk, and responsibility involved with owning his/her own practice. In this episode, Dr. Safi discusses the importance of a good associate employment agreement, strategies to build trust with patients and staff, and the opportunities for continuing education and coaching that are available to associates. Listeners who are interested in Dr. Safi’s coaching can book a free consultation with her at drsaficoaching.com. Check out her Instagram @theforeverassociatedentist or email her at drsafidental@gmail.com. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com. …
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The Dental Amigos
1 Episode 125 - Ideal Practice’s Stephen Trutter on the “Do’s and Don’ts” of Dental Start-Ups 49:54
49:54 Play Later Play Later Lists Like Liked49:54
Play Later Play Later Lists Like LikedThis week, the Dental Amigos welcome returning guest Stephen Trutter, the CEO of Ideal Practices, a leading consulting firm for dental start-ups. Ideal Practices follows a proven process to guide dentists through every step of opening their start-up. Stephen Trutter has helped launch nearly 1,000 dental start-ups in his 20-year career. Stephen discusses how to position yourself for a smooth transition into practice ownership starting as early as when you are an associate. He emphasizes the importance of understanding and negotiating the restrictions contained in your associate agreement that could impact and limit your future career. Then, he offers his insight into the “acquisition vs. start-up” debate. Finally, Stephen highlights the importance of proper real estate negotiation. Listeners who are pursuing ownership through a start-up can visit IdealPractices.com to explore their consulting services, learn from Stephen’s book, “The Startup Dentist: From Idea to Opening Day”, or register for Ideal Practices’ two-day Startup Practice Blueprint Seminar. Also be sure to check out Stephen’s podcast, The Startup Dentist Podcast. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com. To hear more from Stephen and the Amigos, listen to our first podcast with Stephen here https://thedentalamigos.com/2018/05/30/episode-6-defining-success-in-dentistry-with-amigo-stephen-trutter/…
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The Dental Amigos
1 Episode 124 - DDSmatch’s Joe McGonigal: How Brokers Add Value to Your Transaction 46:49
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Play Later Play Later Lists Like LikedThe Dental Amigos welcome DDSmatch’s Joe McGonigal, a dental industry veteran with over 20 years of experience helping dentists plan and execute successful practice transitions in both doctor-to-doctor and DSO affiliated transactions. As a “sell-side” advisor who focuses on the Greater Philadelphia area, New Jersey, Delaware and Connecticut, Joe helps clients maximize practice value, identify carefully vetted and qualified buyers, and efficiently manage the transition process. Joe McGonigal joins the Amigos for a conversation about the current practice transition landscape. He discusses how the DSO model for practice valuation, which focuses on cash flow over a percentage of collections, has increased purchase prices even in doctor-to-doctor sales. Joe discusses other factors that impact the final purchase price, including location and detailed, accurate financial record-keeping. Joe offers insight on how the right broker can add value to a practice transaction, and the importance of maintaining a structured, professional process for such a significant event in a practice owner’s career. Listeners who are looking for a highly qualified, dental-specific practice broker to help with their transition can visit DDSmatch.com. To reach Joe directly, please send him a message at jmcgonigal@ddsmatch.com. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 123 - Recent Developments: Federal Non-Compete Ban? #s in the Current Market 38:53
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Play Later Play Later Lists Like LikedThe Dental Amigos are back! Rob and Paul discuss recent developments in the dentistry world regarding the prohibition of covenants not to compete in the employment context by the Federal Trade Commission (“FTC”). This federal non-compete ban by the FTC has been controversial spurring lawsuits that challenge the constitutionality of the ban, resulting in a court order that stopped the FTC from enforcing the ban. The FTC is considering an appeal. While some states have banned non-competes within their states, the prohibition on a federal level remains controversial and will continue to play out. With most associate agreements containing non-competes that prevent dentists from providing competing services within a specified geographic area both during an associate’s employment and for a period of time after leaving employment, this issue is getting a lot of attention in the dental world. The Amigos discuss the value of a non-compete, the limitations that a non-compete ban would impose, as well as the impact that a ban would have on the greater economy. The Amigos also discuss what’s happening with DSOs. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 128 - Healers vs. Stealers: David Harris Protecting Your Dental Practice From Embezzlement 43:14
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Play Later Play Later Lists Like LikedThe Dental Amigos Rob and Paul are back, welcoming licensed private investigator, forensic CPA, and certified fraud examiner David Harris for a conversation about protecting your practice from financial crime. Returning guest David Harris is CEO of Prosperident, a firm dedicated to investigating financial crimes committed against dentists. Today, David walks the Amigos through the alarming danger financial criminals pose to practice owners, provides insight into the criminal’s thought process in planning and executing the crime, and offers his basic formula for proactively shielding your practice from embezzlement before it happens. Listeners who want to reach David or employ his team’s services can fill out his inquiry form at www.prosperident.com/dental-nachos or call Prosperident’s toll-free phone number at 888-398-2327. You can also check out his definitive book on dental embezzlement, Healers Versus Stealers: How to Outsmart the Thief in Your Dental Practice. To hear more from David and the Amigos, listen to our first podcast with David by clicking here. Listeners who want to reach out to Paul can do so at Paul@DentalNachos.com and those who want to reach out to Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 122 - Assembling a Group Practice - “De Novo” v. Acquisition 20:13
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Play Later Play Later Lists Like Likedn the fourth episode of The Dental Amigos’ fifth season, “Assembling a Group Practice,” Rob and Paul discuss key differences between growing a DSO “de novo” (as a start-up) and by acquiring existing practices. They dive into pros and cons of both strategies, such as how branding is often more consistent in a DSO that grows its practice “de novo” and how a DSO acquiring existing practices benefits from having an existing patient database. Then, the Amigos discuss external factors, like the economy and region, that may factor into a DSO’s decision as to whether to pursue a “de novo” or acquisition approach. Listeners who want to reach Paul can do so at Paul@DentalNachos.com and those who want to reach Rob can do so at Rob@RMontgomery-Law.com.…
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The Dental Amigos
1 Episode 121 - Assembling a Group Practice - Dentist/Associate Equity 29:17
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Play Later Play Later Lists Like LikedIn the third episode of The Dental Amigos’ fifth season, “Assembling a Group Practice," Rob and Paul discuss the logistics of offering an associate equity in a DSO. The Amigos begin by explaining the reasons why DSOs frequently offer associates equity, such as to increase associate retention and to garner associate loyalty. Then, they discuss considerations that associates should weigh prior to accepting an equity deal. Which type of equity is being offered? Is the compensation worth the restrictive covenant that accompanies it (which is likely more restrictive than the covenant in a non-equity deal)? In this episode, Rob and Paul offer important advice for practice owners to consider for their associate agreements and for associates to keep in mind prior to signing associate agreements. Listeners who want to reach Paul can do so at Paul@DentalNachos.com and those who want to reach Rob can do so at Rob@RMontgomery-Law.com.…
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