As you explore the possibility of ownership, this book is probably the single best resource available for dentists interested in purchasing a practice. Buying a business is a complicated transaction and doing it by yourself is ill-advised.
This book highlights the importance of assembling a competent team to assist in the acquisition. Regarding your team, you’ll learn why the only advisors in your corner are the one’s you pay directly, and you’ll learn why those earn their living from the sale are often incentivized by the deal closing.
It’s common knowledge that everyone wants to feel like they got a good deal. However, when it comes to buying a practice Brian explains why negotiating aggressively to try and gets. Practice for the lowest possible price may be detrimental to the transfer of goodwill. The big picture (who you are, where you want to be, how well you and your spouse like the area, etc) matters just as much as the purchase price. With the big picture in mind, squandering an opportunity in your ideal location may not be worth offending the seller over a 20 or 30 year career as a practice owner.
At the end of the day, dental school does little to prepare students for the business side of dentistry, but this book offers more value than most courses cold offer for a fraction of the price.
Good luck on your journey to practice ownership!
There are very few books published by practicing dentists about dental practice management. In 2019, Dr. Travis Campbell published his first book titled The Practice Whisperer. His goal in “writing this book was to help others avoid similar mistakes and learn ways to grow professionally”.
Dr. Campbell graduated from Baylor College of Dentistry in 2009, and opened a dental practice in Plano, Texas from scratch in October. While his practice is currently thriving, a startup comes with many challenges. This book describes what went wrong, and how other dentists can avoid the mistakes the author made.
One of my favorite pearls from the book is that “when you notice the patient needs periodontal treatment, focus just on the perio. You can put a preliminary plan together and do an extremely quick review for the patient of their overall oral health, but focus on the perio only so that you can use that time for same-day treatment. You are going to want to see that patient back in four to six weeks anyway, which is the perfect time to discuss the rest of their treatment needs.” This tip alone is worth the price of the book in my opinion, but it is filled with several others.