Talking Practice Sales and Acquisitions with Natasha Gillis
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Ep 59
Often we don\\u2019t discover the legal side of practice sales until we\\u2019re in the thick of it. Join me for a very information-heavy episode that focuses on ownership, numbers and how patients react to practice transitions. Natasha walks us through why a business plan and certain analytical reports are needed. She has a 3-Step Process that she uses with clients on both sides: buyer and seller. The devil is in the details and contract law is full of them. After this episode you\\u2019ll at least know what to expect should you or your doctor take this path.
Episode 59 Highlights\\xa0
- Natasha\\u2019s background in contract law and transitions work
- Best practices to work with lenders and borrowers\\xa0
- Her 3-Step Process for Practice Sales
- Vision Boards and Business Plans\\xa0
- Marketing, Competitive and Financial Analysis\\xa0
- Legal Contracts\\xa0
- Acquisition Road Map
Quotes
- \\u201cWhat you think your practice is worth, may not be what it is worth\\u201d\\xa0
- \\u201cLike listing a house you need to understand what goes into showcasing your practice in it\\u2019s best light\\u201d\\xa0
- \\u201cYou can\'t look at practice ownership in a vacuum, the emotional parts are very important\\u201d\\xa0
- \\u201cWhen you are in your mid 50s it\\u2019s a good idea to start considering your retirement plans\\u201d\\xa0
- \\u201cThese dental business plans don\\u2019t Harvard Business School plans\\u201d\\xa0
- \\u201cYou never want to compete on price\\u201d\\xa0
- \\u201cThe buck stops with the dental CPAs\\u201d
- \\u201cI don\\u2019t promote litigation, to the furthest extent possible, keep your feet out of court\\u201d\\xa0
- On practice sale considerations: \\u201cThe patient has gone to a new practice without knowing it, and that is a sense of betrayal\\u201d\\xa0
- \\u201cThere is no test drive, once you close you close, there are no take backs\\u201d\\xa0
- Gold advice: \\u201cAvoid shady sellers\\u201d\\xa0
Links\\xa0
To connect with Natasha check out:
Her firm: https://www.thegillisfirm.com/ and her podcast, Dental Bites with the Smiling Lawyer and the Dental Zorro
Empowering Business Women in Dentistry Facebook Group: https://www.facebook.com/groups/2335189716581443/
**If you like the show then I\\u2019d appreciate a good rating. Tell your friends. Even podcasters ask for referrals!**
Teresa\\u2019s Website- https://www.odysseymgmt.com/ (sign up for my newsletter!)
Teresa\\u2019s Book Moving Your Patients to Yes! Easy Insurance Conversations
http://odysseymgmt.corecommerce.com/Book/ (use \\u2018newsletter\\u2019 for $3 off
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