The #1 Mistake Dentist’s Make Leading Up to Retirement – featuring Dr. Bob Marcus, DMD
- Author
- A Practice Orbit Podcast
- Published
- Sat 13 May 2023
- Episode Link
- https://the-dental-practice-sale.captivate.fm
Many dentists make the mistake of slowing down as they get closer to retirement.
The problem is, banks don’t like a downward trend. And if you want the highest possible valuation for your practice, Dr. Bob Marcus, DMD, recommends practicing at 100% until the point of sale.
But how do you make that decision? How do you know it’s time to put your practice on the market? And then how do you make the transition as smooth as possible for your patients and employees?
Bob ran a successful dental practice in the San Diego area for 20-plus years, growing it into $2 million business with a profit margin of nearly 50%.
But four years ago, an eye condition forced him to sell quickly, and he transitioned into consulting. Today, he provides customized coaching and training to help good dental practices get even better.
On this episode of the Dental Practice Sale Podcast, Bob joins host Wes Read to share the strategy he used to lower his overhead, generate surplus income and climb the wealth ladder through his practice.
Bob discusses the eye condition that forced him to sell, describing how he communicated that information to patients and staff and worked with the buyer to maintain continuity in the transition.
Listen in for Bob’s experience of selling the physical building along with his dental practice and learn how Practice Orbit can help you find a buyer that’s the right fit for your team and the people you serve.
Topics Covered
Why Bob sold his practice 4 years ago and became a consultant for dentists
The strategy Bob used to lower his overhead and build a 50% profit margin in his GP practice
Wes’ 3 breakeven numbers for a dental practice—keep-your-doors-open, living and goals-based
How to use surplus income from your practice to climb Wes’ wealth ladder
The eye condition that forced Bob to sell his dental practice and how he communicated that information to patients and staff
Why Bob recommends practicing at 100% until the point of sale vs. tapering off into retirement
How Bob addressed his team’s fears and worked with the buyer to maintain continuity in the practice
Why it’s healthier to be honest with patients and staff about your intention to sell
Bob’s experience of selling the physical building along with his dental practice
What happened in the 5-week period between the time Bob listed his practice to the time it closed
The benefit of using dual representation for the buyer and seller of a practice
