5 Ways to Start Your Day for Success

Preparing to sell a dental practice can be a stressful process, however, there are several things that you can do to start your day that will alleviate a little bit of the stress you may be feeling. These five habits are shared by many successful people and are guaranteed to get your day off to a great start.

Here are five ways to start your day off productively:

  1. Take time to meditate or have quiet time – Even taking 5-10 minutes when you first wake up in the morning to just be still will bring tremendous benefits to both your stress levels and your productivity at work. Don’t check your phone, don’t scroll through social media – just wake up, sit up and if possible move to a different room and soak up the quiet and stillness of the early morning. Set a timer for 5-10 minutes and begin.
  2. Find a form of exercise that you enjoy – It can’t be said enough. Our bodies were not made to be still. By starting your day off with some movement, even something just as simple as a short walk, you have set your day up to be better. Exercise gets your endorphins (feel good hormones) moving through your body and will put you in a better mood the rest of the day.
  3. Write down your thoughts – Take another 10-minute chunk of your morning to write down all that is on your mind. This can be a list of things to do that day, a time to reflect on a personal challenge you’re facing or just free thought writing to clear the cobwebs before you start your day.
  4. Read something – Read a motivational or personal development book. Using another 10-minute block of time, read something that will keep you motivated and encouraged throughout the day.
  5. Eat a good breakfast – It’s true what they say. Breakfast is the most important meal of the day. Eat a healthy breakfast with a good balance of protein, carbohydrates, and fat to give you plenty of energy and mental clarity.

If you can do all five of these every morning, you will see amazing results including a reduction in your stress levels. However, even taking just one of the suggestions and doing it daily will have a positive impact on your day. These tips are especially valuable if you’re going through a dental practice transition.

NAPB | National Association of Practice BrokersDENTAL PRACTICE BROKERS

Dental Practice Transitions Selling a Dental Practice
Dental Practice Valuation Dental Practices For Sale


How to Know if You Are Ready to Sell Your Dental Practice

The truth about running a dental practice is that it can at times be very stressful. This causes many dentists to go into retirement before they are ready.

Problems may range from burnout to personal issues – and often once resolved, the dentist may be willing or even eager to get back to work.

However if you retire, and even sell your practice, too early – you may find that you’ve missed out on thousands of dollars of value.

In order to make sure that it is the right time, and that you are really ready to sell your dental practice, consider these questions below.

Are you financially free?

If you are looking to retire you should make sure you are financially ready to do so.

This means that you are comfortable enough to retire with the lifestyle that you want, regardless of if the sale goes well or not.

You want to be as accurate as possible when planning your future to make sure you don’t later have to settle for a lifestyle that is more frugal than what you’d expected – or that you even need to start working again.

Make sure you hire an expert to help you with the valuation process and to educate you as to other tax consequences. Remember that there are various state and federal regulations you have to meet in preparation for a dental practice transition.

Is the financial climate right?

Most dentists will unrealistically value their practice, and this is expected. If you have been working for years in the business, it’s likely that you will be optimistic about how much it is worth.

This can be more obvious in an economic down market where dentists may try to cling onto old valuations and expectations. The reality however, is that the value is only determined after the sale.

Regardless of what you believe a practice to be worth you need to hire an expert appraiser and have some interested buyers in order to be sure that you are going to get the kind of value you believe your practice is worth.

Do you have desire to pursue other interests?

Many dentists look to sell their practices and leave dentistry because they’re burnt out – but what they really need is a break, not a retirement.

If you are thinking about leaving dentistry, it is necessary that you have other specific interests in mind that you want to pursue. Otherwise, there is always the likelihood that once you spend some time away you will grow bored, get the itch to start working again and you won’t have a practice to return to.

If you are in a position to sell your dental practice, think of yourself as privileged. However, this is not a move to be taken lightly, so think thoroughly about whether you are really ready to sell your practice, or whether this just a period of stress or burnout, or whether other personal issues are in the way.

NAPB | National Association of Practice BrokersDENTAL PRACTICE BROKERS

Dental Practice Transitions Selling a Dental Practice
Dental Practice Valuation Dental Practices For Sale


3 New Breakthroughs in Dental Science to Know About

Dental Science is a constantly evolving. Every year there are dozens of changes and breakthroughs that dentists need to be aware of, though it’s not always easy to find time to keep up with the trends.

Here are 3 recent stories that you should know about:

New toothpaste could replace lost minerals while you sleep

The BioMInF toothpaste is now available online and is set to be in stores by the end of the year. The ingredient involved slowly releases calcium, phosphate and fluoride ions over an 8 to 12 hours period, which allows fluorapatite to form.

This is particularly beneficial in the prevention of tooth decay and the strengthening and protection of tooth structure and could significantly change the nature of commercial toothpastes in the future.

Sports drinks could be a huge cause of tooth erosion in children

A survey has found that a large proportion of children aged 12 to 14 have been found to consume sports drinks socially.

Many claimed to have been attracted to them for price, taste and availability. There is a mistake among many members of the public who associate sports drinks with health as they are targeted at athletes, though their content is not dissimilar to other unhealthy soft drinks and sodas.

“Dental health professionals should be aware of the popularity of sports drinks with children when giving health education or advice or designing health promotion initiatives,” said Maria Morgan, senior lecturer in dental public health at Cardiff University.

Poor oral health may be linked to cognitive decline

Fortunately in recent years we’ve begun to understand the impact of gut microbiomes on brain function and cognitive health.

However, what we don’t yet know is the relationship between oral hygiene and cognition.

New findings from Duke University suggest that there may be a link between regular dental visits, oral hygiene and the slowing of cognitive decline. A look at longitudinal data in studies published between 1993 and 2013 found that in some studies there was a link between oral health measures, including number of teeth, number of cavities, and presence of periodontal disease, and an increased risk of cognitive decline or dementia.

It’s important to note that the evidence is not yet definitive enough to conclude causation in either direction.

Whether you are looking to stay in the industry for years to come, or if you’re interested in selling your practice, it can be beneficial to stay on top of the latest trends.

Keeping up to date can allow you to provide your client relevant tips and advice.

A dental office that has a reputation as modern and knowledgeable will be a more prosperous and valuable practice than one that rests on its laurels.

NAPB | National Association of Practice BrokersDENTAL PRACTICE BROKERS

Dental Practice Transitions Selling a Dental Practice
Dental Practice Valuation Dental Practices For Sale


Dental Referrals to Build Business

As you consider an upcoming dental practice transition, one important area of your business to be aware of is the number of clients that you have. Your client base can have a direct impact on the value of your practice. There are many ways to boost your client base. One of the easiest and most effective ways is to utilize referrals with your existing patients. Referral-based marketing is a highly effective way to bring in new clients. It’s similar to word-of-mouth marketing, in that you’re relying on your existing satisfied clients to share and bring new business into the practice. The subtle difference with referral based marketing are the incentives that you may provide to clients to send new customers your way.

There are many simple steps you can take to increase referrals through your patients. Here are just a few examples:

Announce that you want referrals: Utilize an email marketing campaign to announce to your patients that you’re always available for and appreciate their referrals. Something as simple as “A referral from my patients is the biggest compliment I can receive” can be printed on appointment cards, invoices, and other mailings. This is a gentle, subtle reminder for your patients to remember you when they’re talking to friends or colleagues that may be looking for a new dentist.

Rewards for referrals: Give your patients something small for sending referrals your way. A $10 gift card to a local coffee shop or bookstore is always appreciated. This won’t break the bank, but you’re still recognizing and rewarding your clients for telling others about you. These little touches will be remembered and will be returned to you in the way of new clients.

Reward even more: Consider doing a big drawing once a month or once a quarter for all patients that refer clients your way. This bigger drawing would be for something with more significant value – say a $50 gift certificate to a local restaurant or a tech device.

Make sure your referral rewards are prominently displayed: Share your referral rewards on your social media accounts, your website, in the practice via a nice sign and in any mailings that you send out. Also, be sure it’s on appointment cards and business cards.

If you’re considering selling a dental practice, make sure you’re utilizing referrals in your marketing strategy to help improve your practice’s overall value.

NAPB | National Association of Practice BrokersDENTAL PRACTICE BROKERS

Dental Practice Transitions Selling a Dental Practice
Dental Practice Valuation Dental Practices For Sale


4 Ways to Increase the Value of Your Dental Practice

When looking to sell your dental practice, as with any business, you want to maximize the value of the sale.

Unfortunately, many dentists are often skilled in dentistry but don’t have much time for the ins and outs of running a small business. So when the time is right to sell the practice, they’re not prepared to get the most out of what they have to offer.

Fortunately, there are a few things you can do to increase the value of your dental practice that requires reasonably little time or financial investment, and they can up the value of the sale by thousands or even tens of thousands of dollars.

    1. Improve your online presence

Having a strong online presence is essential in today’s business climate. Not doing so immediately gives off the impression that your practice is old and will need to be updated.

Flip this image on its head by having a professional looking website, active social media profiles and even a detailed digital marketing strategy to show. You should also have a number of online reviews as these testimonials are not just for other customers, but they can showcase the efficacy of your practice to buyers.

    1. Hire an interior designer and a photographer

First impressions count and you don’t want your office to look worn down and old.

Hiring an interior designer and having a photographer take some professional photos can mean that the first contact your potential buyers have with your practice – which is often online – leaves a great image in their mind.

    1. Build the best possible team

When someone buys a dental practice it is common that they will keep the current staff. You want to make sure your staff is experienced, professional, provide excellent customer service and run a tight ship.

If someone is buying your practice, they’re effectively buying into a lifestyle and you want to let them know that the lifestyle that your practice can offer them is profitable, enjoyable, and stress-free.

    1. Create a detailed business plan

You’ll want to show the prospective seller that your practice can generate income for them for years and years to come. Hiring a financial adviser to help you create a tight-knit, long-term business strategy will prove the value of your business.

Make sure you cover all of these bases when looking to sell your dental practice. Establish an online presence, hire a professional designer and photographer, build a competent team and have a detailed long-term business plan in place.

When the practice is running like a well-oiled machine, you’ll find more interested buyers as they’ll know they’re purchasing something of value.

NAPB | National Association of Practice BrokersDENTAL PRACTICE BROKERS

Dental Practice Transitions Selling a Dental Practice
Dental Practice Valuation Dental Practices For Sale