Dealing with Down Months as a Practice Owner

This episode is all about how to put a valuation on a pediatric dental practice. To help me dissect this topic, I invited on Jeffrey Moss from Moss, Luse, and Womble (MLW). MLW is a prominent accounting firm out of Texas that works with dentists from all around the country. They help approximately 150 pediatric practices with services ranging from bookkeeping, tax strategies, financial planning, and practice valuating. Jeff and I discuss the following topics:- What trends he's seeing in regards to the demand for pediatric offices- What metrics are looked at when considering high-quality practices?- What's a healthy profit margin and how is that calculated?- Is there such thing as a practice that is too big to obtain financing from a private buyer?- How does bringing on an associate who wants to eventually partner affect the valuation for both the buyer and the seller?

This episode comes to you live from AAPD in Denver, Colorado! Dr. Corey Hastings and I had a great time on the floor meeting other dentists and doing some networking. We had a ton of ambitious young docs come up to us and share their stories. Based on our feedback, Corey and I estimate that we've helped somewhere between 60-80 people start their own practice. Corey and I ordered some old fashions and share some of our thoughts about the new Cain Watters Practice Comparison Report. This is a report that shares practice production, collection, overhead, wages, etc. of mature pediatric practices that work with Cain Watters. We discuss some of the trends we are seeing, and why some of these numbers may be misleading.

Dr. Eric Phan is a pediatric dentist who decided to take the leap and go back to ortho residency after four years of practice. He developed an interest in ortho during his associateship and decided to purse being one of the few dual-specialists in our profession.Dr. Phan talks about the application process, why he chose to go back to residency, differences in personalities between pediatric dentists and orthodontists, and why he thinks adding an ortho skill set increases his value and will afford him a longer and healthier career. He also shares some tips for those listeners who may consider going back to specialize in orthodontics.

Dr. Vinny Miriyala is a pediatric dentist who wears a variety of hats in his professional career. Besides working both in private practice and academics, he also takes on an administrative roll by working with insurance companies and the federal government doing peer-reviews and fraud/waste/abuse claims.We have a great conversation about how to avoid liability as a pediatric dentist, specifically what mistakes docs make that get them served a letter from an attorney. Dr. Vinny can be reached at [email protected]

Dr. Adi Genish is pediatric dentist in the beautiful Beverly Hills area of California. She is also a well-known social media influencer and has attracted an impressive following to her profiles on Instagram and TikTok. Dr. Adi talks about why she went back to specialize in pediatrics, and what inspired her to open her practice in Beverly Hills. Her office vision was to create a dental spa for children, and you can tell she spared no expense in designing a very modern practice. We also discuss treatment modalities and parent expectations for the families she sees in Beverly Hills. Dr. Adi also gives us some pointers for social media and reviews its importance for having good content in the modern world of pediatric dentistry.

Dr. Ivy Fua is a pediatric dentist in Burbank, California. Right before COVID she purchased and renovated an established pediatric office to create "Grin Garden Kids Dental and Orthodontics." We talked about how she used a marketing and branding firm to help create her new office, along with the challenges of surviving the transition during COVID. We also discuss:- Outsourcing your insurance billing, is it worth it?- Difficulties when you hire and then lose an associate- Dealing with parents who have fluoride concerns- Being a mom and running a practice- Does it make sense to do full ortho or just phase one?

If you think your life is busy... wait until you listen to this episode! Dr. Gary Lehn is a partner and owner of a 6-office practice in Nebraska, along with the father of 8 children. His kids range from one all the way up to 16 years old. Gary shares his journey and tells us about how he grew his family and his practice together. He gives some advice about how he manages his time, and what his life outside of work looks like. This is a great episode for those docs who work in a busy practice, along with trying to grow a family at home.

Dr. Andrew Lusk is a pediatric dentist from West Virginia. He started a practice almost two years ago, and he comes on the show to talk about life as a West Virginia practice owner. In our discussion, we talk about:- Should pediatric dentists work on Fridays?- Why it's tough to fight Delta Dental, and why using umbrella insurance plans worked for him- Using minimally invasive treatment options to help his patients- Why it's tough being a business owner with cash flow and income inconsistencies

Dr. Tim Followell is a pediatric dentist and the program director of the residency program at the University of Louisville. He has been teaching at Louisville since 2020, where he works with the residents to teach them a wide variety of new techniques and procedures. Dr. Followell is also a purple belt in Brazilian Jiu-Jitsu, which peaked my interest in having him on the podcast. (He could probably strangle 99% of the general population). In this episode, we focus on what changes Dr. Followell is seeing with his residents. We discuss new procedures, what they are moving away from, and how they try to produce well-rounded pediatric dentists. They also have CO2 lasers to allow the residents to do TOT work! I finish by asking Dr. Followell if he thinks we are producing too many pediatric dentists to enter the workforce.

Today's episode is a collaborative episode that Brews and Tiny Teeth did with Dr. Joel Berg of the AAPD Newly Erupted Podcast. We had a great discussion about what inspired me to become a pediatric dentist, the importance of practice owners in rural areas, and how seeing kids with Medicaid can allow an early startup to grow exponentially.