How To Build And Sell A Practice - with Grant McAree

This week, Brad discusses the £100k Open Day - how they work, what they can do for your business, as well as the many lessons Brad has learned through his experience in staging these invaluable events. KEY TAKEAWAYS When putting together your roster of attendees, you can never count upon them actually showing up unless they have some skin the game, such as having paid a deposit. The entry process for signing up for events such as these, should contain some kind of commitment. This filters out the people who are unlikely to attend, or whose interest is minimal. When you market your business to an audience, it's not about quantity. It's about finding the audience who truly care, so that when you have an offer or event, you get a far higher return in terms of interest. It's crucial to get your staff and team on board with what the goals and objectives of the event are. If your goal is revenue, then make sure they are all attuned to this goal. BEST MOMENTS 'It doesn't matter how many people have booked in, if nobody has paid a deposit' 'There's no point in massaging your ego' 'I want each of those monthly open days to be £100,000 revenue-generating events' 'Talk about money. Be open' VALUABLE RESOURCES The Dental Business Podcast       ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

Brad returns with special guest, Dr Grant McAree, the founder of one of the internet’s most valuable resources for dentistry professionals, and one of the most successful operators of  business and marketing courses for dentists. Grant has just sold his own dental practice for a multiple figure sum, and joins Brad to share his inspiring story, talks you through the mechanics of buying and selling a practice, and discusses why selling a practice should not be considered to be a one-time event in your own dental career.  KEY TAKEAWAYS Many believe that the culmination of a dental career comes with the sale of a practice, but as Grant has proved, selling a practice can be a regular occurrence, allowing us to achieve financial freedom and the ability to pursue other interests. A squat dental practice is essentially a practice started from scratch, usually with a single surgery to begin with and aspirations to be a highly profitable business. Open Day advertising should never cease The important thing is to get customers interested, and coming through the door. It should not be limited to one day per period. Running a practice for profit is entirely different to the model you need to adopt if you wish to exit through sale. There are ways of increasing the potential value of your practice for sale that must be considered in order to make the proposition more attractive to potential buyers. BEST MOMENTS 'In dentistry there isn't enough truth about building a practice' 'This is a golden time for the financial aspect of dentistry' 'What cheapens your profession is doing bad work' 'This doesn't have to be complicated' VALUABLE RESOURCES The Dental Business Podcast       Grant McAree LInkedIn - https://dentalbusinessmentor.co.uk/business-coach-for-dentists/ Advertising And Marketing Tips By Dentists For Dentists (Facebook) - https://www.facebook.com/events/d41d8cd9/advertising-and-marketing-tips-for-dentists-by-dentists/311842172803750/ ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

Much of marketing is focussed around building relationships and sharing resources and information in order to build a relationship with potential clients remotely. In this week's show, Brad talks about how this overlaps with the concept of authority marketing - marketing that presents the perception that you are an authority in your field. KEY TAKEAWAYS Authority marketing is built upon the idea that you present yourself as the best person in your field - that you know everything to know - via means such as blogs, articles, YouTube videos, podcasts etc. Qualifications and positions of authority in dentistry, are remembered by patients, and are held up as a badge of honour by their clients We need to strike a good balance between being approachable and affable, and the image of us also being a towering authority on our subject. If you have a platform used to engage with people, then through consistency, we naturally become an authority in our field. BEST MOMENTS 'Make them perceive that dentist as an authority' 'You do things that enable people to find you' 'We need to give out information in a way that makes people perceive us as an authority' 'We need to be producing better quality resources for our patients' VALUABLE RESOURCES The Dental Business Podcast     ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

In this week's show, Brad talk to marketing expert, Michelle Tayler, about the fascinating concept of relationship marketing, and how it can help to not just grow your client base, but nurture relationships with the base you already have. KEY TAKEAWAYS   The first step is to create a marketing mind-set, to understand the basics of marketing itself. Building relationships with people is the best way to attract and retain patients. Establish who your ideal patient avatar is. Make sure you know exactly what their needs and pain points are. People buy and make decisions on emotion. The patient journey map begins with mapping out a patient and the process they go through from "completely unaware" to "consideration" and "conversion" It's worth applying the "Rule Of 7" when it comes to our messaging. This doesn't mean seven emails, but seven forms of communicating a single message, as the average person does not absorb a message until they receive it seven times BEST MOMENTS 'It helps to take away the overwhelm of marketing for dental practitioners' 'It's not easy to turn on a camera and start recording for social media' 'The biggest secret to marketing is consistency' 'A person needs to see a message seven times before they take it on board' VALUABLE RESOURCES The Dental Business Podcast      Facebook: @marketingpractices www.marketingpractices.com.au [email protected] ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

In this week's show, Brad talks to Adrian Dray, a data protection expert and consultant, about why data protection matters, the role of GDPR in every dental business practice, and how we can better maintain the security of our client base. KEY TAKEAWAYS GDPR was the biggest data protection shake-up in a generation, and before it was implemented, not many business owners took client security seriously. When looking to take over a new practice, or acquire a business, the GDPR compliance must be thoroughly considered. We must make sure that we're not acquiring a business filled with breaches and problems. We must make sure that we are keeping client information in the most secure way, and crucially, disposing of it when the correct time arrives. This is an issue that many businesses slip up on. It is a criminal offence to block or deliberately disrupt the legal process when it comes to the information process, and perpetrators of this violation are now being publicly called out. BEST MOMENTS 'As dentists, we understand the importance of what we do' 'One of the things that's really important is how's it going to interact the value of my business?' 'I don't want to pick up a "data lemon"' 'Those records could be your bulletproof vest...' VALUABLE RESOURCES The Dental Business Podcast     GDPR - https://gdpr-info.eu dental.consulthere.co.uk ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

Clubhouse is the new social media network that's taking the world by storm right now. In this episode, Brad talks about his experience in using it, and how it can positively benefit your business journey. KEY TAKEAWAYS Clubhouse allows users to focus in on groups or rooms dedicated to your specific area or niche. This allows you to network swiftly with likeminded individuals and rapidly grow your knowledge. It's an ideal landscape for business owners and entrepreneurs, who can instantly network. The potential for the future is huge. Apps like Clubhouse allow you to build a rapport and relationship with curious minds. It allows you, as a business owner, to connect with potential clients like never before. BEST MOMENTS   'I think it's potentially going to be one of the next big things' 'You've got quite a motivated patient there, if they've sat in your chair for a consultation' 'All they want is a bit of unobtrusive, non-committal information - where they can just hear about a topic and learn' VALUABLE RESOURCES The Dental Business Podcast    ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and developmen of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

Brad's here in this short, sharp episode, to wish you a Happy New Year, and to lay out the exciting plans for the year ahead, as well as some of the ways in which we can set goals and challenges for ourselves. KEY TAKEAWAYS   Interviews and topics this year will focus primarily on those who aid dental businesses in becoming better and achieving more. When challenges arise, such as the lockdowns of 2020, it always seems to be those with a long-term plan who push through and emerge victorious. There are always elements of business that force us to re-evaluate our goals in a positive way. Finding those markers in our future is the first challenge of the year. BEST MOMENTS 'When you look back at everything that's happened they're going to find moments that were very positive' 'I'm looking into 2021 very positively' 'We often need to relate goals to something tangible' VALUABLE RESOURCES The Dental Business Podcast    ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

Brad talks to Nin Gandhi-Patel, the creator of Enquiry Bot, a revolutionary service designed to turn your website visitors into patients by providing a 24/7 concierge service that deals with and greets your potential new customers on your behalf, saving you time and money KEY TAKEAWAYS With more demand on dental practices, the enquiry process has had to adapt. This has meant later opening hours plus weekends and holidays. The cost of this enquiry process has slowly crept up. This is where Enquiry Bot can help, and also save costs. Many perceive marketing to be the practice of simply attracting new customer. But Dental Marketing is about the entire process, from entry, to ensuring our clients feel well taken care of throughout their entire experience. We must seek to not just inform, but exchange information with our patients. When we do this, we provide education. This leads to trust, which draws more patients to you. Websites must evolve. The world has transformed from simple forms on sites, to encompass many new and more convenient ways to communicate, including apps and messaging services. It is incumbent upon us to embrace these advancements and provide convenience. BEST MOMENTS 'Interestingly enough, we had our best conversions on a Sunday...' 'The whole practice forms part of that marketing process' 'When you exchange information, you educate the patient' 'Enquiries went up, cost per lead came down, but also revenue went up' VALUABLE RESOURCES The Dental Business Podcast    Nin Gandhi-Patel - https://ningandhipatel.com/ Enquiry Bot - https://www.enquirybot.dental  ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.  Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]

Brad is joined by award-winning digital and dental marketing expert, Shaz Memon, the founder of Digimax Dental, specialists in dental marketing and making practices stand out from the rest. Shaz talks about the ways in which he's helped numerous practices to achieve this, as well as the top strategies that you can employ today!   KEY TAKEAWAYS   Many practices get the basics wrong. Displaying an address and phone number up front can hook potential clients immediately. By only attracting one lifetime client, you've already made this strategy work. The customer journey cannot be overstated. It is the art of turning strangers into clients. We must welcome and then gently convince people to remain. Many people still think that if they are busy, then a website is not necessary, but this is a false economy. By not encouraging new enquiries we can never be sure of the types of clients we may be passing over. Influencers are useful in attracting leads, but they must be a fit. Look at the demographic of their fan base and decide for yourself if their followers are the people you are hoping to appeal to.   BEST MOMENTS   'One thing I'm passionate about is design and adding value to businesses' 'We're leading them through based on what issue they have, and what they'd like to rectify' 'You don't know what types of patients you're losing... 'Our goal is not to get more followers. Our goal is to get more of the right followers'   VALUABLE RESOURCES The Dental Business Podcast    Digimax Dental - https://digimax.dental Shaz Memon - https://shaz.co.uk ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.    Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry.   In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family.   He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK.   Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development.   CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]                  

Brad is joined by entrepreneur and public speaker, Andy Acton, and the director of Frank Taylor Associates, specialists in the sales and evaluation of dental practices.   Andy discusses the wide range of services that Frank Taylor Associates can offer, as well as some of the more surprising challenges and issues that many practice owners, or aspiring practice owners, must make sure they’re aware of when it comes to buying or selling a dental business.   KEY TAKEAWAYS   A sale or transfer of ownership will always lead to a form of disruption, small or large, among the team there. Recruitment at this time is not something that many consider, and yet access to staff when needed can be vital to a smooth transition. When evaluating a dental practice, its worth is calculated on the transactional income or the recurring income. This tends to come from three areas: NHS, plan-based income and private-based income. The caps on NHS income saw a dramatic upturn in the number of associates, now vulnerable due to loss of income, investing in their own practices. This was a paradigm shift in the sector. Many practitioners become far too distracted by seeking a larger multiple, but if this multiple is being applied to a smaller adjusted profit, then it becomes a false variable.   BEST MOMENTS   ‘You’re paying for an element of security for your investment’ ’Inevitably, when there’s a change of ownership, there can be some switching around of the team’ ’Owning a business through. The pandemic has not been an easy ride’ ’For me, it’s about the money that end up in your bank account. It’s about vanity vs business’   VALUABLE RESOURCES The Dental Business Podcast    Andy Acton at Frank Taylor Associates - https://www.ft-associates.com/article/proud-to-be-an-ambassador/andy-acton/ Andy Acton LinkedIn - https://uk.linkedin.com/in/andy-acton-a0836b22 ABOUT THE HOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life.    Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry.   In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family.   He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK.   Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development.   CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook [email protected]