The Practice Purchased Podcast

Brian Hanks has spent this whole season nudging associates to stop waiting. His own data says the average associate buys five to seven years later than they wish they had. In this solo finale he admits he’s the biggest hypocrite on the show: he knew he wanted to be his own boss at 18, sweating through a summer of construction labor, but he didn’t do anything about it for twenty years. What finally moved him wasn’t a plan. It was 5:12 p.m. on a Monday in March 2017, walking out of a meeting he’d set up to ask for a raise, fired twelve minutes in, locked out of his email before he reached the parking lot. Four kids at home, a hotel room, and an extra muffin from the free breakfast bar because he suddenly had no income. The book, the business, and this podcast all came out of the 4:30 a.m. mornings that followed. This is the episode for anyone whose reasons for waiting sound perfectly logical. Brian’s did too. In this episode: The 18-year-old on a construction crew who swore he’d never work for someone else, and the twenty years of very reasonable excuses that followed The raise meeting that ended in twelve minutes, and the detail Brian still can’t shake Why being “responsible for six people” is the most convincing reason not to start, and what it was actually covering Everything is figure-outable: the first crown, the first implant, the first time a client paid him over Venmo Steve Van De Graaff’s test from episode 3: problem solvers look for reasons to do it, problem finders look for reasons not to Readiness isn’t a mood you wait for. It’s what shows up on the other side of taking the step. The action step: write down what you’re actually afraid of, every item, and why the list isn’t permission to keep waiting What’s coming in Season 10 This week’s homework: Write down what you’re actually afraid of. Be specific. One thing or twenty-five. Then send it to Brian: [email protected]. No pitch, no follow-up unless you ask for one. He’ll read it and tell you which items someone in your dental school class has already figured out. Thinking about owning someday? Get Brian’s free Ready Kit for the steps leading up to buying a practice: https://www.dentalbuyeradvocates.com/ready More resources: Read How to Buy a Dental Practice: https://www.dentalbuyeradvocates.com/how-to-buy-a-dental-practice-book/ Book an introductory call with the Dental Buyer Advocates team: https://www.dentalbuyeradvocates.com/schedule-a-call/ Thank you to this season’s guests: Len Tau, Steve Van De Graaff, Mike Pakula, Josh Matthews, Matt Mulcock, Jonathan VanHorn, and Brady Smith. Season 10 is dentists who bought: a year later, what did they learn, and did they wait too long? Practice Purchased is hosted by Brian Hanks, MBA, CFP, founder of Dental Buyer Advocates and author of How to Buy a Dental Practice and Taxes for Dentists. It’s ad-free and under 22 minutes, the average American commute. If it helped, forward it to one dentist.

Dr. Brady Smith, comedian and dentist, bought into a practice straight out of dental school, made more in his first months than most of his classmates would in years, and spent twelve years as an owner before he learned the one thing nobody told him: the practice he "owned" couldn't be used as collateral for anything. He found out when he tried to buy a house. Brady is a multi-practice owner, the host of Laughing My Gas Off, and the most-followed comedian in dentistry. He's also the rare owner who'll tell you, on the record, that he's had months in the last two years where he didn't pay himself. In this episode of Practice Purchased, Brian Hanks and Brady get into the question this season is built on: how do you know you're ready? Brady's answer comes from the comedy stage as much as the operatory. Nobody feels ready the first time. You go on, it goes okay, you find out what you didn't know, and you get reps. Ownership works the same way, except the reps are months. One thing worth noticing: Brian describes the two associates he talks to every day, the one who's terrified and the one who's furious at their DSO. Brady's read on which one is closer to ready is not the one you'd guess. In this episode: The worst reason to buy a practice, and why it sounds perfectly reasonable when you're an associate What Brady wishes Comfort Dental had told him before he bought in, and who the franchise model is right for The Caesars Palace moment: opening for Sebastian Maniscalco in front of 1,800 dentists, and why he still needed reps afterward Why "there's no practice run for ownership" is wrong: month one, month two, month twelve Months with zero owner income, months with six figures, and why associates never see either The angry associate versus the scared one: the questions Brady would ask each before saying "go" Rapid fire: toothpaste, favorite comedians, the adult treasure box, and the best dentist to follow on social media Thinking about owning someday? Get Brian's free Ready Kit for the steps leading up to buying a practice: https://www.dentalbuyeradvocates.com/ready More resources Read How to Buy a Dental Practice Book an introductory call with the Dental Buyer Advocates team About the guest Dr. Brady Smith is a general dentist, multi-practice owner, and comedian based in Portland, Oregon. He hosts Laughing My Gas Off and performs at dental conferences across the country, including opening for Sebastian Maniscalco at Thrive Live in Las Vegas. Find him on social media and at https://www.drbradysmith.com/. Practice Purchased is hosted by Brian Hanks, MBA, CFP, founder of Dental Buyer Advocates and author of How to Buy a Dental Practice.

He was fired after his first tax season, in the middle of the 2008 crisis. Fifteen years later he runs Tooth and Coin, one of the best-known dental CPA firms in the country. So what did Jonathan VanHorn actually know about running a business before he started one? Less than you'd think, and more than he gave himself credit for. He'd never run payroll for his own firm. He had run it for a hundred clients. That gap, between what you've never done and what you've already done a version of, is where most associates get stuck. In this episode of Practice Purchased, Brian Hanks and Jonathan get specific about the financial side of feeling ready: where new owners actually fail, what a dental CPA should cost, and why the spreadsheet is almost never the problem. One thing worth noticing: Jonathan says failure comes down to two numbers, patients seen and revenue per patient, and in most practices it's obvious which one is off. If you can figure out which one, you can fix it. In this episode: How Jonathan went from fired first-year CPA to founding Tooth and Coin The associate's "I've never done that" list, and what's actually on it The two numbers that explain almost every practice that struggles Why startups should obsess over new patients, and what a healthy count looks like The acquisition mistake nobody sees coming: buying a practice whose treatment philosophy doesn't match yours What a dental CPA should cost in year one (and what you get for it) Brian's one tip on how to be a client your CPA wants to keep Thinking about owning someday? Get Brian's free Ready Kit for the steps leading up to buying a practice: https://www.dentalbuyeradvocates.com/ready More resources Read How to Buy a Dental Practice Book an introductory call with the Dental Buyer Advocates team About the guest Jonathan VanHorn, CPA, is the founder of Tooth and Coin, a dental-focused CPA firm serving practice owners across the country, and host of the Tooth and Coin podcast. Before founding the firm he worked in public accounting and as an assistant CFO for a manufacturing company. https://www.toothandcoin.com/ Practice Purchased is hosted by Brian Hanks, MBA, CFP, founder of Dental Buyer Advocates and author of How to Buy a Dental Practice.

Most associates assume they need a down payment to buy a practice. They don't. What they need is cash in the bank, and a lot less of it than they think. Matt Mulcock has spent his career advising dentists on exactly this question. In this episode he gives Brian the number: roughly $50,000 to $75,000 in liquid savings, and retirement accounts don't count toward it. That's the financial bar. The harder one is the other half of the conversation. Brian and Matt work through both. Whether the math actually supports buying now, whether you should clear student loans first, and why the feeling of readiness almost never arrives before the decision does. In this episode: What lenders actually want to see, and why it isn't a traditional down payment The liquidity number Matt gives associates, and what doesn't count toward it Why the 20 percent savings rule is good general advice and bad specific advice Buying now with student loans outstanding versus waiting years to be debt free, and which one usually wins Why uncertainty, not risk, is what actually stops people The traits Matt sees in dentists who do well as owners What changes financially in the first year of ownership This Friday, October 2: Brian is doing a free live session, How to Find a Dental Practice for Sale, including the ones that never get listed. Noon Mountain / 2pm Eastern. The recording goes to everyone who registers. Register here: https://info.dentalbuyeradvocates.com/free-webinar-how-to-find-a-practice.html Thinking about owning someday? Get Brian's free Ready Kit for the steps leading up to buying a practice: https://www.dentalbuyeradvocates.com/ready More resources Read How to Buy a Dental Practice Book Schedule an introductory call with the Dental Buyer Advocates team About the guest: Matt Mulcock, CFP®, leads Dentist Advisors and hosts The Dentist Money Show. His firm works exclusively with dentists on financial planning, and he has spent years on the same question this episode asks: when do the numbers actually say yes. https://dentistadvisors.com dental practice acquisition, buying a dental practice, practice ownership, student loans, dental associate, practice financing, dental practice valuation, first practice purchase, financial planning for dentists, practice transition

His employer offered to sell him a dental practice for $75,000. He could write a check and own it outright. So why did Dr. Josh Matthews turn it down? Josh was already moving toward buying another practice when his DSO’s CEO made the offer. The price made him reconsider everything. But he knew the office’s problems firsthand, and his wife asked a question he couldn’t answer: What would he do differently to make it work? In this episode of *Practice Purchased*, Brian Hanks and Josh walk through the decision, how Josh found the practice he ultimately bought, and what ownership has actually been like. One thing worth noticing: the practice Josh bought was listed with a broker and didn't sell that way. He heard about it from a supply rep who'd called on that office for years. That's how most good practices actually move. If you're searching for a practice right now, Brian is doing a free live session on Friday, October 2 at noon Mountain time / 2pm Eastern: How to Find a Dental Practice for Sale, including the ones that never get listed. Register here: https://info.dentalbuyeradvocates.com/free-webinar-how-to-find-a-practice.html **In this episode:** - How a local banker and a dental supplier helped Josh connect with a seller - Why the $75,000 offer was so tempting—and what the price didn’t tell him - How his wife’s perspective and a review of the financials helped him decide - What changed after the seller became his associate - Why Josh has no regrets, even with the extra work and unexpected challenges - The first-day alarm mistake that brought police to the practice **Thinking about owning someday? ** Get Brian’s free Ready Kit for the steps leading up to buying a practice: (https://www.dentalbuyeradvocates.com/ready) **More resources** - [Read *How to Buy a Dental Practice*](https://www.dentalbuyeradvocates.com/how-to-buy-a-dental-practice-book/) - [Book an introductory call with the Dental Buyer Advocates team](https://www.dentalbuyeradvocates.com/schedule-a-call/) **About the guest** Dr. Josh Matthews Josh Matthews is a passionate general dentist and the owner of Matthews Dental Group in Brookfield, WI. A Creighton graduate and former Army dentist, he worked in private practice and a DSO before becoming an owner. https://dentistbrookfield.com/about-us/ Practice Purchased is hosted by Brian Hanks, MBA, CFP, founder of Dental Buyer Advocates and author of How to Buy a Dental Practice.

FREE "Ready" Kit — everything my clients use to get ready to buy a practice: https://www.dentalbuyeradvocates.com/ready RESOURCES The book, How to Buy a Dental Practice: Book an Intro Call to Learn More: Book a call with our team, here. Buying a dental practice feels scary for a reason—but the bank may already be telling you you're closer than you think. Brian Hanks and returning guest Mike Pakula, a healthcare lender with Bank of America, break down what “ready” actually looks like to an underwriter and why so many dentists overestimate the amount of perfection they need before they can buy. If you've been sitting on the fence because you don't “feel ready,” this conversation gives you a reality check and a roadmap. Mike explains how banks evaluate dental buyers using two major filters; 1. production and 2. liquidity. In this episode you'll discover: Why dentists are considered one of the safest small-business bets a bank can make The difference between being underprepared and simply feeling nervous What lenders mean by production, liquidity, and debt-service coverage The 20% to 25% cash-flow buffer most banks want to see Why seller or practice issues usually kill deals more often than the buyer does How a near-miss buyer lost sleep over two tiny issues—and almost walked away from a life-changing deal Mike also shares what underwriters flag most often, how student-loan payments affect lending decisions, why buying the whole practice usually beats buying in, and why purchasing the building can be a major wealth move.Most importantly, he gives one simple action you can take this week to become more fundable: know your production number and raise it if needed.Essential listening if you're considering practice ownership, wondering whether your finances are strong enough, or trying to turn anxiety into an actual acquisition plan. Brian Hanks is the host of the Practice Purchase Podcast, owner of Dental Buyer Advocates, and author of How to Buy a Dental Practice. Mike Pakula is a lender in Bank of America's Practice Solutions Division, with 15 years of experience financing healthcare and dental deals across the U.S.

Most associates wait to feel ready to buy a practice. That feeling isn't coming, and it was never the right test. FREE Ready Kit — everything my clients use before they buy: https://www.dentalbuyeradvocates.com/ready In this episode, Dr. Steve Van De Graaff shares his journey of buying a dental practice right out of school, the challenges faced, and key insights on leadership, emotional resilience, and the importance of mentorship for aspiring practice owners. RESOURCES The book, How to Buy a Dental Practice: https://www.amazon.com/How-Dental-Pra... Book an Intro Call to Learn More: Book a call with Craig, here. Dr. Steve Van De Graaff is a coach at The Lifestyle Practice and co-host of The Lifestyle Practice Podcast, where he helps dentists build practices that fit around their lives instead of the other way around. He trained at Creighton and did something most dental students are told not to do: he searched for, negotiated, and bought a practice during the second half of his fourth year, closing on a four-to-five-chair PPO office in North Augusta, South Carolina, in 2016. He paid off his student loans in year one, moved the practice off insurance within a couple of years, and owned it for eight before selling and moving home to be near family. Brian was his advisor on that purchase, before Dental Buyer Advocates existed. Reach Steve at https://thelifestylepractice.com/ or by emailing [email protected] Brian Hanks, MBA, CFP® has helped more than 1,500 dentists buy dental practices and is the author of How to Buy a Dental Practice, now in its fifth edition.

Most associates wait to feel ready to buy a practice. That feeling isn't coming, and it was never the right test. FREE Ready Kit — everything my clients use before they buy: https://www.dentalbuyeradvocates.com/ready Your Google reviews can make or break a dental practice purchase, and the biggest red flag is not the occasional bad review. It's the pattern hiding underneath. Dr. Len Tau breaks down how to evaluate a practice's online reputation before you buy, what review velocity signals to watch, and why a 4.7 to 4.9 rating can be healthier than a suspiciously perfect five stars. Brian Hanks and Dr. Len Tau get practical about the reputation side of dental practice ownership - the part most buyers overlook while focusing on the numbers. Len explains why Google matters most, when Yelp still matters, and why AI tools are mostly pulling from the same underlying signals. He also shares the exact kinds of review patterns that should make you pause, especially when the complaints keep pointing to the same front desk issue over and over. You'll discover: Why review velocity matters more than raw review count The review score range Len trusts most and why five stars can be a warning sign How to spot patterns in negative reviews instead of overreacting to one-offs What to do with old bad reviews after buying a practice Why name consistency, branded naming, and NAP data can affect local ranking Why listing services are not optional if you want Google to trust your practice How to build a reputation culture that drives trust, treatment acceptance, and growth Brian also presses Len on the first 30 to 90 days after ownership - including how to handle a transition when the retiring doctor leaves fast, how to avoid whiplash with patients, and why making major clinical changes too soon can backfire. Len shares the systems and habits that help new owners stabilize the practice, protect the team, and start building credibility from day one. Len Tau is a practicing dentist, author, host of the Raving Patients podcast, and a leading voice on dental reputation management. He also runs the Supercharge Your Dental Practice event and is releasing Raving Patients Supercharged, a blueprint for creating a review-driven culture and better patient experience. Essential listening if you're buying a dental practice, preparing for ownership, or trying to turn online reputation into a real growth engine. If you want patients to trust you before they ever walk in, this episode shows you where to start. Learn more about Len, here: https://www.drlentau.com/   RESOURCES The book, How to Buy a Dental Practice: https://www.amazon.com/How-Dental-Pra... Book an Intro Call to Learn More: Book a call with Craig, here. Brian Hanks, MBA, CFP® has helped more than 1,500 dentists buy dental practices and is the author of How to Buy a Dental Practice, now in its fifth edition.

Most associates wait to feel ready to buy a practice. That feeling isn't coming, and it was never the right test. FREE Ready Kit — everything my clients use before they buy: https://www.dentalbuyeradvocates.com/ready In this episode of Practice Purchased, I get into why "I don't feel ready" is a feeling worth believing and a reason worth ignoring. What the failure rate actually is for dentists who buy (0.14%). The five things a bank actually requires, most associates already have all five. Why dentists now wait five to seven years longer to buy than the generation before them, and what that delay costs. And the one genuinely hard part nobody warns you about: there's no MLS for dental practices. Season 9 answers the question every associate is secretly asking: am I ready? RESOURCES The book, How to Buy a Dental Practice: https://www.amazon.com/How-Dental-Practice-Step-step/dp/1544112114 Book an Intro Call with Craig: Book an Intro Call Blog and free resources: https://www.dentalbuyeradvocates.com/ Weekly newsletter: Sign up for our Newsletter Brian Hanks, MBA, CFP® has helped more than 1,500 dentists buy dental practices and is the author of How to Buy a Dental Practice, now in its fifth edition. #dentalpractice #practiceownership #dentistry #dentalpracticeowner #buyingadentalpractice

In this episode, Brian is joined by Dr. Sapna Amin and Brian Tomono to talk through the story of Dr. C, a younger dentist in the Las Vegas who was looking to purchase the practice where he was working. In part 1 of this 3-part story, we follow Dr. C as he gets into the legal side of the purchase. How important is the attorney? (Spoiler: vital.) How do you find a good one? How much should you expect to pay them? And the group wraps up by talking about the inspiring "why" behind Dr. C's purchase. In season 8, you’ll hear real stories about real clients of Dental Buyer Advocates. Through those stories, you’ll gain a better understanding of the logistics, the timing, and the potential speed bumps that practice buyers run into. No two deals are the same, but hearing how our team navigated these deals will help prepare you for your own.   Schedule a free consultation with the DBA team Read Brian's book, How to Buy a Dental Practice Download our free Due Diligence Checklist See a sample valuation report on this page