S06 E10: Why 2024 will be a great time to buy a dental practice

It’s a delight this month to listen to the founder of a Champions League dental practice in the beautiful Lake District - Neil Cooper has been a friend and a client of both of us for many years. Here, we delve into Neil’s childhood fascination with how things work and an early dedication to a career in dentistry, based on his experiences as a child patient. Following Neil to school, university, early days as a VT and associate, we then discover what happened when he caught the Ownership bug and used a unique approach to become co-purchaser of an antiquated practice on Kendal High Street. It’s now a 7-surgery clinic with a brilliant team, providing the highest complexity of dentistry. Throughout his career, Neil has always responded to the phrase “that will never work here”, with a determination to prove the critics wrong. As you listen, you will also hear about Bex Cooper and the contribution she has made to the development of the business since the pandemic. It’s a fantastic story about a fantastic practice created by lovely people - you will be inspired.

An interview with Dengro CEO - Neil Stephen   Listeners - if you think this month’s podcast is an advert for Dengro - think again.   CEO Neil Stephen has a fascinating CV, including starting and selling a number of international tech businesses over the years, as well as running The London Olympic Beach Volleyball competition in 2012.   He “gets” business and speaks with the authority of having worn all the t-shirts in business development over the years.   In our conversation we discuss:   Why a fascination for building teams led him into the tech sector; His previous life in business and how he ended up as CEO of Britain’s most popular Dental CRM company; Top tips for start ups - whether tech or dental; More top tips when you come to sell your business and when (and when not) to take on investors; Probably the clearest explanation of the benefits of CRM that you will ever hear; Crossing the implementation gap - how to get your team to buy into and start using new technology; What’s coming - where A.I and telecoms innovation are going to take CRM and dental practice management over the next three years.   This conversation is a cracker - line this up for a commute, a dog walk or wherever you enjoy your podcasts the most - and prepare to be educated and entertained by a true business leader.

This week we interviewed David Taylor, an ex Dale Carnegie International Master Trainer & Leadership Trainer, who shares the benefits of developing a Monthly Action Plan. Many Dental Practices report that finding the right people, retaining them and the paying their true worth challenging, this concept can help in all three areas and can make the Dental Practice a much more productive and a happier environment On this podcast you will discover; What is an 'Action Monthly Plan' and the benefits it brings to the Dental Practice  How to conduct an accountability meeting with your team Hear some example of how it raises the performance of your team and how they get really excited about being part of something bigger How to have challenging conversations with your team and associates without creating a toxic atmosphere The Wall flower concept and how it changed the direction of Chris, Ashley and Dave's career for the better and how you can have the same impact with your team Recite of Paddi Lunds 8 non negotiables in his Practice  New Recruits-How to have a 'Expectations Contract' right at the start and the benefits it brings to the Dental Practice'  AND SO MUCH MORE 

If you walk round Manchester city centre, you will often see the above statement, ' WE DO THINGS DIFFERENTLY HERE'  which glorifys Manchester's achievements in the world and why Mancuncians are different. We have tweaked the above statement slightly for our guest today and you will see why when you listen to the interview.  Born in Glasgow, Lawrence decided to take some time out to travel the world and then visited Sydney 11 years ago to do some dentistry for several months. He ended up staying and now Lawrence is partner in Spa Dental  Dentist in Sydney CBD | Spa Dental Sydney CBD and three other Practices around Sydney. He is in the top five producers of Invisalign in the whole of Australia and as you listen to Lawrence you will clearly see how obsessive he is about the 'Patient Journey' and how they stand out from a very crowded market place. Have a pen and note pad to make lots of notes, this interview is full of gems.  You will discover;  How his practice and his team obsess about customer service  You will understand his philosophy behind the refurbishment. of Spa Dental, to make it completely different to any other DP The absolute mission of giving the patient a completely different experience to any other dental practices  How the practice gets five start google reviews and how they educate the patient  on what to write. Google reviews you need 150 of them before you get on the start line The steps to the perfect patient journey and consultation  How most of the work has been done before the patient has even visited the practice  'The hidden camera' you will have to wait to the very end to hear about this strategy  The super associate what it means  Instagram - how to make it a success

On never giving up (and how to run your business in 60 minutes a month) an interview with Dr Mike Hughes of Deintyddfa Na-Nóg Dental & Implant Team in Bangor, North Wales   We begin our new podcasting year with a story of courage and resilience that has led to the creation of an award-winning specialist referral practice in Gwynedd, even though some local councillors and planning officers did their level best to stop the project before it started.   Mike Hughes shares his history with us - qualifying as a reluctant dentist second time around in Cardiff and then moving on to develop his passion for MaxFax.   After his mentor sold to corporate, Mike continued in that environment for 14 years until his hunger for independence led him to identify a site in a beautiful business park, where his vision was to create a leading specialist led referral centre, a vision that started as a chalk drawing on his driveway.   Local planners thought otherwise and he made BBC news headlines back in 2021, when he eventually won his battle for the right to open.   The clinic passed the £1m turnover mark in its first year and has gone on to even greater success. All without even having a website!   In our conversation you will learn:   how to grow a 4-chair practice in 2250 sq feet of office space; how to open in 3 months after acquiring the building how to attract over 400 new complex referral patients in your first year; how terrible Chris Barrow is at Welsh pronunciation! the three biggest tips for anyone stepping on to the ownership ladder in 2024; how Mike runs his business in 60 minutes a month.

In our final podcast of 2023, there is no guest, instead,  we share our highs and lows of 2023 and also why we are so excited about dentistry in 2024.   In the interview we discuss;   Our highs of 2023 both personally and professionally  Chris's calendar management system - how he plans out his year, often several months ahead; How and why he takes 12 weeks vacation every year  Ashley's announcement - he is finally taking a short sabbatical  Why are they both excited about 2024 in Dentistry    AND MUCH MORE 

Our guest for this month's podcast is dental technician Ashley Byrne - Owner Byrne Dental Laboratory, one of the largest and most advanced in the UK and now part of the European Corus Group.   In the first part of our interview, Ashley reviews the opportunity in digital workflow: The sheer magic of IOS; Why using intra-oral scanners can save time, increase staff retention/morale and engage patents in their oral health to an extent never before seen. We also discuss how important it is to advance along the adoption cycle and embrace every aspect of technology - Ashley even shares his “latest” innovation, using augmented reality in dentistry. Part 2 of our podcast looks at his leadership skills with a team of over 50 people: How to get your team to 5th gear; The “no blame culture” and the £4,000 mistake; Why he cooks 180 rashers of bacon on a Sunday evening.   It’s a fun session and totally inspirational - do yourself a favour and listen now.

S conversation with Lis Hughes - Managing Director - FTA   It’s not often that we get the chance to listen to an industry expert sharing with us her view of the dental landscape since lockdown to the present - and beyond.   Lis arrived at Frank Taylor Associates in 2008 to deliver some consultancy work - and has stayed there ever since, describing the company as a great place to work with nice people.   During our conversation we discuss topics that will be of interest to all existing Owners and equally those who aspire to buy a practice:   The current challenges we face deal flow goodwill values recruitment & retention corporate consolidation white space high interest rates The most important question any potential buyer must ask Why an NHS/private mix represents a good buying opportunity Ideas to maximise the attractiveness of your practice if you want to sell How to get the bank to say “Yes” to funding your purchase Why you need to start talking 2 years before you sell or buy Why a dental plan can make your practice look more attractive to the bank Why flexible UDAs have changed the landscape What we need to do to make NHS delivery more attractive to associates The real due diligence - affordability The next 12 months - opportunity knocks

In this latest episode of 'Two Reds are Better than One' Chris and Ashley interview Peter Thomson.    Peter shares many strategies from his latest book 'Paid'    Peter Thomson has been in business for over 51 years and he has been in the Personal Development world for 30 years. He has written 15 books, and produced over a 100 business programmes. This episode was a true masterclass in communication, sales and making sure you get richly rewarded for the value you bring to your patients.    We strongly advise you listen to this podcast twice and make notes, there are some wonderful quotes that will change the way you think and behave.    In this episode, you will discover: The difference between Transactional and Relationship Clients  The real reason (s) why dentists undercharge  Why only a small percentage of clients buy on price  What a client can judge when they do business with you and how it relates to what fees you charge  Why you should learn 'how to sell and then not sell' That sales takes place in the gathering stage  The 'Contrast Strategy' and its importance before you discuss your fees How writing a book can transform your positioning in the market- place The two bowls, customer service and reward. To get richly rewarded it is what you put in the customer service bowl and you will hear examples One simple strategy to keep your patients for over 40 years    AND SO MUCH MORE.

We asked Claire Nightingale to return as a guest and share with us the pains and pleasure of both buying and selling an orthodontic practice.   This interview will help any dentist (specialist or general) who is interested in embarkation (or disembarkation) from Ownership.   Claire’s first attempt at Ownership was a painful failure and she explains why - and equally why it was another 9 years before she acquired her own business.   In part 1 we talk about that slow journey into Ownership.   In part 2 the challenges of growing a business from “pen and paper” to digital.   In part 3 the necessity to plan your exit a long way in advance.   In part 4 the story of her sale to Dentex - and the mountain climb that is due diligence.   In part 5 the journey into a happy corporate ownership.   Along the way we will hear about family challenges, leading by change, how and asset can turn into a liability in a split second, how to break the news to the team, mop buckets, leases, currency exchange and missing shareholders.   Strap yourself in and get ready for a tour de force.   Listen now via the player below or your favourite podcast streaming service.