Orthotown January/February 2022 - 57
by Jay Geier
Jay Geier is an authority on growing independent
practices. His passion is in turning practices into
businesses, doctors into CEOs, and employees into
high-performing individuals and teams. He is the founder
and CEO of Scheduling Institute, a firm that specializes
in training and development, and coaching doctors how
to transform a private practice into a thriving business
that they can keep for a lifetime of revenue or sell for
maximum profit. The phenomenal growth of Scheduling
Institute is a result of Geier practicing what he preaches
and helping those around him live up to their full potential. To hear more, subscribe
to his " Private Practice Playbook " podcast at podcastfordoctors.com/townie.
Know the value of your practice.
RULE #1:
Despite our constant coaching on this subject,
it astonishes me how few practice owners have their
businesses professionally appraised. It's your single
largest asset, your life's work and your ongoing means
of income, yet you don't know what it's worth. This lack
of knowledge is the No. 1 weapon being used against
you, especially if you are a doctor who just wants out.
Dental service organizations and other private equity
companies have been able to buy scads of independent
practices for pennies on the dollar because only they
assessed the value of those practices. That's why they
want them. They want the equity that already exists
in those businesses and the opportunity to grow them
profitably for resale down the road. They want to do so
not by attracting new patients and investing to improve
the patient experience, mind you, but by cutting costs
to the bone.
I'm highly critical of this trend, but at the same time, I
have to appreciate the cunning business plan to maximize
return on investment. Private equity companies prey on
practice owners who haven't bothered to find out the
value of their business and are therefore willing to sell
for whatever the buyer says it's worth. Would you ever
sell a house that way? An expensive vehicle? Anything
of value to you? So why would you allow the buyer to
set the price of your biggest asset, by far?
Almost as bad is getting a free or bargain-basement
appraisal or one that's done rather informally. Don't
bother. Shell out a few bucks and get it done right so
you end up with a thorough and formal document that
you can, literally, take to the bank. It also allows you
to make informed decisions.
Chances are, you will be thrilled with the outcome,
which will give you a renewed sense of appreciation and
enthusiasm for your practice. And if you decide to go
ahead and sell, you can confidently be the one selling,
versus feeling later that you allowed it to be bought out
from under you.
http://www.podcastfordoctors.com/townie
Orthotown January/February 2022
Table of Contents for the Digital Edition of Orthotown January/February 2022
A Voice in the Arena: Stoking the Flames of Passion
Industry News
New Products
Poll: CE and Networking
Townie Treatment Case: Small But Mighty — Dr. Adith Venugopal
Message Board: School Marketing Too Aggressive?
Message Board: Personal Attention Vs. the Busy 'Place To Be'
Message Board: TV in the Waiting Room
Office Visit: Dr. Gary Kawata
5 Clear Advantages of Aligners — Dr. Jonathan Nicozisis
GP Referrals — Dr. Thomas Giacobbi
The Rules of the Game — Jay Geier
2021 Townie Choice Awards
Ad Index
Orthotown January/February 2022 - Cover1
Orthotown January/February 2022 - Cover2
Orthotown January/February 2022 - 1
Orthotown January/February 2022 - 2
Orthotown January/February 2022 - 3
Orthotown January/February 2022 - 4
Orthotown January/February 2022 - 5
Orthotown January/February 2022 - 6
Orthotown January/February 2022 - 7
Orthotown January/February 2022 - A Voice in the Arena: Stoking the Flames of Passion
Orthotown January/February 2022 - 9
Orthotown January/February 2022 - Industry News
Orthotown January/February 2022 - New Products
Orthotown January/February 2022 - Poll: CE and Networking
Orthotown January/February 2022 - 13
Orthotown January/February 2022 - Townie Treatment Case: Small But Mighty — Dr. Adith Venugopal
Orthotown January/February 2022 - 15
Orthotown January/February 2022 - 16
Orthotown January/February 2022 - 17
Orthotown January/February 2022 - 18
Orthotown January/February 2022 - 19
Orthotown January/February 2022 - Message Board: School Marketing Too Aggressive?
Orthotown January/February 2022 - 21
Orthotown January/February 2022 - 22
Orthotown January/February 2022 - 23
Orthotown January/February 2022 - Message Board: Personal Attention Vs. the Busy 'Place To Be'
Orthotown January/February 2022 - 25
Orthotown January/February 2022 - 26
Orthotown January/February 2022 - Message Board: TV in the Waiting Room
Orthotown January/February 2022 - 28
Orthotown January/February 2022 - 29
Orthotown January/February 2022 - Office Visit: Dr. Gary Kawata
Orthotown January/February 2022 - 31
Orthotown January/February 2022 - 32
Orthotown January/February 2022 - 33
Orthotown January/February 2022 - 34
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Orthotown January/February 2022 - 42
Orthotown January/February 2022 - 43
Orthotown January/February 2022 - 44
Orthotown January/February 2022 - 45
Orthotown January/February 2022 - 5 Clear Advantages of Aligners — Dr. Jonathan Nicozisis
Orthotown January/February 2022 - 47
Orthotown January/February 2022 - 48
Orthotown January/February 2022 - 49
Orthotown January/February 2022 - 50
Orthotown January/February 2022 - 51
Orthotown January/February 2022 - GP Referrals — Dr. Thomas Giacobbi
Orthotown January/February 2022 - 53
Orthotown January/February 2022 - 54
Orthotown January/February 2022 - 55
Orthotown January/February 2022 - The Rules of the Game — Jay Geier
Orthotown January/February 2022 - 57
Orthotown January/February 2022 - 58
Orthotown January/February 2022 - 59
Orthotown January/February 2022 - 2021 Townie Choice Awards
Orthotown January/February 2022 - 61
Orthotown January/February 2022 - 62
Orthotown January/February 2022 - 63
Orthotown January/February 2022 - 64
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Orthotown January/February 2022 - 70
Orthotown January/February 2022 - 71
Orthotown January/February 2022 - Ad Index
Orthotown January/February 2022 - Cover3
Orthotown January/February 2022 - Cover4
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