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Mar 16 2018 - Case study
I had been planning my retirement for a long time. There were lots of things
going on in my life and I thought early retirement might be an option. I went to see my accountant one day, when I was around 55, and he said, “OK, I guess you want to retire”. There was enough in there for me to retire at that stage, so I thought – ah, I guess so, I’ll start looking.
Mar 12 2018 - Simon Palmer - Practice sales Sell a dental practice
“Acting like an ostrich with its head in the sand” has become a well-known metaphor for human avoidance behaviour. It is used describe a person who intentionally ignores facts, hoping that simply denying the existence of a problem will make it go away.
Feb 20 2018 - Simon Palmer And Dr Nauv Kashyap - Buying a dental practice Practice sales Staff
For many contracted dentists, their planned path to ownership involves the buy-in or buy-out of the practice they are already working in. It should be the ideal buy-in scenario… They have effectively taken the practice for the equivalent of a test drive and know it inside-out, so the purchase involves far less risk than buying any other practice. They already know, hopefully get on with, and are accepted by patients and staff; they know the quality of the equipment, and there is a mutual respect with the vendor.
Dec 4 2017 - Simon Palmer And Bhupesh Kaphle - Buying a dental practice Getting ready / preparing Practice sales
There comes a time in every successful dental practice owner’s career when they consider opening another branch, or buying another practice. This juncture represents a possible turning point in their personal fortune. It introduces an opportunity to grow their wealth by expanding the scale and scope of their business interests and, at the same time, it also introduces new complexities and risks into their life, which have the potential to bring down what they have built thus far.
Dec 4 2017 - Simon Palmer - Buying a dental practice
When a dentist buys their first practice, it usually comes at a time when they are anxious to start asserting control over their work environment. They have spent the last few years paying their dues as an employee/contractor. In that time, while they have (no doubt) learned a lot from the owner on how to run a practice, they have also seen things that they would like to fix but cannot, because they don’t own the place and the owner doesn’t agree with their suggestions.
Nov 20 2017 - Simon Palmer - Buying a dental practice Practice sales
There is a well-known saying that if a smart person was given six hours to chop down a tree, they would spend the first four hours sharpening their axe. While sharpening your axe adds some up-front effort and may delay the start time, it will also result in the ability to chop wood more efficiently and effectively, once you do begin.
Nov 8 2017 - Case study
I was still enjoying the dentistry, but not the business part of owning a practice.
I had considered career changes early on but, with a young family, had decided
to stay the course. One day I turned around and realised I was rapidly approaching 50, and I decided that I had achieved what I wanted to do in dentistry and wanted a change.
Sep 13 2017 - Simon Palmer - Buying a dental practice Sell a dental practice
The first big, post-sale decision that buyers and sellers of a dental practice will need to make will revolve around patient disclosure. While no one wants to be dishonest with the patient base, there is a fear that, if the sale is communicated poorly, goodwill may not transfer effectively from seller to buyer, and patients may leave the practice. When faced with such dire consequences, some will prefer not to tell the patients anything about the transfer of ownership, and hope to manage the situation “on the fly” if patients ask.
Sep 12 2017 - Australasian Dentist Magazine - Buying a dental practice Sell a dental practice
It was fantastic to be interviewed for the latest edition of Australasian Dentist about our role facilitating the buying and selling of a dental practice. Click here to read the article
Jul 10 2017 - Case study
A few years before I sold my practice I became involved in charity work with Karen refugees, through Effective Aid International in Thailand, after reading about it in the ADA journal. I decided to move to Thailand after I sold my dental practice. I have a house and a new wife there in a country town called Phetchabun,
in central Thailand. It is very affordable to retire in Thailand at an early age.