Let's Buy a Dental Practice

[The Hammer]

thinking about picking up that book. Is it too early for a freshman student dentist?

Unless the world is really going to end in 2012 like the Mayans thought, it is never too early to start thinking about your practice

---

Members don't see this ad.

 

[Oracle DMD]

Unless the world is really going to end in 2012 like the Mayans thought, it is never too early to start thinking about your practice

just bought the truth about managing people (2nd ed) book you suggested. it better be the best $10 i've ever spent!

 

[lotexigeus]

bought the one you suggested a couple months ago. so far so good, i'm about halfway through it, prob read it a couple of times.

 

[The Hammer]

just bought the truth about managing people (2nd ed) book you suggested. it better be the best $10 i've ever spent!

I can only imagine the things that you gotten in your life for $10 Big J. I doubt that my little book will even crack your top 10

 

[Oracle DMD]

I can only imagine the things that you gotten in your life for $10 Big J. I doubt that my little book will even crack your top 10

excellent point and duly noted!

 

[lphiewok]

good thread! and i love having oracle as SDN assist. admin

 

[Roto Picante]

Hammer, I would like to know your opinion on 4 year HPSP scholarships. Do you think they are financially a good way to go? Why or why not?

 

[The Hammer]

Hammer, I would like to know your opinion on 4 year HPSP scholarships. Do you think they are financially a good way to go? Why or why not?

I don't have a ton of experience with the military scholarships so I'm probably not the best person to ask about this. As I understand it they pay a portion of your tuition for dental school and then you are active for four years and in reserves for another four. The thing that I like about this is you can do prosth, endo, OMFS, or ortho programs while in the military and be getting paid to do it. That is a pretty sweet deal. The only down side I see to the HPSP programs is its four years of your life immediately after dental school. I think that you have to decide how quickly you want to get into practice. Honestly 4 years is nothing in the long run and the experience you can get from the military is as good or better than you will get in most associateships plus you are paying off your debt. I would ask someone who has gone through it and see what they thought about the experience.

 

[jay47]

I don't have a ton of experience with the military scholarships so I'm probably not the best person to ask about this. As I understand it they pay a portion of your tuition for dental school and then you are active for four years and in reserves for another four. The thing that I like about this is you can do prosth, endo, OMFS, or ortho programs while in the military and be getting paid to do it. That is a pretty sweet deal. The only down side I see to the HPSP programs is its four years of your life immediately after dental school. I think that you have to decide how quickly you want to get into practice. Honestly 4 years is nothing in the long run and the experience you can get from the military is as good or better than you will get in most associateships plus you are paying off your debt. I would ask someone who has gone through it and see what they thought about the experience.

Not that my opinion counts too much, but I think that the "value" of the HSPS scholarships should be weighed against the cost of your school. They will pay your schooling for all four years, and if your school costs $250,000 dollars and you live in a high cost area (e.g. USC) the "value" of the scholarship is significantly greater.

On the other hand, if you are going to a cheaper school like myself in Texas which costs much less, around $90,000 and the cost of living is less, then the actual "value" of the scholarship is much less. The experience and stress that may be taken off of your mind from the scholarship is undisputed however.

I think that the much more expensive schools will impede your ability to start or buy into a practice much more than a cheaper school and therefore this also should be factored into the scholarship.

Think of it this way, you are accepted to two undergraduate universities, a cheaper state school that offers a scholarship worth 20% of the cost of attendance and an expensive private school that offers you a full ride,but the degree program takes twice as long. There are many factors to consider, but look at everything from a logical standpoint, and not necessarily what "everyone" says or thinks.

Good luck and great thread Hammer.

 

[GoldTigerPirate]

Forgive me, for I know this sounds rude but I assure you all that is not my intention. Before this thread gets completely hijacked about the HPSP, can we stick to questions for The Hammer about tips on successfully acquiring and running a practice, etc? There is a whole forum dedicated to Military Dentistry...

 

[Demeter]

Again, this is a awesome thread.

What's your take on chain offices? i.e. Kool Smiles, Small Smiles, Gentle Dental, etc.

One of the above recently offered me a contract at a brand new office, another dentist and I will be running the mill:

1. Guarantee $500 minimum, or 22% collection, whichever is higher.
2. It's a full medicaid office.
3. They estimate employee monthly gross billing to be $72k, and from this they would collect 98.5%, 22% of that collection ($14k a month) goes to the associates pocket. Question is, is this actually doable? will I be working like a robot or a human being?

Let me give you my 2 cents on these guys. Working for KoolSmiles, Small Centers etc is like selling your soul to the Devil. They will promise you $$$$, but is comes at a high price. Can you imagine going from room to room wearing ear plugs because you can't stand the sound of screaming kids pissing their pants while being strapped in a papoose board. How about finding out that every operatory has a comb and a hairdryer, so that the dental assistants can clean up little johnny who is covered in sweat before they bring him out to Mama.

Don't do it. You will hear screaming kids when you close your eyes to go to sleep. These are torture chambers.

 

[ODEP PEDO]

How about someone chip in with some pros and cons of purchasing a practice and forming a corporation?
LLC vs S-Corp

 

[DMD 4 Me]

how about someone chip in with some pros and cons of purchasing a practice and forming a corporation?
Llc vs s-corp

+1

 

[dentaldawg32]

Let me give you my 2 cents on these guys. Working for KoolSmiles, Small Centers etc is like selling your soul to the Devil. They will promise you $$$$, but is comes at a high price. Can you imagine going from room to room wearing ear plugs because you can't stand the sound of screaming kids pissing their pants while being strapped in a papoose board. How about finding out that every operatory has a comb and a hairdryer, so that the dental assistants can clean up little johnny who is covered in sweat before they bring him out to Mama.

Don't do it. You will hear screaming kids when you close your eyes to go to sleep. These are torture chambers.

This sounds like the trailer to a horror movie.

I'd see it.

 

[omaralt]

How about someone chip in with some pros and cons of purchasing a practice and forming a corporation?
LLC vs S-Corp

After speaking with my accountant and lawyer I started an s Corp. Supposedly it's better for tax reasons. Something about capital gains or something. Most dentists I know are s corps

 

[dmd87]

corp FTW, don't want your personal assets to get seized if you get sued.

 

[The Hammer]

OK I'm going to take a sidebar for a moment to answer a couple of questions that I've been asked. First, what books would I recommend for a new or soon to be grad to read. OK so here is my list

1. The E-Myth revisited - Brian Gerber
2. The Truth About Managing People - Stephen P. Robbins
3. Rich Dad, Poor Dad - Robert T. Kiyosaki
4. The Millionaire Next Door - Thomas J. Stanley
5. Blink - Malcolm Gladwell

And you MUST get these pathology books, they make diagnosis simple, they give treatment modalities and sample prescriptions

1.Lexi-Comp's Oral Soft Tissue Diseases Manual: A Reference Manual for Diagnosis and Management - J. Robert Newland

2. Lexi-Comp's Oral Hard Tissue Diseases: A Reference Manual for Radiographic Diagnosis - J. Robert Newland

All of these books are available at Amazon.com both new and used. These are a pretty good starting point for understanding your role as doctor and business owner.

Next post I'll talk about how to get your CV past the ladies at the front desk and then back to buying a practice.

 

[mike3kgt]

After speaking with my accountant and lawyer I started an s Corp. Supposedly it's better for tax reasons. Something about capital gains or something. Most dentists I know are s corps

Depends on the state. Omar, I think you are in FL?

When I was in FL, I had an S-corp for 2 years for practice and it was extremely helpful. A little pain to set up but the benefit was substantial.

Now other states LLC may be more beneficial or incorporating is better... ask around the dental associations and they may be able to help.

If you are an associate employee (W-9), it doesn't matter... however, if you are independent contractor (1099), there are pro's and cons of both, it depends on your situation.

 

[The Hammer]

OK todays sidebar lesson: How to make a kick a s s CV and how to get it past the ladies at the front desk.

I have had several people ask me what I thought about just mailing out CV's to dentists to see if anything would turn up. To me this is a waste of time and of your money. Dentist's get a ton of mail everyday and most of it winds up in the trash. I used to get unsolicited resumes' several times a week and I almost always threw them away. Why? I didn't know these people and I had no connection with them. I didn't know if they were really good or really bad and I really didn't care.

So how do you get your CV past the front desk and how do you keep in on the dentist's desk and out of the trash can? Here's how

Most front desk greeters have been trained to not bother the dentist unless it is very important. Usually the dentist will have a private line (or cell phone) for the people that they want to talk to. Anyone calling the main line is either a patient or someone the dentist doesn't know and might not want to talk to (like a sales person). So just by calling the main line you already have one strike against you. So here's how to overcome this problem.

When you call the main line always address whoever answers by their name and always give your full name and ask how they are doing. Like this:

Front Desk: Good morning, Dr. Hammer's dental office. This is Gloria speaking how may I help you?

You: Hi Gloria, this is Jeff Dentalstudent. How are you doing today?

Front Desk: Fine thank you, what can I do for you Jeff?

OK now you have at least to a small extent broken the ice, now to deliver your pitch

You: Well, I am a fourth year dental student at Big U dental school and I am hoping to get some real world advice about what to do once I graduate. I wanted to talk to some dentists who have been successful in the real world and I have had a lot of people tell me that I needed to speak with Dr. Hammer. I'm sure that he is very busy but I wonder if there would be a time that I could call him and pick his brain about what has made him successful in private practice. Do you think that would be possible?

OK. You have done two things here. First you have let the front desk person know that you think she works for a very successful dentist. No doubt that she will feel somewhat responsible for the dentist's success. Also you have acknowledged that she is in charge of access to this very important dentist thus making her very important as well. Good job.

Now she will say something like "Well Dr. Hammer is with a patient right now but let me go and ask him when he will be available." The front desk will always say the dentist is with a patient whether they are or not. She will go relay your message to the doctor who will be flattered and will either give you a time to call back or will pick up the phone and talk to you.

When you speak with the dentist, here's what to say:

You: "Hey Doctor Hammer, this is Jeff Dentalstudent and I am a fourth year at Big U dental school. I'm trying to decide what to do once I graduate and get out into the real world. We get a lot of conflicting information from our instructors at Big U so I thought I'd ask someone who has been successful in the real world of dentistry. I've asked around and your name keeps coming up so I was hoping that I could pick your brain for a few minutes.

The dentist will now make some comment like "well I don't know if I have much of a brain to pick but go ahead." Ask a few questions directed at the dentist in general like "did you buy a practice right after dental school" or "what do you think about opening up your own practice or buying an existing practice". Keep it short and simple and let them talk. You now have them ready for your CV.

Once the conversation reaches a natural stopping point (remember keep it short, let the doc do the talking) say to the dentist:

You: Wow, you have been so helpful. I think I've learned more from you in 10 minutes than I have in my entire practice management class at Big U. Would it be OK if I sent you my CV and just have you take a look at it? I'm would really appreciate any help or advice that you could give me.

The dentist will say "sure". Then get the mailing address and thank them for their time and help. You now have an "in" at that particular office.

Next: How to make a kick A S S CV that won't get tossed in the trash can.

 

[omaralt]

Depends on the state. Omar, I think you are in FL?

When I was in FL, I had an S-corp for 2 years for practice and it was extremely helpful. A little pain to set up but the benefit was substantial.

Now other states LLC may be more beneficial or incorporating is better... ask around the dental associations and they may be able to help.

If you are an associate employee (W-9), it doesn't matter... however, if you are independent contractor (1099), there are pro's and cons of both, it depends on your situation.

yup i'm in florida and i purchased a practice; so the S corp was what was recommended for me. everybody's situation is different; but in general i see more dentists that are S corps than anything else. whatever you do dont do a C corp

 

[David1991]

\And so that is why I have bought an existing practice in the past and that is why I am buying an existing practice right now. More to come

I'm only a sophomore in college now but this is a really interesting thread and gets me even more excited to go into dentistry. Regarding the above quote, what happened to the first practice you bought?

 

[The Hammer]

I'm only a sophomore in college now but this is a really interesting thread and gets me even more excited to go into dentistry. Regarding the above quote, what happened to the first practice you bought?

I bought my first practice in 1995. I bought it from a dentist who had been there for 17 years and was burned out. He was 48yo and the practice was pretty busy. At the time the practice was producing about 580K-600K a year. I got it to over a million by 2006.

In 2007 I formed an LLC and sold half of my practice to a partner. In 2009 I realized that my wife was about to divorce me so I sold my half to my partner to keep my interest in the practice from devaluating and "retired" from dentistry so that my wife wouldn't be able to request a percentage of my practice for the rest of her life. I went to Arizona to teach and wait until the divorce was final.

Sure enough my wife took most of my money and my house, dogs, truck and a big chunk of my retirement but I kept my balls intact and once the divorce was final I began to make plans to buy another practice and return to what I know how to do best and that is dentistry. And that's where I am now

 

[David1991]

I bought my first practice in 1995. I bought it from a dentist who had been there for 17 years and was burned out. He was 48yo and the practice was pretty busy. At the time the practice was producing about 580K-600K a year. I got it to over a million by 2006.

In 2007 I formed an LLC and sold half of my practice to a partner. In 2009 I realized that my wife was about to divorce me so I sold my half to my partner to keep my interest in the practice from devaluating and "retired" from dentistry so that my wife wouldn't be able to request a percentage of my practice for the rest of her life. I went to Arizona to teach and wait until the divorce was final.

Sure enough my wife took most of my money and my house, dogs, truck and a big chunk of my retirement but I kept my balls intact and once the divorce was final I began to make plans to buy another practice and return to what I know how to do best and that is dentistry. And that's where I am now

Oh man sorry to hear about that, glad you were able to make the best out of the situation and clearly had a smart idea of how to deal with the divorce. Hm, my dentist (who maybe I'll buy the practice from some day) was divorced by his wife too...I hope it's not a trend :/

 

[joyride]

I bought my first practice in 1995. I bought it from a dentist who had been there for 17 years and was burned out. He was 48yo and the practice was pretty busy. At the time the practice was producing about 580K-600K a year. I got it to over a million by 2006.

In 2007 I formed an LLC and sold half of my practice to a partner. In 2009 I realized that my wife was about to divorce me so I sold my half to my partner to keep my interest in the practice from devaluating and "retired" from dentistry so that my wife wouldn't be able to request a percentage of my practice for the rest of her life. I went to Arizona to teach and wait until the divorce was final.

Sure enough my wife took most of my money and my house, dogs, truck and a big chunk of my retirement but I kept my balls intact and once the divorce was final I began to make plans to buy another practice and return to what I know how to do best and that is dentistry. And that's where I am now

So how long after dental school did you buy the first practice?

 

[The Hammer]

So how long after dental school did you buy the first practice?

I graduated in June of 1993, I bought my first practice in August of 1995.

 

[The Hammer]

Oh man sorry to hear about that, glad you were able to make the best out of the situation and clearly had a smart idea of how to deal with the divorce. Hm, my dentist (who maybe I'll buy the practice from some day) was divorced by his wife too...I hope it's not a trend :/

Well half of the marriages in the USA end in divorce so you've got a 50% chance of getting a divorce. At least my marriage lasted almost 17 years before it went up in flames

 

[teh dentist]

Well half of the marriages in the USA end in divorce so you've got a 50% chance of getting a divorce.

this sucks.

 

[GoldTigerPirate]

Sure enough my wife took most of my money and my house, dogs, truck and a big chunk of my retirement but I kept my balls intact and once the divorce was final I began to make plans to buy another practice and return to what I know how to do best and that is dentistry. And that's where I am now

Doc, from your experience, do you think a pre-nuptial agreement would have helped and do you think it is a must these days for future security?

 

[lekso]

Sure enough my wife took most of my money and my house, dogs, truck and a big chunk of my retirement but I kept my balls intact and once the divorce was final I began to make plans to buy another practice and return to what I know how to do best and that is dentistry. And that's where I am now

Sorry to hear that. But you seem to be good at the business and clinical aspects of dentistry. I'm sure you will be back on your feet in no time.

So, do you still teach? Or did you decide to go back to dentistry full time?

 

[8 SNAKE]

Doc, from your experience, do you think a pre-nuptial agreement would have helped and do you think it is a must these days for future security?

I can't speak for Hammer, but if my math is correct he was married before he graduated from dental school. Doubt that a prenup would have done much good since he was married the entire time that he built up his estate and in most cases that would entitle the spouse to a nice chunk of the pie.

In my opinion (not a lawyer), a prenup doesn't make much sense unless you're bringing significant assets into the marriage from the start. Laws vary by state though, so what's good in one place may not make sense in another.

Sorry for the hijack. Looking forward to Hammer's input about choosing locations...

 

[The Hammer]

I can't speak for Hammer, but if my math is correct he was married before he graduated from dental school. Doubt that a prenup would have done much good since he was married the entire time that he built up his estate and in most cases that would entitle the spouse to a nice chunk of the pie.

In my opinion (not a lawyer), a prenup doesn't make much sense unless you're bringing significant assets into the marriage from the start. Laws vary by state though, so what's good in one place may not make sense in another.

Sorry for the hijack. Looking forward to Hammer's input about choosing locations...

I got married two weeks after I graduated but you are pretty spot on with everything else. I had a Mustang, some clothes and about $187 in the bank when I got married. My wife actually had a good job as a physical therapist so a pre-nup really wouldn't have helped. Like 8 Snake said above I accumulated all of my assets after I was married so pre-nup or not my ex was entitled to half of everything. The only thing that I got out of in time was my practice. Since I sold it and since I had not started another one when my divorce was final my wife did not ask for a portion of its profits. As far as my wife knew at the time I was never going into private practice again and I was going to teach the rest of my life. My new office is about 10 miles from my old house and I intend on running half page ads in the local papers for about a month before I start seeing patients. Boy won't she be surprised.

 

[The Hammer]

Sorry to hear that. But you seem to be good at the business and clinical aspects of dentistry. I'm sure you will be back on your feet in no time.

So, do you still teach? Or did you decide to go back to dentistry full time?

I am back in practice full time (well I will be at the end of July)

 

[The Hammer]

OK now that you have made contact with the dentist so that your CV will hopefully make it to their desk, let's talk about what makes a good CV.

I'm going to use my CV as an example and I'll change somethings to protect my privacy. So here goes:

First, use a simple font. You want your CV to be read and "clever" fonts just look out of place on a CV.
Start with your contact info:

CURRICULUM VITAE

Dirty Sanchez Hammer*D.D.S.
1204 Sol Invictus Road
Saturnalia, TN 37007
*
(555) 555-1234 - Cell
(480) 555-1234 - Home
[email protected]
[email protected]

Nothing special here so time to move on to your professional bona fides:
Dental Licenses:
Arizona License - ZZ00769 (active)
Tennessee License – BR549 (active)
DEA License – HMS5709 (active)

If you don't have your licenses yet just put (applied for) instead of (active)

Next put a personal statement. Make it one sentence and to the point. Skip the poetry and excessive grandeur.
Professional Career Goals:
To obtain a full time position that will allow me to share my experience and knowledge of dentistry while continuing my own educational journey.

Next put your education. If you haven't graduated yet just put the month
and year you expect to graduate.
Education:
University of Tennessee Center For Health Sciences, Memphis, TN
College of Dentistry
D.D.S. June 1993

University of Tennessee, Knoxville, TN
B.A. Biology, August 1989

Next is your Continuing Education. Here is mine. This by no means is a comprehensive list of my CE,
its just the "wow" stuff. Always put the "wow" stuff first.

CE:
Courses attended at The Pankey Institute, Key Biscayne, FL
http://www.pankey.org
Continuum C1
Continuum C2
Continuum C2e
Continuum C3
Continuum C3e
Continuum C4
Masters Series With Frank Spear

Courses attended at The Seattle Institute for Advanced Dental Education
(Frank Spear)
http://www.seattleinstitute.com
*Mastery Level Esthetics
Treating the Worn Dentition
The Practice of Excellence
Occlusion
Dental Materials and Techniques Review
Mastering the Art of Treatment Planning and Case Presentation
Facially Generated Treatment Planning (in office)
Occlusion in Clinical Practice (in office)

Courses attended presented by The American Dental Education Association,
The Academy of Academic Leadership
and the University of North Carolina School of Dentistry, Chapel Hill NC
www.adea.org
www.academicleaders.org
www.dent.unc.edu
The Institute for Teaching and Learning for Dental School Instructors Phase I : Teaching
The Institute for Teaching and Learning for Dental School Instructors Phase II : Learning

The Pride Institute, Novato, CA
http://www.prideinstitute.com
Four year Dental Practice Management and Leadership Course
*
ACT Dental Practice Coaching, Overland Park, KS
http://www.actdental.com
Two year Dental Leadership Course
*
Recognized by the Tennessee Dental Association
for maintaining 80+ hours of CE for every two year CE period since 1993

Now time for some of Hammer's special advice. Normally you would now list any
significant Continuing Education that you have received. But in dental school you usually don't attend CE.
What to do? Here's what: Pick 3 or 4 CE courses that you can attend that have pretty impressive
titles. They can be online CE, they can be at home CE or go to a dental convention
and attend some there. Make sure they are classes like "Rotary Endo made Easy"
or "21st Century Impression techniques" something that makes you sound up to date
on the latest techniques. List the courses and who taught them. DO NOT LIST THE EXACT DATE OR LOCATION.
You want whoever views your CV to know you took the class, not that it was a two hour
class at the ADA convention. Your listing should look like this:

CE:
"Prepping Crowns like a God"
Presented by D.S. Hammer D.D.S.
Chicago, IL
June 2010

No one expects you to have any significant CE just coming out of dental school.
Listing something like this makes it appear that you are a real go getter
and gives you a leg up on any competition.

 

[dglasscoe]

Hi All -

I've enjoyed reading the posts. A colleague, Dr. Fred Quarnstrom, did an exhaustive study comparing starting a practice from scratch or buying an existing practice. The bottom line is this: it is better to buy existing, especially in the current market. I've included the study in my book. I also compare owning vs leasing space. The studies are too much to post here, but if anyone would like to see them, email me and I'll send you the data.

 

[The Hammer]

CV continued:

Next you will want to put your professional experience. If you held a "real" job before you entered dental school or during dental school then list it here. I wouldn't worry about listing summer jobs like mowing lawns or the time that you worked at Hot Topic at the mall. If you worked as an RDA or RDH or have military experience this is the place to list it. Just keep it brief. List your position, in what capacity you served, the dates and who you worked for or under. This is just like a regular resume'. Just remember you are looking for a dental position so if you don't have any dental experience the experience you list will show that you are responsible but that is about it so keep it brief.

OK so now you have listed what makes you an excellent dentist, now it is time to list what makes you a wonderful person as well. This is the personal stuff. Keep it short and simple. List anything really cool that you have done and avoid cliche' stuff like "When not at the office I enjoy playing with my two sons Adolph and Caligula and spending time with my wonderful wife Gerturde." This doesn't make you sound wholesome it makes you sound boring. That you love your family should be a given and not something that is so significant you need to put it on your CV. Here is what is on mine:

Community Service:
*
Medical Mission Trips:
Jamaica – July 2008
South Africa - July 2005
Venezuela – June 2004
Charleston, SC – August 2003
Venezuela – June 2003
Charleston, SC – June 2002
Venezuela – May 2002
China – April 2001
Venezuela – May 2000
Venezuela – April 1999

And last but not least end the CV with this:

References available upon request.

Be sure to include between 2-3 letters of recommendation with your CV. I would limit my letters of recommendation to dental school instructors, dentists that you know and/or have worked with and if you have been in the military your commanding officer. If you had some really interesting job or a job in the healthcare field you could include one letter from those employers. If you know someone really famous or important like President Obama or George Lucas put that letter on the top of the pile. But otherwise DO NOT USE PERSONAL REFERENCES. No one takes you seriously if you include a letter from your pastor, rabbi, priest, parents or best friend. You may be laughing but I have received several resumes' in my career that included letters of reference from the people who I have listed above. I'm not kidding.

 

[David1991]

I got married two weeks after I graduated but you are pretty spot on with everything else. I had a Mustang, some clothes and about $187 in the bank when I got married. My wife actually had a good job as a physical therapist so a pre-nup really wouldn't have helped. Like 8 Snake said above I accumulated all of my assets after I was married so pre-nup or not my ex was entitled to half of everything. The only thing that I got out of in time was my practice. Since I sold it and since I had not started another one when my divorce was final my wife did not ask for a portion of its profits. As far as my wife knew at the time I was never going into private practice again and I was going to teach the rest of my life. My new office is about 10 miles from my old house and I intend on running half page ads in the local papers for about a month before I start seeing patients. Boy won't she be surprised.

Nice , so basically you had that planned from the start? I guess it's good she and her lawyer didn't suspect it.

Out of curiosity what did you teach for the time in between? My dad is always saying he could see me teaching some day on the side of being a dentist. Seems like it could be fun with college students.

 

[The Hammer]

CV finish:

OK so now you know what to put in your CV, now for the really important stuff: How to present your CV so that it gets read and kept rather than thrown away. So now its time to get all Dunder-Miflin on you. If you want to make your CV important to other people you have to let them know it is important to you.

First, print it on a high quality resume' paper like this:

We dentist's are a tactile bunch. When someone is holding your resume' whether they recognize the fact or not you want them to know that you have used a heavy duty quality paper. So use the good stuff.

Once you have printed your masterpiece on some beautiful paper, DO NOT FOLD IT AND STUFF IT IN AN ENVELOPE! Envelopes are for cable bills and pen pals not the CV's of the future titans of dentistry. So get yourself some nice portfolio folders like these.

These also have a cutout on the front of them that allow you to place a business card. Go to a website like www.zazzle.com and design a nice two sided color business card. This is what my old ones look like (edited for privacy of course):

Put your CV, letters of recommendation and a letter of intent ( a letter briefly stating what you are wanting e.g. an associateship, a partnership etc) and paperclip another business card inside the portfolio. Place a card in the cutout on the front and then place it in a WHITE mailing envelope. Manilla envelopes are too pedestrian, everything about your CV up to this point says "Hey, quality and attention to detail are very important to me" so don't ruin it with a common envelope. Also place a nice thank you note to the dentist inside with your CV. Address the envelope and write "Personal and Confidential" on the outside. This way the staff will not open it and it will end up on the dentist's desk.

Give a follow up call about 5 business days later to thank the dentist for their time and to ask their opinion on your CV. This is the time to also ask if they know of any practice opportunities and invite them to pass your CV along to anyone who they might know who would be interested in hiring you.

So now you have cleared the front desk hurdle, lets get back to buying a dental practice

 

[The Hammer]

Nice , so basically you had that planned from the start? I guess it's good she and her lawyer didn't suspect it.

Out of curiosity what did you teach for the time in between? My dad is always saying he could see me teaching some day on the side of being a dentist. Seems like it could be fun with college students.

Yep. The teaching gig was almost an afterthought. I just wanted to make her think that I wasn't going to be earning any big money ever again so that she wouldn't stick me for alimony. The problem was she started to wait me out and I didn't want to get too out of practice. I got contacted by a former dental instructor who is the dean of a new dental school in Arizona. He hired me to be a clinical instructor. I told her that I was moving to Arizona to teach and that was all it took for her to file for divorce. The divorce actually only took about 3 months which was surprising to me. Once I paid her off I started thinking about going back into practice.

I LOVED TEACHING. I have to say that the best thing to happen to me in 2010 was getting to know the Midwestern class of 2012. I don't know if it was just them or if all dental students are a lot cooler than when I was in school but I really really enjoyed teaching them and will probably go back into teaching at some point in my career. But for now it's time to keep the toothpimp hand strong

 

[Oracle DMD]

Yep. The teaching gig was almost an afterthought. I just wanted to make her think that I wasn't going to be earning any big money ever again so that she wouldn't stick me for alimony. The problem was she started to wait me out and I didn't want to get too out of practice. I got contacted by a former dental instructor who is the dean of a new dental school in Arizona. He hired me to be a clinical instructor. I told her that I was moving to Arizona to teach and that was all it took for her to file for divorce. The divorce actually only took about 3 months which was surprising to me. Once I paid her off I started thinking about going back into practice.

I LOVED TEACHING. I have to say that the best thing to happen to me in 2010 was getting to know the Midwestern class of 2012. I don't know if it was just them or if all dental students are a lot cooler than when I was in school but I really really enjoyed teaching them and will probably go back into teaching at some point in my career. But for now it's time to keep the toothpimp hand strong

lol, you're welcome! and yes we are too damn cool, and you're departure was the ****tiest thing to happen to MWU 2012 this year.

 

[teh dentist]

seriously, i have to say this is as real as it gets.

This may be the best thread i have ever read on any web forum.

 

[coralteeth]

seriously, i have to say this is as real as it gets.

This may be the best thread i have ever read on any web forum.

i agree!! thanks, Hammer. this is very informative, and please keep it coming!

 

[ToldYouSo]

Agree, this thread is great!

 

[joyride]

I graduated in June of 1993, I bought my first practice in August of 1995.

I'm probably fast forwarding this thread but how did you know that you were ready to buy a practice after 2 years out of school?

 

[The Hammer]

I'm probably fast forwarding this thread but how did you know that you were ready to buy a practice after 2 years out of school?

I went in to work with a dentist who told me that he was ready to slow down and work fewer days. He told me that he would mentor me on how to run a practice and show me how to do great dentistry. He turned out to be a lying sack of s h i t. But he did teach me two very important lessons

1. Most dentists don't know anything about how to successfully run their practices. Their saving grace is that they make so much money that they just don't notice that they have no managerial skills and usually just abdicate responsibility of the office management to one or more staff members. As the owner/dentist it is your job to provide a clear vision for where you want your office to go. You also have to be able to effectively communicate that vision on a daily basis and stay calm and consistent when you really want to crawl in a corner and hide.

2. You can't get to the top working for someone else.

I knew within a year of working for Dr. A s s hat that I was ready to go out on my own.

 

[mouthsculptor]

I went in to work with a dentist who told me that he was ready to slow down and work fewer days. He told me that he would mentor me on how to run a practice and show me how to do great dentistry. He turned out to be a lying sack of s h i t. But he did teach me two very important lessons

1. Most dentists don't know anything about how to successfully run their practices. Their saving grace is that they make so much money that they just don't notice that they have no managerial skills and usually just abdicate responsibility of the office management to one or more staff members. As the owner/dentist it is your job to provide a clear vision for where you want your office to go. You also have to be able to effectively communicate that vision on a daily basis and stay calm and consistent when you really want to crawl in a corner and hide.

2. You can't get to the top working for someone else.

I knew within a year of working for Dr. A s s hat that I was ready to go out on my own.

I've been following your thread with much amusement. I wish I had been more informed about the reality of associateships coming out of dental school. We need more dentists like The Hammer to guide the new generations of dentists. Most of you don't know what you are in for...

It's sad to say this but most dentists-owners I have met were "lying sacks of s**t". Everyone looks after their own skin and nobody will think of your interests even if they suggest that they will mentor you or guide you. You will get the worst hours (usually evenings and weekends) and the lesser paying treatment plans. Upon hearing about my associateship experiences, a non-dental friend told me (tongue-in-cheek),"you are nothing more than a "high paid maid".

The fact that you are a professional does not mean others will respect you and treat you as a professional regardless of how well you perform and regardless of how nicely you treat others. If you are a female dentist associate (especially a younger one) , be ready to deal with a lot of jealousy with other female staff members .Sadly, jealousy with staff members is a very common problem that many female dentists (of any age group) have experienced. These staff members will try to find anything wrong with you or will make up lies about you and tell the owner. Forget about trying to form friendships with your staff - keep the boundaries very clear.

The ideal associateship is one in which the owner-dentist is thinking of retiring in the near future and there is a future buy-in possibility in sight. The owner will not mind that you get a good schedule and get the more comprehensive treatment plans. Starting from scratch means that you will have to carry a pager around 24/7 for emergencies to build up your practice and it will take you quite a while till you can earn a decent living and have a decent schedule. Some dentists I know that built their practice this way also had to work as associates in other offices to get some supplemental income. Starting from scratch is much riskier and as The Hammer mentioned, banks that lend business loans will think of them as higher risk too.

The Hammer is 100% right when he says that you won't get to the top working for someone else. You can take all the C.E in the world but you won't reach your full potential in an associateship position. This is especially true if the owner is a younger dentist and is just as ambitious as you are. I only know of one particular dentist (out of the many I have met) who works as an associate and travels for C.E courses all over the place with the owner. The owner is very supportive of her and encourages her to implement the things she learned in her courses. Count yourself as extremely lucky if you work for such an owner.

 

[lotexigeus]

btw i go to UTHSC in Memphis, class of '12 baby.

 

[The Hammer]

btw i go to UTHSC in Memphis, class of '12 baby.

Give Barry Owens a big wet kiss from the Hammer

And believe it or not some of the best advice I got in dental school was from Mark Patters

 

[The Hammer]

Ok tomorrow I am going to meet with the owner/dentist to discuss buying his building as well as his office. Then I'm going to meet with my accountant and discuss the loans I've gotten from the bank.

I have one last piece of advice before we start talking in real numbers about the practices that I have looked at and the one that I am planning on buying.

Start to visualize what you want your practice to eventually look like. What size will it be, what types of dentistry do you want to do, where will it be located etc. Like most of dentistry starting with the end in mind is always a good plan. Knowing what you eventually want your practice to be helps you make decisions now that will lead to the growth of your vision.

Now your vision may change as your practice grows but having an idea of what you want in the end will give you some guidance as you go along. The reason that I mention this now is because my "vision" of what I want my new practice to eventually become influenced which I practice I decided to buy.

 

[kayakfisher]

I am starting dental school this year... but this is awesome!

 

[The Hammer]

I am starting dental school this year... but this is awesome!

It is never too soon to start thinking about your future practice. You probably spent many years thinking about becoming a dentist so why not also spend an equal amount time thinking about what you're going to do after dental school