Buying or selling a practice is one of the most significant financial events in a dentist’s career – with only one chance to get it right.
A Very Special Announcement:
We are pleased to announce that EMA Dental Practice Sales and the Missouri Dental Association have signed an agreement in which EMA will be the MDA’s Endorsed Broker in western Missouri.
We will be sharing this honor with our colleague in St. Louis, Mr. Guy Jaffe of ADS Midwest, who will be serving the eastern half of the state. We are excited to receive this endorsement and look forward to being of service to MDA member dentists in their transition planning, practice valuation and sales.
Happening at EMA. . .
EMA sale number 245: We were please to represent Dr. Bill Doyle in the sale of his practice to Dr. Brianna Ganson on May 28th. Dr. Ganson is excited to be stepping in to such a well-known and well respected practice while Dr. Bill is looking forward to a retirement from practice and for the opportunity to spend more time with his family. We wish them both the best!
Fresh Air and Economic Opportunity (A new blog post from Dr. Steve Wolff)
On some level, I completely understand. In the mid ‘70s, as my prospects of graduating from the UMKC School of Dentistry in the spring of ’77 were improving, it seemed important to begin the search for a career home. You see, in those days the vast majority of graduates left the building and went into immediate ownership of a practice. Whether built, bought or inherited, self-employment was a given. The question, though, was where would our skills be put to use as not everyone from multiple classes of 160 graduates could stay in the Kansas City metro? I personally looked at a small town about an hour away from St. Louis; a river town east of Kansas City; and a college town in the “other” Johnson County.
Ultimately I decided to stay in my hometown of Raytown. At that time it was a booming first-tier suburb whose dentist population swelled from a handful of old guys in the early ‘70s to 33 practices in 1983. Family and friends? Familiarity? Fear of the unknown? It’s kind of hard to say exactly what caused me to stay locally, but in the long run it worked out.
I understand that the Royals play in Kansas City and that we have great restaurants. I get the Power and Light District and the Lee’s Summit School District. I understand the amenities. But I also know that if the Kansas City, Springfield, Omaha, Lincoln or Wichita metros did not accept a new dentist for the next five years, there would still be enough to adequately serve those cities.
Since the calendar has turned a few pages since 1977, the base of opportunity has changed. Forty years ago when graduates went to rural areas (by definition, more than one hour away from Kansas City) they either started a modern practice or purchased an existing office with the intent of dragging it into the then-20th Century. Now in 2015, if you were to travel around the Midwest as I do, you would discover that just about every diploma on the wall is for a ‘70s era graduate from UMKC. They have lived great lives, had productive and rewarding careers, raised and educated their families and worked as a cornerstone of their community. And now guess what? They are ready to retire and move on! They have practices with above average revenues and profitability, practices subjected to limited, if any, insurance company constraints and practices that didn’t even notice the Great Recession. Practices with minimal competition and practices with stable patient and employee bases are available to you for bargain prices.
Maybe it won’t turn out to be the right place for you. I get that. Maybe you grew up in a small town and never want to go back. Maybe your spouse’s career dictates living within a short distance of downtown KC. But in any event, GO OUT AND LOOK! As a rule, our most profitable practices are more than an hour away from a major metro. I’m not suggesting you live at the halfway point and commute. Becoming part of the community is often what contributes to the success of the practice. But giving it your best shot and retiring in your 50s might not be such a far-fetched plan. Call us and let us show you a little “Fresh Air”.
Steve Wolff, DDS
UMKC Class of 1977