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Video Interview: What do you need to know when purchasing a dental practice?

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David editedDr. Suham Alexander, Oasis Discussions Clincial Advisor, interviewed David Chong Yen, Chartered Professional Accountant about key information dentists need to know when purchasing a dental practice.

David obtained his Bachelor of Arts from the University of Toronto in 1980 and his Chartered Accountant designation in 1983. He has completed the CICA In-Depth Tax courses and is a tax specialist as well as a certified financial planner. David advises dentists on tax, estate & financial planning, valuations and accounting and has been a speaker at dental associations across Ontario including the Ontario Dental Association’s Annual Spring Meeting, Toronto Academy of Dentistry Winter Clinic and RCDSO Road Shows. His articles have appeared in dental publications and magazines including Dental Practice Management, Dispatch, Oral Health and Ontario Dentist.  

 

 

Watch the video interview

 

5 Comments

  1. Mark Venditti May 14, 2015

    Great interview. Thank-you. DCY and his team are the best!

    Reply
  2. VR May 14, 2015

    Thanks for that very good interview. Mr. Chong Yen gave a lot of good tips and was very clear!

    With respect to the lease term for a vendor, I would like to point out that on some occasions, it’s actually not best to have a long term lease in play. This could include times when a vendor wants to have someone buy only the good will of the practice (patients), if the leased facility is not well located and/or the vendor is not producing enough to support the rent there or the purchaser wants to bring the vendor into a different facility (close by or not).

    It’s a good idea for the vendor to decide HOW they want to sell the practice and/or it’s assets.

    Reply
  3. Nathaniel Podilsky May 21, 2015

    Good ideas for the young dentists purchasing a practice. I do not agree with the income per patient per year. One needs to also look at the “type of patient base”. A practice with “professionals” as patients will have a higher income per patient per year than a pedo practice. Also the “type” of services provided will change this number. An implant practice will have a higher income per patient.
    A more important statistic that a dentist should look at is hygiene production and the number of new patients per month. Thanks Mr. Yen

    Reply
  4. christopher shieh January 3, 2016

    Excellent explanation Dave.

    Reply
  5. sandeep walia January 22, 2016

    excellent work for educating dentists across north America,
    great work dave !!
    dr walia

    Reply

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