Top 11 Mistakes Dentists Make After Purchasing a Practice
July 31, 2019
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I sat down with our CDA Oasis friends David Chong Yen and his colleague Eugene Chu from DCY. David Chong Yen and Eugene Chu are chartered professionals accountants from Toronto who have extensive experience working with dentists. They offered to present a post on the most common mistakes dentists make when purchasing a dental practice. I hope you enjoy the conversation and find it valuable. Please let us know what you think and share your thoughts and feedback with us. You can leave a comment in the box below or send your feedback by email or call us at 1-855-716-2747. Until next time! Chiraz Guessaier, CDA Oasis Manager |
Read/download the transcript of the conversation (PDF)
You can listen to my conversation with David and Eugene through our podcast The Grind. You can find our podcast, download this and many other episodes, and subscribe from your favourite podcast app.
Key Messages
- Efficiency versus patient retention.
- Cost reduction versus staff and patient retention.
- Discontinuing courtesy discounts to centres of influence.
- Constructive dismissal.
- Accumulating extra cash generating a nil return versus paying down a loan.
- Not hiring a payrolls company, missing deadlines, incurring penalties.
- Draconian changes in patient treatment planning.
- Not blending in with the community you serve.
- Family members getting too involved with the business before truly understanding it.
- Not earning the respect of the practice’s previous owner and staff.
- Failing to pay corporate tax installments.
Resource
Oasis Moment (1.58″)
Full Conversation (20.46″)