Using Your Practice Value to Plan for the Future with Dr. Michelle Hedgecock

The Raving Patients Podcast

About 80% of dentists are undervaluing what their practice is worth! A shocking number, don't you think?

The fact is, several dentists wait until they slow down to sell without realizing that their practice value is highest when they’re at their peak.

To share everything you need to know to get the most bang out of your buck when selling is this episode’s guest, Michelle Hedgecock.

Michelle is a clinical researcher and a former dental surgeon, and owned two thriving practices in Austin, Texas. After having to sell at 42, she realized how ill-prepared doctors are when it comes to selling and determining the fair market value of their business.

This experience ultimately drove her to become a business development associate with Connect The Dents, where she performs practice valuations and guides doctors in determining the best options and timings for selling their business.

How practice valuations can help you plan for the future, tips on increasing the fair market value of your practice, what EBITDA is, and when doctors should consider selling for max profit are some main themes of this conversation.

Michelle and I also touch on the different types of buyers, including individual doctors, DSO's, and DPO’s, and what types of practices are ideal for each.

Tune in to learn more about how Michelle and the unique valuation process and matching program at Connect The Dents can save you 6-10% in selling costs.

PS. Get a $300 discount on a practice valuation with Connect The Dents. Just say you heard them at the Raving Patients Podcast.

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Key Takeaways:

Meet Dr. Michelle Hedgecock & her experience with selling her practice (00:00)

Explaining EBITDA & how fair market value is determined (06:17)

When to get your practice valuated (11:48)

When to consider selling your practice & increasing its fair market value (16:14)

The difference between a private sale and a DSO/DPO sale (23:07)

How matching program at Connect The Dents works (28:55)

Lightning Round Q&A With Michelle (31:55)

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Additional Resources:

Learn more about Connect The Dents here or on their LinkedIn.

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Learn about the upcoming Supercharge Your Dental Practice 2-day event in September here.

Use code RAVING to save $100 on registration.

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Learn proven dental marketing strategies and online reputation management techniques here.

This podcast is sponsored by Dental Intelligence. Learn more here.

This podcast is sponsored by The Doc Sites, the leading provider of websites and online marketing for dentists. Find out more here.

Raving Patients Podcast is your go-to place for the latest and best dental marketing strategies that will help you skyrocket your practice. Follow us for more!