Grow Your Dental Practice Podcast

Season 2 Trailer

We are excited to announce that on Wednesday, January 22, we will be releasing the first episode of season two of the Grow Your Dental Practice Podcast.

In season one, we had the opportunity to talk with seven awesome guests about how to build and grow a dental practice. If you haven’t had a chance to listen to the first season, check out the following episodes before we start releasing new ones:

• Michael Permack from Spire Group discussed negotiating a lease
• Darren Shanahan from Avail Dental Exit Advisory Services gave his insights on brokering a dental practice deal
• Tricia Dekker from ATB talked with us about getting a lease
• Tom Christensen from Dorward Chartered Accountants talked about dental accounting
• Robert Fooks, partner at McLeod Law shared with us his insights on the legal side of the industry
• Jamie Imeson and Brock Crosson with Henry Schein joined us to talk about connecting with dental suppliers
• Stephen Anson from Smile Marketing discussed marketing for dental clinics

Since we had such great feedback from the first season, we are going to be dropping one episode every month. So, revisit your favourite episode from last year and make sure to hit that subscribe button so that you don’t miss the next episode.

For more information about Shift Accounting or to reach out, please visit www.shiftacct.com.

Marketing Your Dental Practice with Stephen Anson

Episode 7: Marketing Your Dental Practice with Stephen Anson

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with co-founder of Smile Marketing, Stephen Anson, about marketing your dental practice. Now that your practice is all set up, it’s time to find you some clients (though Stephen shares that you should start before you’re ready for them).

In this episode Stephen and Mohamed discuss:

• When marketing starts – Stephen shares that marketing is often an afterthought, considering everything else you have on your plate this makes sense, but marketing should start three to six months prior to your doors opening. This allows for your marketing team to start thinking about bigger picture marketing topics like your overall brand and how to get clients in the door on the first day.
• What a digital marketing strategy is – Stephen shares that your digital marketing strategy goes beyond posting on Facebook or advertising on social media. It is an all-encompassing strategy that, in Smile Marketing’s eyes, hinges on getting visitors to your site and in your dental clinic doors. He shares the five points of digital marketing.
• How your marketing changes based on your location and brand – Marketing is not a one-size fits all strategy. Stephen shares some anecdotes about how different dental clinics marketing, and how their strategies change based on their brands, location and goals.
• How desired clientele drives marketing – Stephen talks about the importance of answering the question how do I love to serve, as the answer drives how your dental clinic will market to clients.
• How your instincts can help with your dental clinic marketing – As you market your practice, you’ll learn what works and what doesn’t. Stephen shares that listening to your instincts can benefit your marketing strategy.
• Your marketing budget – Stephen shares some thoughts and strategies for distributing your marketing budget.
• Understanding your performance – No discussion about marketing would be complete without going over how to measure your marketing performance. Steven walks us through the importance of measuring your marketing and what to look for.

Hear the full interview by listening to the episode. 

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.

Dental suppliers with Jamie Imeson and Brock Crosson

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with talks to Jamie Imeson and Brock Crosson with Henry Schein about connecting with dental suppliers. Dental supplies help you setup up your dental clinic and continue to support you during your practice and play a critical role in your practice’s success.

In this episode Jamie, Brock and Mohamed discuss:

• How dental representatives bring value to your dental practice – Brock and Jamie share that their goals as supplies goes beyond simply providing you with the tools to get your work done, they see their role as a critical member of your team. Your success means their success, and they aim to support you along the way.
• When it’s time to start connecting with dental suppliers – Jamie and Brock encourage dental entrepreneurs (and future entrepreneurs) to contact a dental supplier as soon as you get started on your journey. Not only can they help support your strategic planning as it comes to your supplies and tools, but they can connect you with great professionals that can help you along your way.
• What quantities and equipment are you looking for? Jamie and Brock share that what you need depends on what your goals for your dental clinic are, but the dental suppliers are there to help you build a plan and choose the right tools. There is also a balance to be met to avoid overspending, but suppliers like Henry Schein have implemented evaluations every three years so they can help you build a responsible budget.
• How can you efficiently and accurately manage your inventory – Brock and Jamie share that dental supplier companies like Henry Schein can help you manage your inventory and save money in the long run.

Hear the full interview by listening to the episode. 

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.

The Legal Side with Robert Fooks

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Robert Fooks, Partner at McLeod Law, on the legal side of starting and growing your dental practice.

In this episode Robert and Mohamed discuss:

• How is a lawyer involved in the process of setting up your dental clinic – Robert shares that a lawyer should act as more of an advisor who guides you through the process and works with the other people on your team. Not only do they help with the legal aspects of the transition, but they’re there to help you along in the process and answer questions when needed.
• How lawyers look at lease agreements – It makes sense that lawyers would be involved in a lease agreement negotiation, but what exactly do they do? Lawyers look at a number of things including the finer things in your lease, details like what you can and can’t do on the premises and the legality of the lease.
• How your lawyer and accountants work together – Ideally, your dentist and accountant work together. While the two professionals play different roles, their roles when it comes to providing you support as you start-up and grow your dental practice.
• The legal setup of your clinic – What legal set-up should you have for your dental clinic? Robert shares his thoughts on what you need to take into consideration when you decide how to do the legal set-up for your clinic.
• The risk of purchasing an already established dental practice – Robert shares some of the risks and involved with the purchase of a dental clinic when you purchase assets versus shares.
• Why you need to have employment contracts – You might be surprised to know that not having employment contracts with dental staff isn’t all that uncommon but it can be a real issue when it goes to buying or selling a dental practice. Robert shares some insights into why this problem exists and what you can do.

Hear the full interview by listening to the episode. 

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.

Dental Practice Accounting with Tom Christensen

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Tom Christensen, partner at Dorward Chartered Accountants, dig into the accounting aspect of your dental practice's setup. We have got the basics down, negotiating a lease, brokering a deal and getting a loan. Now it's time to meet another important member of your clinic setup and management team, the accountant. We're going to dig into the accounting aspect of your clinic set up.

In this episode Tom and Mohamed discuss:

• Why incorporate? Incorporating your dental practice is definitely something to think about due, at least in part, to the tax benefits. Tom shares some details about how incorporating will help you and your dental practice grow financially and give insights on how to make the most of incorporation.
• Build or buy, what should you do? There are a number of opinions on whether you should build or buy a dental practice. When it comes to buying, you’ve got a great service, clients and staff already built in – but if you choose to go with a new practice you get to create something of your own. Tom shares some factors you might want to consider when deciding whether you should build or buy a dental clinic and the risks that come with both options.
• How do you actually buy a practice? If buying an already established dental clinic is on your agenda, you might be wondering how you actually go about that. Tom talks about the different ways, conventional and not, to purchase an already established practice.
• What are the bank requirements to get a loan and how can an accountant help with those? Last episode we talked to Trisha about working with a bank to obtain a loan, this week Tom digs a little deeper and talks about how your accountant helps you get a loan whether you’re planning on building or buying a practice.
• What happens when you want to make changes that will cost additional funds with the clinic you just built – Tom talks about how your accountant can help you obtain additional funds for making changes when you purchase your new dental clinic.
• Managing your funds, budgets and other important budget information – There are a lot of practices you can use to make sure your dental practice more financially sound, and Tom shares some insights on those accounting practices.

Hear the full interview by listening to the episode. 

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that helps their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.

Getting a Loan with Tricia Dekker

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with ATB’s Director of Business Development, Tricia Dekker. Trisha has a decade of experience helping health professionals get established and grow relationships in the business. Mohamed and Trisha spend this episode getting into the details of the loan process.

In this episode Trish and Mohamed discuss:

• The application process of getting a loan to open your dental clinic – from the evaluation of the clinic and your skills, to the appraisal and analysis, and your personal and professional goals. Trish shares that they’re looking for applicants who have two or more years of experience before jumping into the management side of things.
• The difference in applying for a loan to purchase an already operating practice versus building your own – with leases to open a brand new dental clinic being a longer process.
• What you need when it comes to applying for a loan to open your own dental clinic – beyond your basic business plan, you’ll need to show that you’re working with the right professionals to help you come up with financial projections and a solid plan.
• Who is involved in the application process? It’s not just you and the bank – your lawyers, lease negotiators, accountants and consultants are all involved in the process.
• The ins and outs of loans – Trisha shares her insights on amortization, terms, types of leases, length, fixed versus variable, and overall what you’re looking at.
• What happens when you get approved and how using a loan process works – Trisha shares that once a loan is approved it’s not just you and the cheque. You’ll have to work with the bank along the way.
• What happens if your first year is a bit challenging – Banks don’t expect you to make boatloads of cash in the first year, they want to see you succeed and Trisha shares some of the ways ATB helps to get you off your feet.
• Growing your dental empire past the first practice – If you’ve established your dental clinic and are looking to expand to another practice, Trish and Mohamed briefly discuss how what that additional process looks like.

Hear the full interview by listening to the episode. 

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.

Brokering a Dental Practice Deal with Darren Shanahan

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Darren Shanahan, Broker, Founder & Transition Expert at Avail Dental Exit Advisory Services about brokering an existing dental practice. Avail Dental Exit Advisory Services has worked with hundreds of dentists helping them purchase already-started dental practices, and today on the podcast Darren and Mohamed discuss the role of a dental clinic broker, whether you should build or buy, the different roles in a practice purchase scenario, due diligence practices and what you need to think about before proceeding. If you’re thinking about purchasing an already existing dental practice, this episode is for you – and if you’re not, there’s still a ton of meaningful information that will help you start or grow your own dental practice.

In this episode Darren and Mohamed discuss:

• The benefits of drawbacks of building your own dental clinic from scratch versus purchasing an already established clinic with steady cash flow. If you’re planning on building a clinic from scratch, two important things you’re going to need to keep in mind is that the wait for patients can be a long one. Darren shares that “waiting for patients to come in can be one of the biggest demons that someone struggles within the first six months.” Then there’s the probable need of working extended hours to be accessible to your new patients. However, when it comes to purchasing an already built clinic, the cash flow and patients already exist.
• The valuation process for an existing clinic. What they look at, how they evaluate it and what’s important – everything from cash flow to profitability, equipment available, and other external facts that impact the bottom line.
• The current market conditions in different Canadian cities. When it comes to purchasing or building a clinic from scratch, the current market conditions have a lot to say about where you want to go, and one of the things you need to look at is rural versus urban markets.
• The two-fold role of a broker during the purchasing process. Brokers not only conduct an evaluation and an assessment of an existing practice, but they make sure everything is set-up and ready for a buyer.
• The actual process of purchasing a dental clinic. Purchasing an already established dental clinic isn’t as easy as just walking in and handing over a cheque, buyers have a chance to tour around a clinic and learn about the clinic before making an offer. And that’s when the real negotiation starts.
• Who all is involved the sale of a dental clinic. It’s not just a broker, but other parties work together to secure the purchase of a dental clinic – lawyers, accountants and bankers all have a role to play.
• The due diligence process a potential purchaser needs to go through. Part of the due diligence of purchasing a dental clinic is making sure the current dentists output matches what you can do, ensure you’re on board and aligned with the type of dental practice that already exists which the patients are already accustomed to and all the other finer points of the clinic are up to part.
• The ideal dental clinic transition. Once the deal’s done it’s time to transition the clinic from the former dentist to the new owner. A good, smooth transition means working with the previous owner and staff to make the transition as smooth as possible for the patients.

Hear the full interview by listening to the episode.  

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.

Hiring a Negotiating a Lease with Michael Permack

In this episode of the Grow Your Dental Practice Podcast, host Mohamed Ismail talks with Michael Permack, co-founder and managing partner of Spire Group, a professional consultant and lease negotiator who specialize in the healthcare space about leasing. Whether you’re taking the first steps to build your start-up dental practice or looking at an upcoming lease renewal, they’ll be something in this episode for you!

In this episode, Mohamed and Michael discuss:

• Why you should hire a consultant and lease negotiator? The lease negotiator that you need is much more than a lease negotiator, what you’re looking for is really a consultant who will look at the holistic plan for your dental practice and help steer you in the right direction.
• Where you should start when it comes to building your practice – if you’re starting with the lease, you’re behind the eight-ball. Before you make any decisions or start to approach your lease, connect with a consultant who can help set you up for success.
• What kind of timing are you looking at? While the timing depends on where in the market you are, Michael estimates a comfortable period of time as being 10-to-14 months out for new leases. He also recommends talking to your consultant 18 months out when it comes to renewing your lease.
• How do you get a great location? To get a prime location, especially in some of the bigger Canadian markets, you’ll need a consultant with already-established relationships with developers. While you can certainly give it a try on your own, those already-established relationships have a much better chance of getting you on the list!
• What landlords are looking for in a client – opening a dental practice means getting a landlord. When it comes to what landlords are looking for in dental clients, they’re really looking to get a deal done and they know dentists will pay prime dollar for a prime location.
• How much time you should budget for lease negotiations – Michael shares that in his experience you should budget somewhere between 60 and 90 days for a lease negotiation, especially in the cases of bigger landlords who have more on their plate.
• The idea lease negotiation terms – Michael shares some important lease terms that need to be looked at which include your assignment cause and hours of operation.

Hear the full interview by listening to the episode. 

The Grow Your Dental Practice Podcast is hosted by Mohamed Ismail, founder of Shift Accounting. Mohamed is a cloud accounting expert and business advisor that works with dental and medical professionals. Shift Accounting is a Canadian digital firm that help their dental and medical clients reach their financial goals with their superior business consulting and bookkeeping services. Shift provides clients with financial insights that help them improve their profitability and achieve their goals faster.

This episode was sponsored by Xero, a cloud-based accounting software that Shift Accounting uses for all their clients.

If you enjoyed this episode, please rate and review us on your favourite podcatching app. You can find more information at Shift Accounting by visiting www.shiftacct.com or reach out to Mohamed Ismail directly at info@shiftacct.com. This episode of the Grow Your Dental Practice Podcast was edited and produced by Tae Haahr. Its theme music “Happy Energetic Indie Rock” by Xena_Ann is licenced through Audio Jungle.