Brad is joined by entrepreneur and public speaker, Andy Acton, and the director of Frank Taylor Associates, specialists in the sales and evaluation of dental practices. Andy discusses the wide range of services that Frank Taylor Associates can offer, as well as some of the more surprising challenges and issues that many practice owners, or aspiring practice owners, must make sure they’re aware of when it comes to buying or selling a dental business. KEY TAKEAWAYS A sale or transfer of ownership will always lead to a form of disruption, small or large, among the team there. Recruitment at this time is not something that many consider, and yet access to staff when needed can be vital to a smooth transition. When evaluating a dental practice, its worth is calculated on the transactional income or the recurring income. This tends to come from three areas: NHS, plan-based income and private-based income. The caps on NHS income saw a dramatic upturn in the number of associates, now vulnerable due to loss of income, investing in their own practices. This was a paradigm shift in the sector. Many practitioners become far too distracted by seeking a larger multiple, but if this multiple is being applied to a smaller adjusted profit, then it becomes a false variable. BEST MOMENTS ‘You’re paying for an element of security for your investment’ ’Inevitably, when there’s a change of ownership, there can be some switching around of the team’ ’Owning a business through. The pandemic has not been an easy ride’ ’For me, it’s about the money that end up in your bank account. It’s about vanity vs business’ VALUABLE RESOURCES The Dental Business Podcast Andy Acton at Frank Taylor Associates - https://www.ft-associates.com/article/proud-to-be-an-ambassador/andy-acton/ Andy Acton LinkedIn - https://uk.linkedin.com/in/andy-acton-a0836b22 ABOUT THEHOST Brad believes that everyone at any level should be focused on achieving multiple sources of income to create diversity and balance in life. He feels passionate about helping dentists work towards freedom by building wealth in different areas and helping to develop a mindset to improve one’s ability to handle the stresses of clinical life. Still a practising dentist, Brad has implemented strategies to create a practice to allow him to carry out the dentistry he wants whilst continually expanding with loyal staff and patients. These strategies can be adapted to any dentist, whether you are an associate or the practice owner, to help bring back your passion for dentistry. In addition to running a successful private dental practice, he has grown several other dental businesses and as an investor is growing wealth outside of dentistry to help protect his legacy for his growing family. He is chair of the Horsforth Town Team, dedicated to the promotion and development of business in his local area in North Leeds, UK. Due to his track record and down to earth advice, he has become sought after as a mentor and spends part of his time dedicated to mentoring dental professionals about business, mindset and personal development. CONTACT METHOD Brad Thornton Instagram Brad Thornton LinkedIn Brad Thornton Facebook firstname.lastname@example.org See omnystudio.com/listener for privacy information.