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Buying And Selling A Practice – What You need To Know – with Andy Acton

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 brad@bradthedentist.com See omnystudio.com/listener for privacy information.

Om Podcasten

The Dental Business Podcast hosted by dental entrepreneur, investor and mentor, Brad Thornton, offers a mix of practical advice as well as  personal development and mindset to help dental professionals in and out of the dental practice. The podcast will cover all aspects of dental business from marketing,  brand development to practice purchase and associate contracts, and will also include strategies for personal development and wealth creation. Brad will share his stories and also interview those who have excelled and pushed ahead to find the golden nuggets of advice from guests who have well and truly made it. Brad believes that everyone should be aiming for multiple sources of  income and be building wealth outside of dentistry, planning for freedom  where we are less reliant on clinical practice. That being said, Brad is  a practice owner and still a busy practicing dentist. His common sense approach and logical advice comes from over a decade starting and scaling various businesses in the dental field generating millions of pounds of revenue per year. The show will benefit anyone wanting to improve their practice, their  working life and their mindset. A podcast for those who want to develop  themselves and push for success in all aspects of their life.