The Dental Desk - Issue #4 (Avail Dental Advice) : simplebooklet.com

CEO s Message Dog days of summer coming to an end with owners looking forward to a strong finish to the year and planning even more Looking For Featured Practice Listings CLICK HERE I can hardly believe we are in August already The dog days of summer are upon us and each of us are trying to make the most of these last few weeks of summer vacation Summer however has not effected the pace of sales appraisals and other services we offer In fact this slower time in clinics has afforded owners with the opportunity to do deep dives into their operations and make assessments of their needs now and for the future September is typically a time of starting fresh it s almost the midway new year In addition to the back to school rush this is conference season seminar season and study clubs get going again Additionally covid waves and economic factors rising interest rates and additional security requirements usually ignite owners to take a look at their future plans and buyers get antsy to get into clinics My advice Even though summer is coming to a close and soon we ll be watching the leaves change don t feel rushed or pressured Enjoy these dog days of summer and personally assess where you are in your professional life and where want to go When you re ready give us a call and we ll help answer your questions and guide you to what if any of our services you may need We re always here for you when you need us Page 5 Ask The Expert Is COVID Still Impacting Practices Page 8 Summertime Fun Time Page 11 7 Startup Planning Tips For A Profitable Practice Page 17 What is the Western Canada Dental Society Happy August DARREN SHANAHAN Founder CEO Avail Dental Exit Advisory Services THE DENTAL DESK MAGAZINE 2 Avail Dental has been a trusted resource in the dental industry since 2012 www AvailDentalAdvice com

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Tough Questions Assessing Staff Needs by Darren Shanahan 3 Pay attention to customer patient experience Taking surveys or observing patient s wait times can be a good indicator if you are under staffed Even casually asking patients about their experience can be helpful but do exercise caution with this as this will not give you an indication of whether you are over staffed 4 Keep bases covered Everybody knows the roles they need covered in their offices This is particularly obvious during high holiday volume times This can also be challenging when there is a broad based shortage in particular roles but it is vital to any clinic operation to make sure the bases are covered Talk about a hot button topic Staffing needs in any clinic is a complicated area and deep dives into this can send pangs of fear into office managers owners and of course staff However summer can be a great time to do a wellness check on your staffing levels and staffing needs There are a number of ways to determine necessary staffing levels which I will briefly touch on Determining ideal levels is important for every business to meet their staffing needs at all times without having excess staff present Here are some of the methods businesses can use to make critical decisions about their staffing needs 1 Evaluate business flow Observing and evaluating regular business flow offers key insights into staffing needs It s important to observe the ebb and flow of the operations and from that determine when staffing needs are greater or fewer Quantifying the data helps 2 Ask Managers Talk with your office managers about their needs Managers typically know when the busiest times are when they need more front staff when the doctor requires more assistance or when the demand for hygiene is greatest 5 Invest in a benchmark analysis A benchmark analysis will give you a general staffing assessment particularly in relation to your competitors Those competitors that are excelling and those that are struggling can give you tremendous insight into your own wants and needs with staffing A benchmark analysis can be an extremely valuable tool in so many ways At Avail we can help you navigate the murky waters of staffing issues and balancing treating your staff fairly Our benchmark reviews are a good value for any clinic owner We re here to help Call us www AvailDentalAdvice com THE DENTAL DESK MAGAZINE 3

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Over the last several months we’ve been receiving some questions from the dentalcommunity. Our experience in brokering and appraising hundreds and hundreds ofpractices has made us a natural place for professionals to turn with theirquestions. We realized that several people had the same questions and so wethought this might make a great forum for people to ask their questionsanonymously and receive their answers. Therefore, ‘Ask the Expert’ was created.Please feel free to send us an email with your questions toDarren@AvailDentalAdvice.com.Q: Covid’s 7th wave is in full swing. How is it affecting practices?A: This wave of covid is not that different from the last few, exceptthat it is affecting us all during the summer months - which wepreviously thought to be the months of reprieve. Practically, inpractice this wave is causing all the same issues it did before; staffcalling in sick, patients cancelling appointments, etc etc. Thecomplication, of course, is that all of this is happening on top of theregular summer issues, such as staff holidays and reduced patientload due to holidays. In a way, these extra complications areprobably better to be happening during an already down time but it isextra challenging if you are in a clinic that was already trying to addanother assistant or hygienist or associate. This wave seems to beputting an extra squeeze on staffing, and there is no easy answer.As with all of the previous waves, we all need to employ our patienceand understanding and empathy, as we struggle through these tryingtimes.Q: Are the changing interest rates scaring new buyers?A: In all likelihood, the changing interest rates are probably causinga few new buyers to look more closely at their situation. It is causingnew buyers to proceed more cautiously, but it does not appear to bescaring them off or influencing their choice to wait to purchase. Newbuyers are faced with more challenges now with securing financingand more hurdles to jump for certain, but the appetite and desire toown remains. CANDID COMMENTARY ON PRACTICE VALUATIONASK THE EXPERTThe "COVID Effect" On Your Practice:Call Us To Learn More.In order to prepare for the future,In order to prepare for the future, you must consider the past.you must consider the past. We can help.We can help. 1-866-Go-Avail1-866-Go-Avail ((1-866-462-82451-866-462-8245))

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Q: As a new buyer I’m concerned that I won’t be able to competewith corporate offers, especially given the rising interest rates.What advice can you give me about being competitive with offers?A: The best advice I can offer about being competitive is that youmust first understand that your offer won’t be the same as acorporate offer. However, if you are in a position to pay for a cashsale, without requiring the seller to have long ties to the practice,holding shares and providing assurance to the profitability of theclinic, this will be the advantage you have in your offer. If you areworking with, or through a broker, make it clear that you are amotivated buyer and ask if you are competing against corporationsin the deal. This will help you better understand how to position youroffer. You also need to recognize that it’s ok to pay the ‘market cashrate’ price - as you will still pay off your clinic in a reasonable timeprovided you can replicate the production and the expenses. As anew buyer, don’t be afraid to get on broker’s buyer lists and speakwith broker’s about understanding the current seller’s landscape andwhat suggestions they might have to help you present morecompetitive offers (that don’t necessarily have to be dollar for dollarmatches with corporate offers). Also remember that corporationsare not looking to buy every practice that is for sale. Understandingyour own thresholds and expectations will put you into a position tomake offers on practices that are a good fit for you, thus setting youup for greater success.THE DENTAL DESK MAGAZINE  | 7ASK THE EXPERT CON'T:Have a confidential question?Have a confidential question?Email Darren:Email Darren:Darren@AvailDentalAdvice.comDarren@AvailDentalAdvice.com Q: What are KPI’S (Key PracticeIndicator's) and why is it important tocheck on them yearly?A: Key Performance Indicator is ameasurable value that demonstrateshow a clinic is achieving keyobjectives. For example, hygieneproduction, staffing levels, supplycosts, net income etc are allmeasurable metrics for understandingthe success of your clinic. By keepingyearly tabs on these (and other) areas,you will be in a better position tounderstand the status of your clinicoperation and whether you arereaching or exceeding your goals foryour practice. Keeping tabs on yourKPI’s will better position you for anyfinancial transaction that may berequired regarding your clinic - such astax strategy planning, full sale,associate buy-in etc.

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concerts, eat on a restaurant patioand fine tune my bbq and smokerskills. I approach all of these thingsas mini-vacations, and aschallenging as it is to continuallycarve a little time out of work forthese activities, the benefits faroutweigh the challenges. I feelrefreshed and recharged (especiallyif the outcome of the football gameis favourable to my team)!!Studies have shown that takingtime away from the job can havephysical and mental healthbenefits. People who takevacations have lower stress, lessrisk of heart disease, a betteroutlook on life, and moremotivation to achieve goals. If youstill need a little convincing, here isa list of some of the additionalbenefits of taking time away from BY YVETTE SHANAHANThese days it seems that everyonein every walk of life, is having towork harder and work longer hours.We all feel the stress and pressureand often-times it makes us feeloverwhelmed. It almost seemscounter intuitive to plan a vacationat this point, however, that isexactly what we should do if wecan. Did you know that 212 millionvacation days get forfeitedannually in North America, andthat simply planning a vacationhas been proven to boosthappiness up to 8 weeksbefore the trip?It’s especially important to seizethe opportunity to enjoy somesummertime fun time! In Canada, we are a Vitamin Ddeficient society. Summer is ashort season and for practicalhealth reasons we need tocapitalize on warm weather andnatural sunshine vitamin benefits.The mental health benefits ofsummer vacation are alsoextremely important. There is nodenying that it has been achallenging couple of years and weall need a mental and emotionalrecharge and refresh from time totime. Exercise and fresh air are allwell proven methods of improvingyour mental health.When summertime finally arrives, Ican’t wait to start gardening, attendCFL football games, drive to themountains, play in a pool,photograph canola fields, attend

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work: Improved physical health, Improved mental health, greater well-being, increased mental motivation,improved family relationships, decreased burnout, and boosted happiness.The bottom line is, take a summer vacation or several mini-vacations if you can. When you take time awayfrom the stresses of work and daily life, it can improve our physical and mental health, motivation,relationships, job performance and perspective. A vacation can help you feel refreshed and more prepared tohandle whatever comes when you return.So, whether you like back country camping, picnics in the park, family or work barbecues, concerts, sportsgames, Sunday drives, seeking out unique ice cream spots (we love Mackay’s in Cochrane and Milky Way inRegina), swimming, rafting, fishing, walking, exploring - get out there and seize the summertime! Your body,your mind, your family and your work-life balance will thank you for it. Summertime fun time …you’re worth it!SUMMERTIME, FUN TIME CON'TTHE DENTAL DESK MAGAZINE  | 9www.AvailDentalAdvice.com

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getting their dentistry done there.You don’t want to be the personwho opens up a clinic in a 2500person town only to discover thatthere are two dentists working inthe other clinic and they alreadysee the majority of availablepatients. Tip #3: Do the hard math! Thismeans actually working out thecost per hour of staff members,how many hours you will need themfor and what it will cost you to havethem on staff. Calculate how manynew patients per week you willneed to cover your overhead, basedon new patient exams anticipatedwork from your new patients. If youaren’t great at using spread sheetsfind someone who is good atspread sheets and ask them to helpyou to work up the examples and Continued...YVETTE SHANAHANThe first thing you should knowabout start-up business planning isthat a standard template for abusiness plan, although a goodchecklist and helpful to shortcutthe process, does not represent agood business plan. A goodbusiness plan is the foundation yourequire. You want to stand out fromthe crowd and do yourself theservice of really putting a good plantogether, not only for the purposesof securing financing but also forthe long-term success of yourbusiness.Here are some tips to considerwhen embarking on your buildingbusiness plan:Tip #1: Be sure to research someexisting business plans and studythem to ensure that you don’t miss any important points. Approach thisfrom the standpoint of running ageneral business, not a DentalBusiness as this can limit yourscope of view too narrowly. Tip #2: Research the geographicalarea and the population in thelocation of your proposed start-up.How many dentists are there per1250 people? This will give you anidea of whether or not there isenough patients in the area tosupport your proposed clinic. Youwill require at least 1250-1500patients to make a 4 op clinic work.Show your research and reasonswhy you think there are enoughpatients in the area to make yourplan work. Be cautious aboutbedroom communities as one orboth of the income earners mightbe commuting to the city and THE DENTAL DESK MAGAZINE  | 11

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scenarios to make sure this venture will pay off for you. Just because there is a vacant bay for rent doesn’tmean ‘if you build it they will come’!Tip #4: What will you do differently than your competition? If there are other clinics in the area, what will you dodifferently or what will you offer as additional services or hours of availability? What will bring patients to yourclinic and not your established competition? Answering these questions will give you a very good foundation foryour business plan.Tip #5: Be available! Many people think, “well I can only do 3 days a week” so they just open Monday toWednesday and leave it at that - which leaves patients who want to get in Thursday - Saturday going somewhereelse. My advice is to have as many hours available as possible and all days covered, especially in a saturatedmarketplace, as patients have options. So if you can only do 3 days then spread it out over 2 weeks to cover alldays i.e. Mon-Wednesday one week and Thursday-Saturday the next. This will help you to be accommodating tothose new patients that call in and reduces your risk of losing them to your more flexible competition.Tip #6: Plan as if you are borrowing the money from a family member or someone who you would feel obligatedto pay back and would be devastated to let down. This mindset will help you to manage the cost of the start-upand keep you focused on success., Too many people fall into the trap of thinking oh well it’s just the bank’smoney.’ This mindset results in overspending while under-planning and often ends up in bankruptcy.Tip #7: be conservative in your leaseholds and equipment spending. We all want the best of the best and thenicest clinic, but most bankruptcies occur with owners who spend over $1.2M for their startup, as it simply putstoo much strain on the financials. If you can keep your start-up costs under $1M that is great in thisenvironment. You can do it and it has been done before, so there are ways to get a good-looking, functionalclinic up and running for under $1M (I have seen it done successfully for under $800K)! This includes not takingtoo much space when you sign your lease. One of the largest cost issues is the leasehold improvements, so ifyou take more space it not only equals more rent cost but also more development cost. Sometimes owners signup for a space that will need to produce $2.6M per year to make the practice work, however, the question theyoften don’t answer is will they ever be able to produce $2.6M or do they even want to run a clinic that big? Theytend to just get caught up in what the landlord is offering and forget that they have negotiating power as well.Consider this: If you lost the space that was going to send you into bankruptcy anyway, you really have doneyourself a favour, so don’t be scared to walk away from a bad deal for you and your goals.These are several great starting points if you are considering trying a start-up. Stay tuned for more tips on Startupsand business plans in future editions, or feel free to send your questions in for our, "Ask The Expert" series.7 STARTUP BUSINESS PLANNING TIPS FOR A PROFITABLE PRACTICE CON'T

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president. This annual scholarshipawards $1,500 to one dental studentin each of the four Western CanadianUniversity Dental Programs.In 2018, the WCDS created the WCDSStudent Fellowship which alsoawards $1,500 to one dental studentin each of the four Western CanadianUniversity Dental Programs. In total, the WCDS is responsible forannually funding over $25,000 inUniversity Endowments and DirectFunded Scholarships for DentalStudents in Western Canada.The Annual Western Canada DentalSociety Seminar and Bonspiel bringstogether dentists and other allieddental professionals from all overWestern Canada. It allows dentalprofessionals an opportunity to get ContinuedYVETTE SHANAHANThe Western Canada Dental Society(WCDS) was founded in the early1900’s by dentists in Alberta,Saskatchewan and Manitoba. Theywanted to assure they would haveaccess to quality dental education ona regular basis and decided toorganize a formal dental meetingevery few years. These regular meetings eventuallyevolved into a biennial dentalconvention. Unfortunately, ascontinuing education opportunitiesexpanded in the 1970’s the need forthe WCDS Convention diminished. Aharbinger of things to come was thecancellation of the 25th annualmeeting planned for Winnipeg in1981. A meeting was held in Jasperin 1983 (a classic in the minds ofmany) and the last WCDS Conventionwas held in Saskatoon in 1985.In 1968, a curling bonspiel wasestablished by many of the dentistswho regularly attended the WCDSConvention. This annual bonspieland seminar increased in popularityover the years and eventuallyreplaced biennial WCDS Convention. Education and the support ofeducation for dental students havealways been the main goal of theWCDS. Over the years, severalendowments have been created fordental students at the four WesternCanadian Universities with DentalPrograms – University of Manitoba,University of Saskatchewan,University of Alberta and Universityof British Columbia.In 1980, the WCDS established theDr. Cal Waddell MemorialScholarship in honour of a prominentCalgary dentist and former WCDS THE DENTAL DESK MAGAZINE  | 17

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WHAT IS THE WCDS CONTINUED together to learn and participate in a non judgmental fun environment The collegiality and camaraderie are second to none and many lifelong friendships have been created Fellowship is paramount at this event and evidence of this is the presentation of the annual Walter Hancock George Peacock Ken Martin Steve Yaholnitsky Fellowship Award at the closing banquet This award is named in honour of four larger than life dentists from Saskatchewan who truly embraced the spirit of the WCDS If you are interested in becoming involved as a member or sponsor please contact us for more information https www wcdsmeeting org https www wcdentalsociety ca about us To quote Dr Terry Donovan God Bless the Western Canada Dental Society

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YOUR TRUSTED INDUSTRY PARTNER Did you know that for over 2 decades our Founder Darren Shanahan has been in thedental industry as the go to for other industry professionals and leaders Every phone call that comes into our office is about a dental or healthcare clinic We don t work in any other industry We provide owners with a firewall to protect them from all of the pitfalls we know are out there throughout a transaction because we know how to prepare the deal and navigate the waters We re here for you Meet Our Team Darren Shanahan Yvette Shanahan Jennifer Larocque CEO Founder Co Founder Transaction Manager Logan Reynolds Morgan Minkus Transaction Specialist Transaction Specialist Questions Call 1 866 Go Avail 1 866 462 8245 or visit AvailDentalAdvice com

The Dental Desk - Issue #4 (Avail Dental Advice)

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