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Dr. Brady Frank on How to Build Multiple Practices
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LiCsten
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Thanks for joining today’s episode of The Dentalpreneur Podcast! Unless you’ve lived under a rock, you know today’s guest Dr. Brady Frank.
Brady is a serial entrepreneur, published author and international speaker in the dental profession. He’s here to talk about how he’s bought and built multiple practices, how to plan for a wealthy retirement and the how you can master the single most profitable clinical procedure.
All of that and more on today’s episode of The Dentalpreneur.
More About This Show
Dr. Brady and I met when we were both in dental school at Marquette University and we’ve been friends ever since.
Since his graduation day he’s been building practices. Starting his junior year he interviewed 72 dentists about their plans for retirement and what their ideal transition strategy would be. Just from those interviews 32 offered to sell him their practice! Of course he couldn’t buy as he wasn’t finished with school yet.
However he did see the opportunity and his senior year he put together paperwork to buy and on graduation day he did. Then he bought a second practice six months later and within 7 years he had purchased 7 practices.
In this episode you’ll hear:
- Only 6% of dentists are able to retire with abundance before age 60: true or false?
- What are the three career options for most doctors right after dental school?
- Why it’s good to do good while doing - and what that means!
- One partnership has a success rate of 94% - can you guess what it is?
- The proper compensation formula for a junior doctor, Brady outlines in detail.
- And much more!
Brady has strategies for how he bought these practices: transition deals. There are several types of transition deals and he outlines three on this show.
1. The first is to find a dental space that has equipment and the dentist has moved. you can take the lease and buy the equipment. You may have to update some of the technology like the computers but it's still a low investment. The way to find these deals is through loop net, and realtors.
2. The second scenario is a dentist who has cut his schedule back. Find a dentist who has cut back from working 4 or 5 days a week to working just one or two.
Odds are they haven’t been able to sell because their overhead has skyrocketed and banks won’t finance a lender in that scenario. You can work with the transitioning dentist for them to carry the note and set up a repayment schedule.
Then add a junior partner, bring up the operations to a point where a bank will finance a buy and you buy out the transitioning dentist’s note.
Brady explains in full detail on the episode.
3. He also explains the third of his favorite transition deals: mergers. In essence with this scenario you purchase a doctor's practice and pay certain $ amount for every chart that comes in. It’s an incredible boost if you can have that transitioning dentist write a note to all of his patients introducing you and giving you his seal of approval. That alone can be worth hundreds of thousands of dollars.
Brady gives great examples and complete details on this episode; he also explains the most profitable clinical procedure you can add to your practice without expanding your overhead: the implant.
He shares the 5 procedures that make implants simple, efficient predictable so you can implement them in your practice. From the osteo hybrid to the one drill implant, all the details are on this show. After you listen you can email Brady to find out about his course that will teach you these procedures; many dentists have doubled their practices just by using what he’s taught them!
We also chat about the proper compensation formula for junior doctors you add, why most dentists aren’t more financially successful and how you can best use compound interest to your advantage.
There’s a whole lot of great information on this episode, thanks to Brady’s generosity! Thanks to him and thanks to you for joining us. See you next time on The Dentalpreneur podcast.