DSO Decision

DentalTax

Brian Hanks and David Cohen tackle the question on so many dentists’ mind right now: What’s the deal with DSOs? Should I sell to one? Work for one? Avoid them entirely? Brian’s career in dental accounting and transitions and David’s career in dental law mean they’ve pretty much seen it all, and they’re ready to share some wisdom. read less

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1.1 - To Sell or Not to Sell

1.1 - To Sell or Not to Sell

Welcome to the DSO Decision podcast! In this episode, Brian and David talk about some of their basic views of DSOs. How many are there? What kind of practices do they target? And then they talk subjective turkey: When does it make financial sense to sell to one? Are dentists who sell to or work for a DSO any more or less happy than their private-ownership colleagues? To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

Episodes

1.1 - To Sell or Not to Sell

1.1 - To Sell or Not to Sell

Welcome to the DSO Decision podcast! In this episode, Brian and David talk about some of their basic views of DSOs. How many are there? What kind of practices do they target? And then they talk subjective turkey: When does it make financial sense to sell to one? Are dentists who sell to or work for a DSO any more or less happy than their private-ownership colleagues? To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.2 - Anatomy of a DSO Offer

1.2 - Anatomy of a DSO Offer

What actually happens when a DSO comes knocking on the door? What can you expect, what questions should you ask? This episode is all about getting as much information as quickly as possible about the offer, and building the right team to make the right decision for you. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.3 - What Is a Practice Worth?

1.3 - What Is a Practice Worth?

How much is a practice really worth? How can a private buyer compete against the eye-popping sticker prices we sometimes see with DSO purchases? Brian and David will tackle some conceptions and misconceptions around the numbers you see with these deals. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.4 - Pricing Variables

1.4 - Pricing Variables

What makes a DSO offer go up or down? You'll hear terms like "holdbacks," "earnouts," and "subordination" and how they affect "enterprise value." Brian and David dig into the terms and concepts that DSOs are using to decide on their valuation of a practice. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.5 - Translating Key Terms From Legalese

1.5 - Translating Key Terms From Legalese

Representations, warrantees, and disclosure schedules. What are they? When do they come in the deal? And which intelligent questions should dentists be armed with when a DSO comes knocking? Brian and David (mostly David, the attorney) tackle some of the most common terms you'll hear. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.6 - Restrictive Covenants, Reality vs Fantasy

1.6 - Restrictive Covenants, Reality vs Fantasy

Are you really ready to sell to a DSO, considering the probable non-compete clause in the contract? Do you really understand all of the possible strings attached? In this episode, Brian and David try to lay out what you should really expect from a DSO deal, generally speaking, so you can go in with eyes open. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.7 - Post-Sale Employment

1.7 - Post-Sale Employment

Will you have to work in the office after selling to a DSO? That's the normal arrangement, yes. But there's a lot that goes into this: How much will you be paid? Will you have collections requirements? When can you quit? Brian and David share the most common arrangements they've seen over the years. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.8 - Equity Interest Post-Sale, pt.1

1.8 - Equity Interest Post-Sale, pt.1

What the heck is "equity interest"? Brian and David dig into when doctors will hear the phrase, what it means, and how it affects their decision to sell to a DSO. And why does it deserve two full episodes? (It does.) To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.9 - Equity Interest Post-Sale, pt.2

1.9 - Equity Interest Post-Sale, pt.2

What the heck is "equity interest"? Brian and David dig into when doctors will hear the phrase, what it means, and how it affects their decision to sell to a DSO. And why does it deserve two full episodes? (It does.) To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.10 - Don’t be Surprised by Ancillary Documentation

1.10 - Don’t be Surprised by Ancillary Documentation

It takes a lot to make an accountant's eyes glaze over, but Brian sure does when he hears a phrase like "ancillary documentation." David will explain what it means, and why it's vital for doctors to understand it before they sit at the table to finalize and sign the deal with a DSO. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.11 - Am I Getting a Good Deal?

1.11 - Am I Getting a Good Deal?

Getting an offer from a DSO often come with some eye-popping numbers. But those numbers can be deceiving, or at least misleading. What are some reasonable numbers to expect? What kind of strings are attached? Are there any tricks that I need to be aware of? To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.12 - Selling Real Estate in a DSO offer

1.12 - Selling Real Estate in a DSO offer

Brian and David are joined by dental real estate attorney Liam Krahe to talk about how real estate fits into DSO deals. What are the norms? When does leasing make sense, versus an outright sale? These two episodes will tackle what you need to know. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.13 - Leasing Real Estate in a DSO offer

1.13 - Leasing Real Estate in a DSO offer

Brian and David are joined by dental real estate attorney Liam Krahe to talk about how real estate fits into DSO deals. What are the norms? When does leasing make sense, versus an outright sale? These two episodes will tackle what you need to know. To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.14 - What If You Don’t Own your Building?

1.14 - What If You Don’t Own your Building?

Liam Krahe joins the podcast once more to talk about issues around dentists who don't own the building they practice in. What issues do they need to consider when a DSO comes calling? To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.15 - The Top 10 Mistakes Your Buddy Makes, pt1

1.15 - The Top 10 Mistakes Your Buddy Makes, pt1

There are plenty of common mistakes that dentists make when confronted with a DSO sale. Luckily, YOU would never make these mistakes! But your dentist friends might. So what are the pitfalls you need to avoid? To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/

1.16 - The Top 10 Mistakes Your Buddy Makes, pt2

1.16 - The Top 10 Mistakes Your Buddy Makes, pt2

There are plenty of common mistakes that dentists make when confronted with a DSO sale. Luckily, YOU would never make these mistakes! But your dentist friends might. So what are the pitfalls you need to avoid? To learn more about David's dental legal services, check him out here: https://cohenlawfirmpllc.com/ And Brian's dental transitions services can be found here: https://dentaltax.com/dso-analysis/