Time for GORP 2015

The 2015 Graduate Orthodontic Residents Program (GORP) is quickly approaching and we are excited about attending this year’s event (July 30–August 2, 2015).

Plan to stop by our table and enter to win an Apple Watch by participating in Bentson Clark & Copple’s 2015 Annual Resident Survey. A QR code will be displayed at the booth, providing easy online access to the survey. If running short on time at the event, pick up a postcard with the QR code and submit your answers to the survey at your convenience. Please note that the survey must be completed by August 7, 2015 to be eligible to win.

Even though we are only giving away one Apple Watch, everyone is a winner at GORP! As a thank you for participating in the annual survey, each doctor will receive a complimentary electronic subscription to the Bentson Clark reSource newsletter for the remainder of his/her residency.

In addition, Shannon Patterson, our Director of Practice Opportunities & Executive Recruiting, will be on hand to speak with you regarding purchasing an orthodontic practice, seeking an associateship position or entering into an employment situation. She can register you in our database of practice opportunities, which allows us to provide potential opportunity matches as they come to light, based on your specific geographic preferences and future ownership desires.

Orthodontic Partnership Seminar Announced

Bentson Clark & Copple Partnership SeminarPartnerships are on the rise. They are one of the fastest growing practice types throughout the United States. However, creating a successful partnership between two dental professionals isn’t easy – it’s more than just a handshake. Clear expectations and a solid financial plan are the keys to a smooth transition. Establishing effective and inclusive partnerships takes time. It is important to create the right framework from the start and review both the structure and process of the partnership on an ongoing basis.

If you have considered adding an orthodontic partner or even a pediatric dentist to your practice, we invite you to attend a full-day lecture, hosted by Bentson Clark & Copple, which will focus on the key elements of partnerships from a panel of distinguished experts with first-hand experience.

Building a Lifelong Partnership is scheduled for Friday, June 19th from 7:30 a.m. to 4:30 p.m. at the O. Henry Hotel, located in the heart of Greensboro, North Carolina. This educational lecture will focus on the business of building a lifelong, successful partnership. From the legal aspects of creating a partnership to the physical building requirements needed for a partnership, our guest speakers will offer their first-hand experience of long-term partnerships with both orthodontists and pediatric dentists. Many topics will be discussed, including the different types of partnerships, considerations in building a partnership and how to locate a partner.

The lecture will close with an open forum, panel discussion, where you may pose questions to the Bentson Clark & Copple team and guest presenters regarding anything partnership-related. Scheduled to present are Chris Bentson; Doug Copple, CVA; Dr. Jeffrey Johnson; Joyce Matlack, RDH, ASID; Dr. Michael F. Nelson; Shannon Patterson, CPR; Dr. Ronald K. Risinger and Daniel Sroka, JD.

Bring your potential orthodontic partner, future pediatric dental partner and/or your spouse to this event. Registration is open now. Early bird rates of $499 are available before March 1, 2015. Registration fees will increase to $599 after that date.

 

Reaching Your Goals at GORP 2014

GORP 2014One of our favorite events each year is the Graduate Orthodontic Residents Program (GORP), which is right around the corner (July 31–August 3). Our bags are packed, our flight has been confirmed and we are ready to exhibit on the campus of the University of Michigan.

Want to win a Nike Fitbit at the event?!  We will be holding a special soccer-themed contest at our booth. Stop by our table and learn how to enter.

In addition, Shannon Patterson, our Director of Practice Opportunities & Executive Recruiting, will be on hand to speak with you regarding purchasing an orthodontic practice, seeking an associateship position or entering into an employment situation. She can register you in our database of practice opportunities, which allows us to provide potential opportunity matches as they come to light, based on your specific geographic preferences and future ownership desires.

Each resident is also encouraged to contribute to Bentson Clark & Copple’s 2014 Annual Resident Survey. A QR code will be displayed at the booth, which allows easy online access to the survey. Paper copies of the survey will also be available at our exhibit booth, so be sure to stop by.

How Long Will My Orthodontic Practice Transition Negotiations Take?

In the world of orthodontics, timelines are extremely important.  From day one, patients ask, “How long will I have to wear my braces?” As a doctor you provide your best estimation, stating if all things go as planned AND you are compliant, things should stay on time.

In the world of practice valuation and transitions, the second question asked by many doctors (after the total cost of the transaction) is: “How long will my orthodontic practice transition negotiations take?” At Bentson Clark & Copple we tell orthodontists to allow about 6 months, 90 days for a valuation study and another 60 to 90 days for any negotiations and documents.

You’ve identified the candidate; they have reviewed the prepared practice valuation and physically visited the practice. You want to move forward. You have likely discussed the transaction on a high level, and you are now delivering the terms of the proposed transaction to your candidate. The terms are typically delivered in a document called a “term sheet” or “letter-of-intent.” This is usually a five-to-seven page document that outlines the asset allocation of the purchase price (for tax purposes), association periods and compensation for both doctors before and after closing, remedies for breach, non-competes or liquidated damages, how retreatment issues will be addressed, real estate matters, financing terms, and certain representations and warranties by both buyer and seller. This document will be the road map for the attorney to draft legal, definitive documents. Typically, a cash-flow pro-forma is presented in conjunction with the terms so that both parties have a financial illustration of how the transaction relates to their expected income over a period of years.

An open, back-and-forth dialogue between both parties is expected as terms are agreed upon. We suggest that both parties have knowledgeable representation during this stage of the transaction. There are companies that encourage the idea of representing both parties, but Bentson Clark & Copple suggests that both parties seek separate counsel, as there are definite financial conflicts on almost each deal point in a transaction.

However, be aware of pitfalls during this process.  A “my way or the highway” attitude is likely not practical. The fairest spot or win-win most commonly occurs with both sides feeling a similar degree of discomfort. On the other hand, giving too many scenarios or too many different ideas of how to get to agreement often confuses one or both parties to the point of not being able to make a decision. Paralysis by analysis can happen on both sides of the transaction. Careful is good, but if you miss seeing the forest for the trees, the transaction can die, and an opportunity for both buyer and seller could be missed.

Bentson Clark & Copple Traveling to GORP 2013

Bentson Clark & Copple will be arriving on the campus of University of North Carolina at Chapel Hill just in time for GORP 2013.

Our table will be located in the exhibit hall during GORP. Please plan to stop by and say hello. We would love to speak with you regarding purchasing an orthodontic practice or locating an associateship position. Shannon Patterson, our Director of Practice Opportunities & Executive Recruiting, will be on hand to register you in our database of practice opportunities. We will be able to supply you with potential opportunity matches as they come to light, based on your specific geographic preferences and future ownership desires.

This year we invite you to participate in our Instagram contest for a chance to win a Mystery Prize, valued at over $2,800. We would like to also encourage every resident to contribute to Bentson Clark & Copple’s 2013 Annual Resident Survey. We will have paper copies of the survey available or you can scan the QR code displayed at our table to participate online.

GORP was started in 1989 as a means of bringing the orthodontists of the future together for a summer meeting, creating an environment to foster professional growth and interpersonal relationships among colleagues and representatives of the orthodontic industry. Over the past 24 years, the meeting has grown to an event that involves around 500 orthodontic residents from the United States and Canada.This program/meeting is unique in that it is the first annual conference to bring together residents in a dental or medical specialty program. The meeting is sponsored by donations from orthodontic exhibitors, the American Board of Orthodontics and its constituent associations and American Association of Orthodontists Foundation.

Be A Lifetime Learner

Last weekend, Doug Copple and I (Chris Bentson) attended a study club meeting held in Atlanta, GA.  The meeting was a two-day affair hosted by a nationally-known orthodontic consultant which brought together about 30 practices. This year’s meeting revolved around the theme of marketing.

To get the meeting started, a tour was arranged of a local fast-growing orthodontic office that is currently incorporating a number of very new, fresh ideas.  Next, a list of topics to be discussed during the event was created by the meeting’s attendees via an open discussion forum. Overall, the meeting was focused and solely centered on discussing ideas to raise the level of performance and service in each practice represented.

All in all, it was an enormously educational experience for all attendees, including myself. I came away with several key thoughts. Foremost, in order to run a successful enterprise you must commit to becoming a lifetime learner. The orthodontic marketplace is continually changing (the meeting discussed consumer and competition changes). Keeping up with these shifts require effort to study and learn how to adapt one’s business. I was also reminded that practice ownership takes a great deal of work and determination. We all can learn by sharing ideas, taking the risk to ask questions and be open about one’s successes and failures.

Every orthodontist was an exceptional student during his or her formative years. We all know that practicing doctors commit to the standard requirements for continuing education. However, not all continue with a genuine thirst for knowledge and desire for new ideas. If you feel stale, stuck in a rut, upset about the condition of your practice; pause for a moment. Ask yourself if you’re really still learning about running your business and considering new clinical ideas. The practices we see that are vibrant, growing and thriving are being operated by “lifelong learners” who are continually trying new ideas to achieve growth and excellence in all areas of practice life.