Clinical Excellence

Poor oral health leads to poor systemic health.  The DSO industry is committed to patient care and overall better patient outcomes.   This focus on patient care and clinical excellence will drive ongoing financial success.

Private Equity Fueled Growth

New DSO platforms are continuously emerging led by private equity backers who believe in the dental industry.  The next 10 years should provide continued evolution and growth fueled by private equity backing.  With an increasing number of dentists opting to join group practices versus having a sole practice, having strong business leadership is necessary to lead this growth and change.

Women in DSO Leadership Needs Focus

Women in DSO was a primary focus at the Dykema conference.  Relatively few dental executive positions are held by women.  There is a big focus on solving this problem and advocating for advancement.  Dr. Aman Kaur who founded the organization and other prominent women took part in several impactful discussions on this initiative.

Brian Colao and the Dykema Dental Industry team put on an incredible and meaningful conference.  When the focus for an industry is on enhanced patient care, improving roles for women and improving access to dental services, great things will happen.

To read the full article click here.

Michael Roub
Inflection 360

As Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including acquisitions, corporate development and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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The DEO Summit

Dentist Entrepreneur Organization (DEO)

As stated by Darin Acopan, EVP/Partner of the DEO, “The DEO Summit is all about growing through connections.  You need to work on yourself, your team, and then your business – in that order.  The content and networking effects that we intentionally curate at our events is second to none.”

Patient Conversion – Scheduling Enhancements

“People come to the DEO because it makes them better. That’s what Patient Prism does, too.,” said co-founder and CEO Amol Nirgudkar. “We help your front desk team or your call center tam convert more callers into new patients by giving them constant training. It’s not enough to identify a problem; you need to also give your team the tools and training to immediately fix it.”

New Services

Dr. Jonathan Greenburg, CEO of SleepCertified offered his impressions of the DEO conference.  “It was easily the most productive conference I have attended this year – from speakers & panels to individual meetings.  As owner of both SnoreExperts, a multi-location specialty practice that exclusively treats sleep apnea and SleepCertified, the professional division of Zyppah that trains practices how to scale in dental sleep medicine, the DEO Summit is ideal for dentists/owners like me who wear multiple hats.

Patient Experience

Gavin Harrison, who is Head of Strategy & Growth for Imagination Design Studios, explained the value created by patient experience.  “For any practice, growing your patient base through referrals is a critical component of scaling up.  And, if you are a family-focused practice, this means the experience kids have while in your office is especially important.  The good news is that a memorable patient experience can be like jet fuel when it comes to building your reputation within the community.”

DEO Takeaways

I attend several conferences each year, but I am continually impressed by the information sharing and on target learning offered at DEO.  Industry leaders and new DSOs alike get great benefit from attending.  For vendors and other industry professionals like myself, it certainly demonstrates that there are still tremendous and exciting opportunities ahead.

To read the full article click here.

Michael Roub
Inflection 360

As Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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The next several years should continue to bring significant investment to the dental space.

DSO – Continued Growth and Investment

In a previous article 5 Dental Trends (DSO) for the Next 5 Years and a follow up interview with Dr.Bicuspid.com in January 2019 (DSOs, private equity, and the future: An interview with Michael Roub), I discuss investment trends and key considerations moving forward. Both well established dental practices and younger, recently developed group practices will be considered for potential private equity investment and platform development.

Integration and Culture

The challenge with growth and consolidation is continuing to have cohesive operations and operating efficiencies. Otherwise, you are adding size but not creating true value. A practice must be able to show this success or at least the potential for creating value for a private equity investment to make sense. Additionally, cultural fits, payor mix and other factors will influence investment decisions.

Regardless of the challenges, expect extensive private equity investment in the next five years. Dental specialties will see significant consolidation opportunities as PE firms look to create a distinctive DSO offering.

To read the full article click here.

Michael Roub
Inflection 360

As Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Different Ways to Give Back

A business can donate a portion of their profits to charity, but hosting events and offering other campaigns create great marketing opportunities as well. Plus, employees often are eager to volunteer their own time to help make a difference. If your business can provide a much needed service to those in need, it will be particularly gratifying to help. You do not have to come up with an elaborate event, it just needs to benefit the community.

Many Examples in Healthcare

Many healthcare providers have found great ways to help members of their communities. Some doctors offer free health screening days to those in need. Many dental groups will offer free exams and teeth cleanings as well. In these examples, the providers are able to share their unique skills to truly benefit the community. This is much more valuable than a cash donation. The media and word-of-mouth from consumers both will share the efforts of these providers which can help increase future profits.

Consumers like to support businesses that serve their communities. So, doing good is truly good for business. Employee morale also positively impacted as it gives a sense of purpose. So, I encourage all business owners to get out there and make a difference in their communities. To read the full article click here.

Michael Roub
Inflection 360

As Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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This is where the mindset needs a shift. We can’t possibly know everything, so reaching out to sources with particular expertise and knowledge proves to be a valuable strategy when it comes to problem solving and efficient work.

“I Don’t Know.” can be the Right Answer

Learn to Delegate

The use of delegation is much more valuable to the success of a business. In delegating tasks to experts in their fields, you’re able to focus your efforts in areas where you are confident, and they in theirs, thus pushing your goals further.

Balancing skill sets helps each employee focus on their strengths when completing tasks and projects. It also makes the delegation process smooth and easy.

Buy Yourself a Little Time

When you say “I don’t know,” a simple way to maintain control and professionalism is to complete the sentence with “…but let me find out and get back to you.” This gives you time to do some research and find out what you need to know to progress.

Being able to admit when you don’t know something may be difficult at times, but giving the wrong answer is much more problematic. Whether you find experts to help, or do the research to get your own answers, you need to be honest to achieve success. With that you can find the power in saying, “I don’t know.” To read the full article click here.

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Expensive But Worth It – Here Are 5 Reasons Why You Need To Hire Lawyers, Accountants and Consultants

They Are Experts

Lawyers understand contract and regulatory issues that are critical for your business success. Accountants understand IRS tax reform and other critical changes that affect your bottom line. Consultants have worked with countless clients to identify and resolve problems often with very specific expertise.

It’s Who You Know

These professionals also have a large network of other professionals to contact when a unique issue related to your business is uncovered. Without these connections you could waste a lot of resources trying to find the right person to help you.

They See Problems Before It’s Too Late

These professionals have worked with countless clients and can identify and resolve problems before they destroy your business. Their experience in navigating these issues is invaluable to a business owner.

They Can Save You Money

Saving money is as important as making money. These professionals are adept at finding and seizing opportunities for your business.

They Can Resolve Issues Quickly

Finally, professionals can resolve a problem more quickly than someone that is not an expert and avoid having to correct further mistakes down the road.

Money Well Spent

No business owner wants to spend money needlessly. Professionals like consultants, accountants and lawyers may be expensive, but not using them can be much more costly for a business over the long term.

To read my full article on this topic, please see: No One Wants to Pay for Lawyers, Accountants and Consultants – But Here Are 5 Reasons Why You Need To.

Michael Roub
Inflection 360

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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Get A Different Perspective

It is important that you get different perspectives before you start your restructuring. You are too close to some of the issues because you are running your business. Getting a different perspective than your own can be essential.

The Employee Perspective

Talk to selected employees to get an idea of what people find frustrating about the business and what works well.

Get a Different Perspective for Effective Restructuring

An Industry Colleague

Get is the outside perspective of someone else in your industry. These colleagues truly understand the issues that may impact your business and how they would manage.

An Outsider

Finally, bring in a coach or consultant to analyze your company. They may bring ideas to the table that you would not have considered previously. Consultants are trained to look at how businesses can grow regardless of what industry they are in. These experts will bring a neutral perspective and can often highlight problems that you didn’t even realize were an issue.

While you can restructure without any outside perspective, by getting this additional perspective you are better able to think openly about how to best change your business. Restructuring can be both time-consuming and expensive—make sure it is effective.

To read my full article on this topic, please see: Take a Different Perspective to Make Restructuring Your Business Easier.

Michael Roub
Inflection 360
As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.
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So, how can you increase the value of your business and reap these benefits? Below is a look at top tips that can help you:

Thoughtful Entrepreneur Podcast: EP 006 – Navigating the Turning Point of Your Business – Michael Roub

1. Get Professional Advice from an Outsider

A consultant, a financial expert, other entrepreneurs, or other professionals can offer you sound business advice. These outsiders can identify challenges hindering the growth of your business and help you identify great opportunities and increase value.

2. Perform Regular Business Plan Reassessments

It is important to perform a business plan reassessment to see if:
• You are on track with the objectives of your business
• There are any shortcomings in the business
• There are opportunities you have not taken advantage of

3. Understand Your Passion and Focus on it

Many business owners make the mistake of thinking that running a business means doing everything. Identify the areas you are best at and passionate about. As for the other areas, you can delegate to someone else.

If You Don’t Succeed Today, Tomorrow is Another Day Full of Opportunities

It is a process to increase value and takes time. Learn from the efforts that don’t pan out and use the experience to make more insightful decisions in the future.

To read my full article on this topic, please see: Tips on How to Create More Value for Your Business Before You Sell.

Michael Roub
Inflection 360

You can listen to more on this topic on the Thoughtful Entrepreneur podcast: EP 006 – Navigating the Turning Point of Your Business – Michael Roub

Michael Roub

As Co-Founder of Inflection 360, Michael Roub advises clients on a wide range of strategic initiatives, including operations enhancement, acquisitions and business planning. Michael has a particular expertise working with healthcare practices and small businesses.

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www.inflection360.com/michaelroub/

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Too often anxious or excited buyers overpay for an acquisition. While missing out on a deal can be terrible, overpaying for a deal can be much, much worse. This becomes even more important when there are other potential buyers. Deal frenzy can run up the purchase price. Don’t lose sight of proper business fundaments and make sure you stick to a logical plan and price. To help guide potential buyers, use these 10 critical guidelines to avoid overpaying for an acquisition:

1. Determine a Maximum Purchase Price – Be Prepared to Walk Away

The best deal can be the one you pass on. Far too many acquisitions fail because the buyer overpaid.

2. Understand the Seller’s Motivations

You must understand what matters to the seller.

3. Do Your Homework – Proper Due Diligence is Critical

Make sure you learn everything you can before you make a deal.

4. Sweat the Small Stuff – Do Not Ignore Red Flags

Do not ignore red flags. Make sure you look under every rock possible to understand where issues may lie.

5. Integration Expenses and Timeline

Make sure your management team and advisors are prepared to work through any business integration. It takes considerable time and energy to make sure you protect the value acquired in a deal.

6. Pay for the Value that Exists – Benefit from the Value You Bring

While there are exceptions, a buyer generally should not pay for synergies brought after the deal closes.

7. Use Experts (Both Internal and External) to Assess Business

If you are ever going to pay for expert advice, now is the time. Use the right accountant, lawyer and advisor to ensure the deal is executed properly.

8. Get to Exclusivity

Get exclusivity with a seller whenever possible to shut out other buyers for a period and have a seller focused on your deal.

9. Multiples are Tricky

Focusing solely on multiples can lead to bad decisions. You need to focus on the numbers that are driving the financials first. Then make sure you work with an advisor who can guide you towards the right price and multiple.

10. Trust Your Instincts

Do not force the wrong deal to acquire a business. Trust your instincts and be prepared to walk away if the deal doesn’t feel right.

If you want to avoid overpaying for an acquisition, you should read my full article on this topic at 10 Proven Ways to Avoid Overpaying for an Acquisition

Michael Roub

P.S. If you would like to learn more about how I can help your business, schedule a call here. Schedule Call

P.S.S. Videos on several topics are also available on the Inflection 360 YouTube channel.

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