Winning insights into the DSO business model, whether you’re selling, competing, partnering, or launching your own DSO.
The history of DSOs can be traced back to 1939, when Robert F. Beauchamp maneuvered against an impending California regulation that prohibited dentists from owning more than two practices. Before the law took effect, Dr. Beauchamp acquired seven more practices—a creative move that marked the beginning of corporate dentistry. Today, DSOs are the fastest-growing segment of dentistry, and their impact on the profession has been profound. If you’re considering selling to a DSO, partnering with one, competing with one, or even starting a DSO yourself, The DSO Decision gives you the clarity, knowledge and tools you need to succeed.
DSOs make it possible for a non-dentist to participate in the ownership of one or more dental practices. Learn about their history, the business models for personal and third party DSOs, and the ways DSOs can increase practice efficiency and profitability.
What's Inside
Understanding DSOs
Four Ways to Affiliate with a DSO
Delve into four case studies that illustrate how dentists can affiliate with a DSO – by selling to one, partnering with one, creating one, or by working as an associate dentist.
The Pros and Cons of Selling to (or Partnering with) a DSO
Preparing for Sale
Understanding the Transaction Process
Life after Sale
Affiliating with Other Practices
Creating Your Own DSO
What They're Saying
Practicing dentists – request a complimentary copy of the audiobook today.
Bill, Casey and their team are, without a doubt, among the top echelon of advisors to the dental community. We have worked with, and across from, numerous law firms over the years, and their fluency of the dental landscape from both a business and legal lens stands out from the pack.
SCOTT AMES
Principal, Blue Sea Capital
This book is essential reading for every dentist hoping to navigate the turbulent waters of DSOs. Speaking from personal experience, I can honestly say Bill and Casey are the true experts in the field.
BERNIE STOLTZ
CEO, Fortune Management
If you want to come away with a full understanding of the complex world of DSOs, this book is unsurpassed. It is clear, concise and comprehensive, written by two of the finest legal minds in the industry.
FRED JOYAL
Author, speaker and co-founder of 1-800 DENTIST
CHAPTER 1
CHAPTER 3
CHAPTER 5
CHAPTER 7
CHAPTER 2
CHAPTER 4
CHAPTER 6
CHAPTER 8
To understand the pros and cons of selling to a DSO, you must first grasp how DSOs are organized and transactions are structured. Learn how EBITDA is used to compare practices and determine valuations, and how rollover equity is used to incentivize sellers.
You’ve done your initial research, but now what? How do you find a DSO buyer? What do you need to do to prepare your practice for sale? How do you attract the highest purchase price? Learn how to begin your journey and navigate the road ahead.
Delve into letters of intent, non-disclosure and no-shop agreements, the way DSOs perform due diligence on potential acquisitions, and the wide range of agreements that make up the contract phase.
One of the most important things to think about when considering a sale to a DSO is what your life will be like after the deal closes. Read four true-life stories of dentists who sold their practices to DSOs.
Learn why affiliate groups, which band together several practices as a single combined group seeking a collective sale, can be a powerful strategy for attracting higher selling prices.
If you’re an entrepreneurial dentist or a prospective dental industry investor, personal DSOs may give you the competitive advantage you need. Learn about when it makes sense to form a personal DSO, how to create one, and their limitations and challenges.
The Authors
Bill Barrett
Hailed by industry leaders as a “true gift to the profession,” “one of a kind,” and “a lawyer who sees around corners,” Bill Barrett is the chief executive officer of the law firm Mandelbaum Barrett PC, and co-chair of the firm’s National Dental Law Center. Over the course of his career, Bill has quarterbacked hundreds of successful dental practice transitions, and served as the go-to general counsel for prominent dentist-entrepreneurs across the U.S.
Casey Gocel
Widely recognized for her entrepreneurial spirit, legal expertise and business acumen, Casey Gocel is a partner of the law firm Mandelbaum Barrett PC, and co-chair of the firm’s National Dental Law Center. Casey is also one of the dental industry’s most prolific attorneys, regularly spearheading more than 50 transactions annually, and frequently advising doctors on their corporate, tax and estate planning concerns.
Preservation of Private Practice Dentistry
CHAPTER 9
The reality is a DSO sale, partnership, or formation is not for everyone. Discover four strategies to thrive in a DSO-driven industry, as you follow along with the story of the father and son duo of Cooper Family Dentistry.
Learn why affiliate groups, which band together several practices as a single combined group seeking a collective sale, can be a powerful strategy for attracting higher selling prices.
Affiliating with Other Practices
Also available from Bill Barrett and Casey Gocel – Pain Free Dental Deals: An Entrepreneurial Dentist’s Guide to Buying, Selling and Merging Practices. Request your complimentary copy today.
Audiobook now available!