“’It’s all about the quarters and halves’ is Andy’s classic phrase and it’s absolutely true”
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Many thanks to Jon Swarbrigg from Farsley Dental Practice in Leeds for his brilliant testimonial, which details his experience of working with dental business mentor Andy McDougall and his team at Spot On Business Planning.
We started working with Andy McDougall and the Spot On Business Planning team in the summer of 2016 following a recommendation from Tony Gedge at the Marketing Pirates of Dentistry.For us, the reasons for seeking out the services of Spot On Business Planning were to do with restructuring, working with our practice manager, Vicki, and preparing our exit strategy.I took over as principal back in the late 90s and in the early days what you earned was what you kept. With the increasing costs of overheads, such as CQC, extra staffing costs, associate pay at 50:50 etc, I found that I was working extra hours and we seemed to be busy but our profit margins were going down. I could see that we needed to manage things differently and look forward financially, rather than at the year that had just passed.Like most principals I was guilty of doing everything and never delegating. As such, my team had no real idea of the costs of running a dental practice: all they saw was the money coming in. Through working Andy, as well as working more closely with Vicki, I soon learned that success has to be a team effort. If your team understand the implications they are more likely to buy into your plans.By being more open and sharing financial information, my team now understands why the targets are set as they are and what they need to do to cover our costs. The more you share, the more you build trust. They also understand that profit is not a dirty word.We used to discount at will and would run special offers without understanding the implications. ‘It’s all about the quarters and halves’ is Andy’s classic phrase and it’s absolutely true. The staff get a set wage and the overhead costs don’t change but the owner gets paid last, so it’s effectively your money you’re giving away.The data gathering required at the beginning of the process with Spot On Business Planning can be difficult. I delegated this task to my team and as such we progressed quickly. Our culture of sharing information meant this hasn’t been a problem for us. I see the different parts of my team as mini profit centres – and they do too, so they understand that the targets we set are realistic and necessary.What do I most like about working with Spot In Business Planning? It’s the detail – I do like detail! It feels good to be in control and not be retrospective when it comes to our numbers. Back in the 90s you could turn a profit without much difficulty; now you have to be much more mindful. The important cog in the wheel is knowing your numbers. This is what I say to people when I recommend Spot On Business Planning.
Our upcoming events
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BDA Setting up a dental practice
The BDA Setting up a dental practice in-person workshop is a great opportunity for you to gain invaluable support, advice and insider information from expert speakers, including Andy McDougall and Anne-Marie Houston, on how to set out on your own for the first time.
Planning your successful exit
Join industry experts & learn how to plan your successful exit at this free live event!
Enjoy an opportunity to join Andy McDougall & Anne-Marie Houston in person at a free event in Surrey in July for dentists keen to maximise their exit value and gain tips for a smoother sale.
Spot On Business Planning is joining Dental Practice Sale and AMG Wealth on Thursday, July 10 for the informative live event to help dentists plan their successful exit.
The three companies will address key areas of concern to practice owners leading up to a sale, the sale process itself and post-sale aspects.
One of our strategic partners, Dental Practice Sale, is a specialist dental broker with an expansive national network of contacts and a team whose pedigree encompasses some of the UK’s most important, prestigious and noteworthy dental business transactions. Collectively the team has decades of experience in valuing, buying and selling dental practices and utilises its vast knowledge to offer the best all-round service.
AMG Wealth is a chartered financial planning practice that delivers high calibre intergenerational financial planning advice. It develops close working relationships with clients to provide investment planning based on your personal priorities, such as keeping a good standard of living in retirement or protecting wealth for future generations.
- Learn how to maximise your exit value - what are the drivers?
- Understand the benefits of structuring your business ready for exit
- Determine the best point to exit
- Hear a personal account from a DPS client & practice seller
- Gain insights on the state of the market today
- Consider where your practice sits with the different buyers in the market
- Uncover the details in deal structures
- Be informed about the valuation process & how you can influence it
- Be aware of options pre sale such as EOT, Pre Sale Trusts, significant share holder exemption
- Transition into the next phase of life (if retirement, what you will do, having winter hobbies etc)
- Ensure you run out of life before running out of money (cash forecasting)
- Protect the estate for now and future generations
- Complimentary drinks and buffet from 6.30pm
The event at Brooklands Hotel in Weybridge starts at 6.30pm with drinks and includes a buffet.
Click here to reserve your space: https://www.dentalpracticesale.co.uk/events/evant-2?hsLang=en-gb
BDA Business Essentials Course
This two-day workshop is ideal for any dental business owner and their practice manager looking to transform poor performance, prepare for sale, or take their practice to the next level with a vision for expansion. Presented by industry experts Andy McDougall and Anne-Marie Houston, this interactive workshop will equip you with the essential tools and strategies to succeed in today’s competitive market.
Book your 121 Zoom with Andy McDougall
Fill in the form below.
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