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Scott Goldman and Dr. Peter Boulden on DSO vs Private Practice, The Good, the Bad and the Ugly

Welcome to Episode 76 where I’m joined by my good friends Dr. Scott Goldman and Dr. Peter Boulden DDS. On this podcast, we debunk all the pros and cons of selling a practice to DSO (2 times) and he learned and experienced all of the things DSOs offer. On the other hand, Dr. Boulden resisted the urge to sell to DSO for years and kept building his group in Atlanta to now 8 locations in Georgia. Dr. Boulden is also a co-host of Bulletproof podcast and Bulletproof Mastermind to help private practices continue staying private.

10/05/2023

1:10:37

Chapters

(00:01:25) Dr. Scott Goldman’s introduction

(00:02:28) Dr. Peter Boulden’s introduction

(00:04:30) Scott, Why did you sell to DSO? $32mm revenue, 12 locations, and 8.5 EBITDA

(00:06:18) How much did you sell it for?

(00:08:29) Are you a Platform practice for Private Equity?

(00:12:25) Build one practice really well and get a better multiple – Short 1

(00:14:40) Scott breaks down the details of his acquisition

(00:18:52) “I’ve never seen less than 5 years you need to stay as a selling doctor, Isn’t that crazy” – Short 2

(00:20:20) What is the recapitalization?

(00:21:42) The effect of the high-interest rates. Continuation vehicle is a new thing. What is it?

(00:23:00) difference between Private DSO/dentist-led/backed and 100% PE-backed

(00:24:02) Dr. Boulden real rub with the PE-backed DSOs

(00:25:33) The pros of the DSOs.

(00:27:36) “Partnerships often don’t work” – Short 3

(00:30:37) “I can guarantee you when they are private they are run better than a DSO” – Short 4

(00:31:10) What are the emotional things that people do not talk about

(00:34:30) No one washes the rental car!

(00:36:44) No Thy self!

(00:38:55) What is the other option?

(00:39:00) “Private Practice Valuations are going to stay stable to other private practice doctors. Those valuations will hold. DSO valuations are only going to go down”

(00:42:40) Are you Redlining yourself running your private practice?

(00:44:00) 4 things to do before selling the practice

(00:46:45) “It wasn’t worth it for me at some point to continue” Dr. Goldman

(00:48:00) How Dr. Goldman started with 780SF, 2 chairs, FFS, $997 in collections with 75% take home.

(00:49:45) Ownership is not for everyone

(00:54:05)” I wanted to buy time” Dr.Goldman

(00:56:28) How to owner finance to your associate?

(01:02:30) Closing thoughts and we discuss what makes dentistry so great!

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