Practice Orbit&Dental CFO Drew Phillips - a podcast by Dr. Drew Byrnes
from 2023-04-09T10:01
Sponsored by Kettenbach Dental.
Contact: (877) 532-2123
Website: www.kettenbach-dental.us
Webshop: www.kettenbachusa.com
About Practice Orbit:
Practice Orbit is modernizing how dental practices are bought and sold today. Through its online marketplace platform, it brings buyers and sellers together directly without needing an intermediary. It also provides innovative tools for buyers and sellers to begin the transition process. Sellers can easily and anonymously showcase their practice on the site, while buyers can effortlessly locate a practice and initiate an inquiry. Some of these tools include a built-in price assessment, after-tax proceeds calculations to the seller, take-home pay estimates to the buyer, built-in legal documents such as NDAs and LOIs, and finally, a chat room for both the buyer, seller and their respective accounting and legal teams.
Sellers rely on equity in their dental practice to secure their financial future. Giving up 7-10% for transition costs significantly reduces that security. Practice Orbit drastically lowers that cost to only 1% by charging it as a platform fee rather than a broker's fee. By doing so, sellers retain more of their cash proceeds from the sale. The best part is that Practice Orbit doesn't require an exclusivity agreement and only receives the 1% fee if our platform leads to a successful sale between a buyer and seller. So even if you work with an outside broker, you can still leverage our site as an additional resource to locate and connect with potential buyers. Moreover, the 1% fee would be paid by your broker as a licensing fee for the Practice Orbit technology.
In addition to the powerful savings opportunities that Practice Orbit offers, in time it can serve as the “MLS” of practice sales. When you buy a home, you have great tools like Redfin and Zillow to aid in your search by providing great comparable data. Imagine a dental market where data on private market sales was accessible in the same manner. The increased transparency and standardization of information will lead to greater comparability across practice sales. More certainty around practice valuations and future prospects will lead to deals being consummated faster and more confidently. It will also increase the pool of buyers as they have more confidence in what they're purchasing.
Website: www.practiceorbit.com
How to reach Drew Phillips, CPA: https://practicecfo.com/cfo-
Offer for Fee For Service Podcast Members
Purchase a PreXion CBCT model and install by December 31, 2022 and Receive either a free mounting stand (if needed) or a $1,000 rebate in the form of an Amazon or Target gift card. To learn more, please visit https://www.prexion.com.
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About Dr. Sonny Spera
Dr. Sonny Spera graduated from Union Endicott High School in 1981. With a four-year basketball scholarship he graduated from Syracuse University in 1985; majoring in Chemistry and Psychology. He was a member of the Sigma Alpha Mu fraternity. He was also the co-captain of the 1984-1985 Syracuse basketball team.
Dr. Spera graduated from SUNY Buffalo Dental School in 1989 in the top 10% of his class. At SUNY Buffalo Dental School he was a member of the Omicron Kappa Upsilon Honorary Society. He was also UB Graduate Assistant Basketball coach.
Dr. Spera has been in private practice since 1989 and is a member of the American Dental Association, the New York State Dental Association, the Sixth District Dental Society and the Broome County Dental Society. He is also a member of the International Association of Orthodontics, the BC Dental Society and the BCDS Study Club.
Away from the office, he volunteers with several community organizations, including the Elks Club, the Son’s of Italy, the STNY Flyers, the Academy of General Dentistry, and the Basketball Coaches Association of New York. He is the founder and president of ME Hoops Inc.
Dr. Spera currently resides with his wife Angela, whom he met at Syracuse University, and their three children, Marcus, Erica, and Carla. In his spare time, he enjoys spending time with his family, basketball, golf, music and movies.
607-624-2962 (Cell)
Sonnyspera@gmail.com
Do you have a FFS practice? Would you like to be interviewed? Fill out the FFS Stories request form here:
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Further episodes of The Fee for Service Dentist Podcast
Further podcasts by Dr. Drew Byrnes
Website of Dr. Drew Byrnes