This comprehensive program covers bringing an associate into your practice for maximum profitability and retirement security.
This tutorial will tell you all you need to know. Jim’s entire video training tutorial system includes two video tutorials, Associate Profitability & Compensation Software and training videos, a sample agreement, legal outline, and more. The course is a great investment in your future!
If that’s not cause enough to celebrate, I’ll also throw in…
Five Free Bonuses Worth over $5,300!
This tutorial includes three essential products:
Two Strategy Video Tutorials walk you through the entire process, from start to finish. These videos form the backbone of Jim Du Molin’s entire associate analysis program.
These videos guide you through avoiding the pitfalls of designing an associate strategy and explain when taking on an associate really makes sense.
What’s more important than learning how to secure your financial security when you want to wind down your dental career?
You also get our Associate Profitability & Compensation Analysis Software, as well as two Software Video Tutorials to walk you through setting it up – and give you the inside negotiating tips you need to protect yourself and make it a true Win-Win situation for everyone.
Our software enables you to determine how you will cover the following:
- Front Desk & Additional Team Costs
- Malpractice Insurance
- Additional Operatories
- Associate & Doctor Daily Take Home
- Pay Strategy
- Production & Collections
- Guaranteed Base
- Estimated Daily Production
- Variable & Lab Expenses
- Required # of New Patients
- …and more!
Save yourself over $5,000 in legal fees and research with our 14-page legal outline of all the main points you need, easily edited by your attorney.
Our outline addresses the following terms: • Allocation and Scheduling of Patients • Termination • Term • Compensation • Percentage of Collections/Production – Base • Expenses • Payroll Issues: deductions, contributions, etc. • Emergency services • Time off • Items to be Provided by Owner/Senior Dr. • Items to be Provided by the Associate • Standard of Practice • No Assignment • Indemnifications • Other Associates • Records • Retreatment • Confidentiality • Nature of Relationship • Covenants not to Compete • …and the usual boilerplate items.
Hi, I’m Jim Du Molin, the owner of The Wealthy Dentist. I’ve been helping doctors with associates for nearly twenty years.
I’ve put together all I know about structuring associate agreements into this tutorial. It includes 2 strategy video tutorials that walk you through designing an associate strategy and securing your own personal financial security. You also get my Associate Profitability & Compensation Analysis Software and 2 software video tutorials on how to use it. And there’s a sample associate agreement, a 14-page legal agreement outline, plus 5 free bonuses.
Before deciding to take on an associate in your practice, you need to take into consideration several key issues:
1. There are some problems with associates.
- Associates will never make enough money in their own minds. You can never pay them enough. So as you put together your associate strategy, set up a compensation structure in the associate agreement that works well for the associate, works well for you, and is fair. We will show you step-by-step how to do this.
- They may tell you they want to buy into your practice, but until the money’s in the bank … don’t believe it. You may think you know them, but we show that this is a classic example of actions speaking louder than words.
- After a few years, some associates think they own the practice. There’s this concept of sweat equity … they’ve worked with you for 5 years, 6 years, 10 years … they think they’ve already bought into the practice with their efforts. We’ll give you some good examples of this.
2. There are some problems with selling a practice.
- If you are selling to a family member, be especially careful. You want to make sure that you have in place the agreement framework that we will lay out for you. Everything should be documented, because money among family members can bring up many issues, so you want to make sure that the agreement is done correctly.
- If you have a choice … take the cash and run. If you are selling your practice and someone offers you cash, it may not be all you want, but it’s easier to take $50,000 – $100,000 less and get it in cash than it is to get a note back.
- If you produce more than $750,000 … you have a problem. Most valuations of a practice are estimated based on the last 12 months of production. If you assume an Estimated Value Ratio of 55% and the bank requires, say, a 30% Down Payment … where is the associate going to get a $123,750 down payment to buy your practice? Most of them are not going to have that amount of money.
3. When does an associate really make sense?
- You have more patients than you can service.
- You have excess treatment rooms and/or operatory days.
- You are looking to convert your practice to cash for financial independence.
To make an associate successful, you’re going to need at least 2 out of these 3 issues covered.
4. What are the goals of the associate relationship?
- Is this person a future partner, or this person someone you are going to hire and use to do dentistry?
- It has to be profitable to the senior doctor.
- It has to be profitable to the associate so he/she can buy the practice.
We have developed a 2-Part Comprehensive Associate Analysis Program. It’s designed to introduce you to the issues that you need to take into consideration before you begin the associate search and process.
For over 15 years we have put together associate agreements… and we’ve learned a few things about this process. This is probably one of the greatest programs we have ever developed as part of The Wealthy Dentist, and it probably has one of the best sets of basic concepts for bringing in an associate, combined with some unbelievably great advanced strategies!
What you get with your 2-Part Comprehensive Associate Analysis Program:
- How to structure a Win-Win Associate Compensation Agreement. It has to work for both you and the associate. I do favor the senior doctor in this relationship, because you’re taking on all the risk. You also get a Legal Agreement Outline, which is a 14 page, step-by-step outline in MS Word that you can take to your attorney, who will then adapt it to your specific situation and home state. This is worth at least $5,000 fees and research.
- How to protect the associate and the senior doctor. Associates always feel that they are being exploited … that will never go away. However, the senior doctor is the one who has made it possible for the associate to even come in. You have to protect both sides, and we’ll show you how to do that. You get the Associate Profitability & Compensation Software to help you understand your associate profitability, and help you analyze your compensation issues. This tool will give you insights to the economics of the relationship, and will help you negotiate a good relationship between you and your associate.
- Practice valuation strategies. If the associate is going to eventually become a partner, how do you value the practice? Do you value it on the day the associate walks in, a year down the line after he/she has been contributing, or 3 years down the line? More deals have fallen apart over valuation strategies than anything else. We’ll give you inside tips on how to look at this.
- Strategy for the senior doctor who wants to continue to work. You’ve sold the practice or a piece of the practice, and you want to continue to work. What kind of strategy can you structure to make sure that you get to continue doing dentistry in your practice while the associate takes more and more responsibility and becomes the managing partner and owner?
In addition to the two thirty minute Internet Video Training Programs that you can watch over and over again – and the Associate Profitability & Compensation Analysis Software and training tutorials – and a sample associate agreement – and a 14-page legal agreement outline – you’ll also get:
|Bonus 1 – Psychological Profiling – We are going to give you links to a company that does psychological profiling. You’ll learn the secret of how to weed out the bad associates and select the right one using personality profiles.|
|Bonus 2 – Value of a New Patient Software and Video that lets you correctly and precisely calculate the value of a new patient at your practice.|
|Bonus 3 – Downloadable audio version of the complete tutorial in MP3 format so that you can play it anywhere, anytime.|
|Bonus 4 – Downloadable printout of the full slide show.|
|Bonus 5 – Downloadable printout of the complete written transcript of the tutorial to review at any time.|
The Wealthy Dentist keeps its word. Since 1985 I’ve been giving no-hype dental marketing and practice management information that can help you attract more patients and better run your practice. Now, with the power of the Internet, we can deliver this training directly to you at home or in your office, at a fraction of the normal cost.
The entire 2-Part Associate Analysis Program, valued at $2998, with full online video tutorial and all five (5) FREE Bonuses, is only $1496!
Just click the shopping cart to order and receive immediate access to your online tutorial.
Your email address will never be given out to any other person or business at any time for any reason. Period. You have my word on it. – J.D.
Thanks for visiting,
Jim Du Molin