The NJAE 2022 Fall Conference

Saturday, October 15, 2022

IF YOU ARE A NJAE MEMBER, YOU ARE INVITED TO ATTEND THE FALL CONFERENCE AT NO COST. HOWEVER, YOU MUST REGISTER TO ATTEND USING THE LINK BELOW. PLEASE REGISTER TO ATTEND ASAP.

Malcom Forbes Auditorium
Morristown, Hospital
100 Madison Avenue
Morristown, NJ 07960

9:00am to 12:00pm

Breakfast served before program starts
No tuition for NJAE members
Registration for non NJAE Members
$100 for Dentists
$50 for Military Dentists
$50 for Endodontic Post Graduates

NJAE designates this activity for 2 hours of ADA CERP CE credit

For any questions about this conference please contact us at njaeendo@gmail.com
Jin Hahn, DMD President of NJAE; Marc Balson, DDS, FIAE Executive Director NJAE

Practice Sales – To DSO Or Not To DSO

Brandon S. Collier, J.D. LL.M
President, Collier and Associates , Inc.

Synopsis:

A. We will look at the anatomy of a DSO practice acquisition, including:

• How the purchase price is determined. What is EBITDA and how does it differ from practice profitability?
• How the purchase price is paid.
• How the DSO protects its investment

B. Why would a doctor sell to a DSO?

• In some cases, a limited market for traditional buyers
• The purchase price looks appealing
• The lengthy work-back requirements are acceptable
• The cash-at-closing portion of the sale price, on its own, is sufficiently large
• Pressure from advisors who have vested interests in these sales

C. Why would a doctor not sell to a DSO?

• The overall deal may be no be better than a traditional sale, and in some key ways worse
  i. Comparison of a DSO sale to a traditional sale
  ii. Cash plus an earn-out plus DSO equity but no accounts receivable versus all cash at closing plus accounts receivable
  iii. Stricter reps and warranties and seller indemnities than in traditional sales
  iv. Equity component of DSO sale is illiquid, and the value is speculative. Would you sell if all you get is the cash at closing?
• Concerns about the practice’s legacy
• Not wanting to work for below-market compensation for a private equity manager in final years of practice
• References from other doctors who’ve sold to the DSO are important, but only valuable if the other doctor has been with this DSO for at least one year

IF YOU ARE A NJAE MEMBER, YOU ARE INVITED TO ATTEND THE FALL CONFERENCE AT NO COST. HOWEVER, YOU MUST REGISTER TO ATTEND USING THE LINK BELOW. PLEASE REGISTER TO ATTEND ASAP.

The New Jersey Association of Endodontists is an ADA CERP Recognized Provider. ADA CERP is a service of the American Dental Association to assist dental professionals in identifying quality providers of continuing dental education. ADA CERP does not approve or endorse individual courses or instructors, nor does it imply acceptance of credit hours by boards of dentistry. Concerns or complaints about a CE provider may be directed to ADA CERP at www.ada.org/goto/cerp