#33: The Build-Up Weekly

*Welcome to the 33rd edition of The Build-Up, where we deliver insights and inspiration for dentists on every stage of the private practice journey. If this email was forwarded to you, you can click here to subscribe.

Dear friends and colleagues,

Trevor here, back again on another Friday with another newsletter.

I really enjoyed presenting the second of our three 2024 Market Report webinars on Wednesday, and right now is your last chance to join us this morning at 9am for our final show. You can register here - and even if you can’t make it this morning, I’ll send you a recording if you register now.

Here’s what I’ve lined up for this newsletter:

• Building Trust for Case Presentation

• 2024 Dental Practice Sales Market Trend #2

• Asking Better Questions for Better Answers

Let’s go!

Sales, Trust, and Persuasion

I haven’t met many dentists who want to focus on ‘sales’ – and even fewer (if any) who want to emulate the classic ‘sales guy’ persona.

You know the one.

No dentist wants to be that guy.

But…

As a dentist, sometimes you do need to be persuasive.

If you want someone to accept a treatment plan that would undoubtedly be good for them and they still say no, well…it’s up to you to help them make the choice that’s in their best interest.

So, how can we be more persuasive without being too ‘sales-y’?

I think an important part of the answer involves trust.

When you trust someone, you are much more likely to follow their recommendation.

So, how do we earn trust?

In 2007, a group of researchers surveyed the literature on trust and identified three major areas that almost every analysis of trust covered:

1. Integrity: Do your values line up with your actions?

2. Ability: Are you capable of following through?

3. Benevolence: Do you have my best interest at heart?

I believe that each one of these traits can be practically applied in your practice to help you fast-track the trust-earning process with your patients.

For example, two simple ways to highlight your ability are featuring before and after photos of your dentistry and discussing the various CE courses you are taking.

You can do this either online or in person, and your team can also be a part of this, hyping you up to the patient.

Interestingly, I think that benevolence is actually one of the areas that is most overlooked by dentists.

There are some basic shifts in the way you present dentistry that can help you incorporate benevolence in an incredibly powerful way.

I’m going to highlight them in next week’s newsletter.

But I will also do a full deep dive into earning trust with patients (to make case presentation easier and more effective) at my webinar next Wednesday at 6pm PT. Click here to register!

See the full webinar promo after my second dental sales market trend below!

Dental Practice Sales Market Trend #2

In the webinar we’ve been promoting, I walk the audience through two major dental market trends shaping the practice sales market in 2024.

I want to walk you through the second trend in today's newsletter.

The Trend: More Dentists Are About to Retire

You’ve probably seen some version of this in the news.

Dentists’ average retirement ages are rising - and are considerably higher than the average American’s.

While there are several reasons for this trend, it’s not a trend that can continue indefinitely.

In fact, here’s what the ADA’s primary healthcare economist had to say a few weeks ago:

Let’s start by looking at the data.

Take a look at this distribution of dentists’ ages in 2001.

Now, compare that to the distribution of practicing dentists’ ages in 2022.

Far more dentists are practicing later in life. There is no drop-off around the age of 54. Now, the first significant and prolonged decline starts around age 65.

That’s a huge difference.

What does this mean for you?

If you’re considering selling your practice, now may be the time.

It’s certainly time to start planning.

Remember: the practice sales market is governed by supply and demand.

If supply goes up (because more dentists are selling their practices), then buyers can be more selective, and the sellers are forced to be more competitive in order to compete.

In other words, it lowers practice values.

So if you’re considering a sale, connect with one of our practice advisors for a confidential discussion here.

I’m not saying that values are going to plummet.

Right now, we have FAR more qualified buyers than we have practices to sell them.

But that is likely to change in the next few years - so the time to plan and act is now.

Better Case Acceptance Webinar [Invite]

If you’re interested in learning more about the case presentation and trust earning information I shared above, please join me for a webinar with my friends at DocSites!

Click here to register!

It’s 1 hour long, you get 1 CE credit, and it will help you produce more in your practice. Why not join??

We’ll be covering how to:

• Improve Patient Interaction With Effective Case Presentations That Promote Comfort and Acceptance.

• Enhance Communication Skills To Address Treatment Needs, Overcome Objections, and Build Patient Trust.

• Explain Financial Details Thoroughly.

• Understand the Role of Your Website in Patient Decision-Making.

• Leverage Testimonials and Visual Evidence To Build Trust.

1 CE Credit

Date/Time: Wednesday, January 31st @ 6 pm PT

Duration: 1 hour, Zoom Meeting

Click here to register!

Better Questions → Better Answers

A tweet I saved from a few years ago:

It’s not “Why aren’t my patients accepting treatment?”.

It’s: “What can I do to persuade more of my patients to accept treatment?”

We can’t control our patients - but we can control ourselves.

Ask questions that put you in the driver’s seat.

And with that, I hope you enjoyed the 33rd edition of The Build-Up Weekly!

With best wishes to you and your families,

Trevor Kimball, PhD

p.s. please use the link below to share our newsletter. 🙂 

These Six Mistakes Can Cost You Six Figures

Download our free guide “6 Mistakes to Avoid for a Successful Practice Sale” here. It’s material that I’ve covered in this newsletter before, but - if you’re contemplating a practice sale - the advice in this guide is crucial.

And if you’re ready to have a conversation with a practice sales professional, get connected with your local Integrity Practice Sales broker here.

It’s worth having a conversation, no matter your current transition plans.

You never know what you’ll discover together