The Coronavirus outbreak is transforming almost every aspect of our society at a fast pace. The global health crisis is requiring orthodontists (among others) to navigate uncharted waters. Since circumstances are changing daily, and doctors must remain agile in keeping their practices afloat. Chris Bentson, Doug Copple, and Shannon Patterson, of Bentson Copple & Associates, will focus on the small business owner’s battle, how the virus will alter practice values, and the impact this pandemic is having on job seekers and hiring doctors/organizations. We’ll also dive deep into the CARES Act and what it means for today’s orthodontists and their practices.
Part 1 - COVID-19 Options: Pivot Where You Can and Live to Fight Another Day
Presented by: Chris Bentson
This portion of the webinar will cover how COVID-19 is affecting the orthodontist, as a small business owner, and discuss some options to consider for employees. He’ll examine how valuations may be looked at as a result of the virus. Chris will chat about the sources of data that will help the industry know when the consumer is coming back.
Part 2 - COVID-19: Effect on Practice Values and Transition Plans
Presented by: Doug Copple, CVA
The Coronavirus is forcing orthodontic practices to temporarily close, delay appointments, and lay off employees. Doug will explore the new CARES Act, PPP Loan Basics, and many other frequently asked questions regarding the new Bill. He will discuss how lost production may affect practice values and delay practice sales and/or bringing on a partner. There will also be a review of lenders' views on the pandemic and how it may affect practice financing or expansion.
Part 3 - How COVID-19 is Impacting Job Seekers and Hiring Doctors/Organizations
Presented by: Shannon Patterson, CPR, CMSR
The Coronavirus will undoubtedly have a marked impact on job seekers, as practices and organizations place more extreme measures on the hiring process to protect the well-being of employees and financial health. Shannon will discuss the importance of transparency and communication for both current employees and prospective candidates during this pandemic.
Learning Objectives:
- Learn how to examine valuations as a result of the virus, plus sources of data to know when the industry is coming back.
- Learn how lost production may affect practice values, including delaying practice sales and bringing on a new partner.
- Review of lender's views o the pandemic and how it may affect practice financing or expansion
- The importance of transparency and communication for both current employees and prospective candidates.