Have you heard claims like "less than 1% of dental practices fail"? Today we're exploring how that may not be the case! In this episode, I'm sitting down with Ali Oromchian to debunk common myths about the failure rates of practices and uncover the essential strategies that can help you mitigate risks in this challenging field. From the critical importance of due diligence when acquiring a practice to the necessity of robust HR practices, we delve into the nitty-gritty details that can make or break your career. Ali's insights are not just theoretical; they are drawn from real-world experiences and seasoned legal advice.As we navigate through this discussion, Ali emphasizes the transformative power of creating a positive work environment to attract and retain top talent. You'll learn the subtleties of maintaining compliance with ever-evolving legal requirements and avoiding common HR missteps that many practice owners fall victim to. Whether you're just starting or looking to optimize your existing practice, this episode is packed with actionable advice that can help elevate your practice to the next level. Stay tuned until the end to find out how you can get in touch with Ali for personalized guidance and support.What You'll Learn in This Episode:Why the "low failure rate" of dental practices could be a misconception.Key strategies to minimize risks as a practice owner.The importance of thorough due diligence when buying a dental practice.How to establish solid HR practices and stay compliant with legal requirements.The vital role of creating a positive work environment in recruiting top talent.Common HR pitfalls and how to avoid them.Let's learn how to minimize risk and maximize peace of mind in our practices today with, Ali Oromchian!‍‍You can reach out to Ali Oromchian here:HR for Health Website: https://www.hrforhealth.com/ (Don't forget to mention the podcast sent you!)Ali's Website: https://www.dmcounsel.com/Phone: 925-999-8200‍Mentions and Links:

Software/Tools:IndeedMonster.comCraigslist‍‍If you want your questions answered on Monday Morning Episodes, ask me on these platforms:My Newsletter: https://thedentalmarketer.lpages.co/newsletter/The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041‍Episode Transcript (Auto-Generated - Please Excuse Errors)‍Michael: Hey Ali, so talk to us. What's one piece of advice you can give us this Monday morning. Ali: All right, Michael, thanks for inviting me on here. You know, I'll tell you, you know, business owners, whenever you talk to these lenders, they always throw this statistic out at you. They say.You know, less than 1 percent of all dental practices, you know, fail. and they, they always throw that out there because they're excited to want you to kind of be energetic And, empower to start your own practice, um, or to buy a practice. but the reality is, is that it's really not 1 percent or less than 1%. you know, there may be very few practices that don't do well, But a lot of people suffer, right? A lot of people suffer. you know, the way to avoid suffering, the way to make the practice ownership kind of process, um, exciting and fulfilling is to limit and minimize your exposure to risk.Right? and so, with that, you know, if you're buying a practice, making sure you're doing all of your due diligence, right? you know, making sure you're looking at. you know, the patient, you know, charts, you know, looking at all the financials, looking at everything that you need to look at from a legal perspective to make sure that you're actually buying what you're buying.if you're doing a startup, you know, making sure that you have a lawyer or someone looking at your leases and making sure that's done well. Um, and then finally, I would say, you know, making sure in either scenario that you have your HR house in order, that you are hiring your employees correctly, you're giving them lunches and breaks when you...