Episode 513

Biggest Mistakes Dentists Make when Purchasing a Practice

Host: Gary Takacs | Published Date: November 10, 2021 | Listening Time: 00:56:58

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In the episode, Gary talks about mistakes dentists make before purchasing a dental practice and how you can avoid them.

This episode also features a clinical tip from Dr. Paul Henny on Case Presentation.

You can also download a free copy of the 4 Mistakes that must be avoided here.

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According to Gary, the best possible career path is owning a dental practice, but it’s not something suited for everyone.

Tune in to the episode to learn about the four biggest mistakes a dentist must avoid when purchasing their first dental practice or another practice.

Time Stamps

  • 00:00:27 – Introduction to the episode
  • 00:00:51 – Announcement on the upcoming MBA workshop

Today’s Clinical Tip

  • 00:03:03 – Case presentation by Dr. Paul Henny, DDS

Coaching In Action

  • 00:09:48 – What does Gary think about entrepreneurship?
  • 00:11:45 – Gary talks about 4 mistakes dentists make when purchasing a practice.
  • 00:12:24 – Number 1
  • 00:14:40 – What is Gary’s definition for active patients?
  • 00:17:10 – Gary share’s a personal example of diligence
  • 00:21:37 – Number 2
  • 00:23:47 – How does Gary deal with team members he has acquired when purchasing a practice?
  • 00:28:30 – Number 3
  • 00:34:32 – Number 4
  • 00:42:06 – Number 5

Q&A Segment

  • 00:43:25 – Question 1 – What banks would you recommend that I shop for my practice loan?
  • 00:45:46 – Question 2 – How soon after graduating from dental school do you think it will be realistic for me to become a practice owner?
  • 00:48:54 – Question 3 – What is the one thing I must do as soon as I buy the practice to maximize growth?
  • 00:53:57 – Question 4 – I have an opportunity to purchase the real estate along with the practice. Would it be wise to purchase both at the same time?

Resources


Gary Takacs

Gary Takacs Gary became a successful practice owner by purchasing a fixer-upper practice and developing it into a world-class dental practice. He is passionate about sharing his hard-earned insights and experiences with dental practices across the globe.

As a dental practice coach, Gary provides guidance for dental professionals on how to create a healthier practice style that lets them deliver excellent patient care while reducing depending on insurance.

More importantly, Gary’s insights are not just based on theory – as a co-owner of a dental practice, he has first-hand experience in making this transformation from a high-volume and low-fee insurance model to a fee-for-service approach that is more sustainable and promotes a patient-centric and financially healthy dental practice, and he is dedicated to sharing this knowledge with other dental practitioners via the popular Thriving Dentist Show!
Connect with Gary Takacs on Linkedin
Podcast Assistance by Jodey Smith, Rodecaster Expert
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