In this Thriving Dentist episode, Naren & Gary discuss the topic of how you can fast track towards practice ownership.
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Owning your practice can be an exciting journey for you, whether you’re a D3/D4 dental student or a young dentist a few years out of dental school.
Oftentimes the topic of ideal practice ownership comes up from many of our listeners, dentists & dental students included.
In this week’s Thriving Dentist episode, Naren & Gary discuss the topic of how you can fast track towards practice ownership, with a few tips and strategies that have helped many young dentists & students become successful practice owners.
Tune in to the episode to learn more!
Time Stamps
- 00:00:24 – Introduction to the episode
- 00:02:28 – Clinical Tip by Dr. Rich Hirschinger, DDS, MBA – How to treat patients with TMJ
- 00:08:55 – The 2 questions that inspired Gary to do a podcast on the topic “Fast Track to Practice Ownership”
- 00:22:42 – What are some of the landmines of coming into practice as an Associate and then becoming a successor?
- 00:22:55 – Landmine #1
- 00:23:55 – Landmine #2
- 00:26:02 – Landmine #3
- 00:27:57 – 4 Criteria the banks look at when loaning money to a dentist.
Q&A Segment
- 00:34:52 – Question – 1 – How can I best prepare myself to obtain a loan to buy a practice?
- 00:38:19 – Question – 2 – I am considering starting a practice from scratch. In your opinion, is that a wise move?
- 00:44:03 – Question – 3 – As I am looking at practices to purchase, is there a particular size of practice that I should be looking for?
- 00:46:29 – Question – 4 – It seems like the places I am interested in practicing are all quite saturated with Dentists and very competitive. Should I look for underserved areas?
- 00:50:29 – Question – 5 – I have found a potential practice to purchase, and the Senior Dentist may be interested in staying on part-time after I purchase the dental practice. Is that a good idea?
Resources
The world has changed. Learn how to be a part of this change by being a part of the Thriving Dentist Coaching sessions.
Contact Dr. Rich Hirschinger, DDS, MBA: rich@facepaindr.com
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!